SpaceX IPO Makes Elon World's First Trillionaire, and It May Mark the Top of the AI Hysteria

SpaceX's IPO thrusts Elon Musk into the world’s first trillionaire tier as market enthusiasm meets questions about profitability. The offering priced at $150 a share, after a late-session debut at $135 and a quick rally to $168.75, values SpaceX near $2 trillion at the outset. Musk’s roughly 42% stake is worth about $765 billion, and when added to his Tesla holdings the entrepreneur’s net worth crosses the trillion-dollar threshold. The day’s trading also put SpaceX’s implied market cap around $2.2 trillion, underscoring investor appetite for Starlink’s growth alongside rocket propulsion. Critics argue the valuation rests on hype and asset-structuring rather than proven profits, noting SpaceX reported about $18.7 billion in revenue in 2025 and remains unprofitable. The piece also questions SpaceX’s reliance on federal contracts and the uncertain trajectory of Starlink amid policy shifts. Observers point to Musk’s strategy of pairing SpaceX with its xAI venture as a driver of inflated value, complicating how investors evaluate the underlying business. The IPO, while delivering record scale, invites scrutiny of whether the valuation can be sustained as growth and earnings unfold.