Aerospace giant SpaceX is now two times bigger than Bitcoin by market cap, according to the most recent data.
SpaceX (SPCX) has completed the largest Initial Public Offering (IPO) in history.
The historic IPO
SpaceX offered 555.6 million shares to raise a record-breaking $75 billion, valuing the company at approximately $1.78 trillion at the time of the offering.
The market appetite was ravenous, with reports indicating the IPO was four times oversubscribed, drawing retail orders in excess of $100 billion.
Underwriters also secured a "green shoe" option for an additional 83 million shares, worth roughly $11.2 billion, to satisfy potential demand.
A trillion-dollar fortune
The successful debut pushed Elon Musk’s personal net worth to approximately $1.1 trillion.
His fortune, which consists of stakes in Tesla, Neuralink, the Boring Company, and now the publicly traded SpaceX, has quintupled in just five and a half years. Economists have noted that Musk’s wealth is now equivalent to more than 3% of the U.S. GDP.
Such concentration has not been seen since the height of John D. Rockefeller’s influence in 1937.
A dominant force
SpaceX has surged to become the 9th most valuable asset globally, with a market cap of $2.2 trillion. Notably, this valuation is now significantly larger than the total market capitalization of Bitcoin, which sits at $1.3 trillion.
Bitcoin is often touted for its massive store of value, the public debut of SpaceX has relegated it to 15th place on the list of top global assets.
Notably, SpaceX continues to maintain one of the largest corporate Bitcoin holdings in the world.
U.Today Editorial Team
Dan Burgin
