World’s richest man gets even richer as SpaceX IPO makes Musk first trillionaire in history
Musk's net worth is now about $1.1 trillion.
World’s richest man gets even richer as SpaceX IPO makes Musk first trillionaire in historySign up now: Get ST's newsletters delivered to your inboxNEW YORK, NEW YORK - JUNE 12: SpaceX employees celebrate the market close of the SpaceX initial public offering (IPO) at the Nasdaq Marketsite on June 12, 2026, in New York City. SpaceX began trading Friday under the ticker SPCX following the largest initial public offering ever. Elon Musk, the founder, CEO, and Chief Engineer of SpaceX (Space Exploration Technologies Corp.)
, is set to become the world’s first trillionaire. SpaceX closed just above $161 per share, up more than 19 percent from its I.P.
O. price. Spencer Platt/Getty Images/AFP (Photo by SPENCER PLATT / GETTY IMAGES NORTH AMERICA / Getty Images via AFP) PHOTO: AFPSheila ChiangPublished Jun 14, 2026, 04:00 PMUpdated Jun 14, 2026, 04:00 PMMARKET INSIGHTSSINGAPORE - Elon Musk officially became the world’s first trillionaire following the record-breaking Nasdaq debut of SpaceX, the rocket maker he founded in 2002.
His net worth rose to an estimated $1.1 trillion after the stock began trading, according to Forbes.Musk was already the world’s richest person with a net worth of approximately US$982 billion before SpaceX’s initial public offering (IPO), according to Forbes.
SpaceX shares debuted at US$150 on June 12 and climbed to a high of US$176.52 during the session, before closing 7 per cent higher at US$160.95.
Musk holds an estimated 38 per cent stake in SpaceX.The rocket, satellite and artificial intelligence company at the heart of Musk’s business empire raised a record $75 billion during its IPO, valuing it at US$1.77 trillion.
Investors in Singapore will now be able to buy and sell SpaceX shares in the open market through brokerage platforms such as Tiger Brokers, Moomoo, Phillip Securities and Syfe, as well as bank-backed trading platforms such as DBS Vickers.OCBC head of wealth advisory Chez Anbu noted on June 12 that the lofty valuation of SpaceX needs to be looked at with some discipline, as investors are being asked to buy into Musk’s vision of the future: reusable rockets, global satellite broadband, space infrastructure and defence relevance.Investors should not rush in simply because the names are exciting, or because the access – at least right now – is limited.
Instead, one should look past the headlines and consider whether the stock fits his or her portfolio, he said.“Understand the mechanics. Research on the float, the index path, the lock-up schedule and, above all, the price being paid for a very ambitious version of the future,” he said.
SpaceX's IPO comes as some of the US’ most closely watched technology companies race to go public amid intense competition and billions of dollars in artificial intelligence infrastructure spending.Earlier this week, OpenAI confidentially filed for an IPO, a week after rival Anthropic did the same.A confidential filing allows a company to submit its financials to regulators for review before they are made available to the public and prospective investors.
The ChatGPT creator said that it has not decided on an IPO timeline yet. It said that a listing may take some time as certain objectives are currently easier to accomplish as a private entity.The company is reportedly targeting a valuation of up to US$1.
3 trillion in a stock market debut that could come as early as September.Gold loses momentum on rate-hike fears, bitcoin sees sell-offSpot gold jumped to around US$4,200 an ounce on June 12, after US President Donald Trump said a peace deal with Iran could be signed as soon as the weekend, and despite Iranian Foreign Minister Abbas Araghchi noting that an agreement had not yet been signed and could still change.Still, the precious metal has fallen by about 20 per cent, after initially surging past US$5,000 an ounce since the Middle East conflict began on Feb 28.
The conflict’s impact on gold remains volatile: while gold acts as a safe haven asset, it has faced downward pressure as oil-driven inflation fears led to expectations of higher interest rates.UOB’s head of markets strategy, Heng Koon How, said on June 11 that investors are becoming increasingly concerned that the US Federal Reserve may resume raising interest rates later in 2026 as inflation pressures rise.Higher rates are typically negative for gold, which does not earn interest.
US producer prices rose in May at their fastest pace in more than three years, with higher energy prices associated with shipping disruptions through the Strait of Hormuz among the key contributing factors.The wholesale inflation data came a day after the US Labor Department reported that consumer prices rose 4.2 per cent in May from a year earlier, accelerating from 3.
8 per cent in April.“For now, our macroeconomic team maintains the view of an extended pause in Fed fund rates heading into the year-end,” Mr How said.Meanwhile, Bitcoin regained the US?
$60,000 mark after a recent sell-off driven by institutional investor
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