To The Moon Market

SpaceX blasted into the public markets on Friday.

The rocket company sold 555.6 million shares at $135 each to raise $75B, making it the largest IPO in history. The stock price continued to soar throughout the day, closing at $161 (+19%), making SpaceX the sixth-most valuable U.S.-listed company at $2.1 trillion—nearly double Tesla’s $1.2 trillion valuation. 

Elon Musk ended the day with a personal net worth of $1.1 trillion (see chart breakdown), making him the world’s first-ever trillionaire.

SpaceX is using the $75B it raised, along with profits from its Starlink satellite internet service, to reinvest in its cash-burning rocket and AI business. The company plans to build AI datacenters in space, help return man to the moon in 2028, and ultimately build a self-sustaining city on Mars.

PRAY WITH US
Giver of Every Good Gift, I acknowledge that the gift of wealth comes with a big, bold warning label. Protect me from the thorns of cravings that will only choke out healthy growth. Help me see and root out any love of money that has lodged in my soul and burrowed more deeply than I can perceive. Cut it out so that it will never bear the fruit of envy, greed, autonomy, and haughtiness, which will lead me away from the faith and pierce me with many pangs. Wisen me to discern prudence from greed, stewardship from idolatry, ambition from pride, and gratitude from gluttony.
Amen.