SpaceX’s massive IPO: all the latest news
SpaceX’s massive IPO: all the latest news
A trillion dollars is a stupid amount of money
Image: Cath Virginia / The Verge, Getty Images
Elon Musk is now officially the world’s first trillionaire. That is a colossal amount of wealth (and by proxy, power) for one individual to have. Its scale – a thousand times more than a billion — is difficult to fathom for those of us who aren’t among the 3,363 billionaires that currently exist in our world. But let’s try to comprehend it anyway.
The most frequently cited comparison is time. If you were to count out a million seconds, it would take you 11 and a half days. A billion seconds would take you 31.7 years. But a trillion seconds would take 31,700 years — to reach that point today, you would have needed to start counting in the Paleolithic era, around the time that neanderthals went extinct.
Elon Musk is the world’s first trillionaire
Image: Cath Virginia / The Verge, Getty Images
Elon Musk’s net worth has passed the trillion-dollar mark after SpaceX’s IPO. His net worth, which was hovering around $800 billion before the IPO, includes the value of his 4.8 billion shares in SpaceX, along with his wealth from his other companies, like Tesla. Shares of SPCX opened at $150 and have remained well above the $138 benchmark that gives Musk a 13-figure net worth.
SpaceX combined Musk’s rocket, AI, and social media platforms earlier this year, and said in its S-1 that its goal is to “build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.” It also claims this combination is uniquely positioned to deliver on the concept of “orbital AI compute” by putting AI data center servers in space via reusable rockets.
SPCX opens at $150 per share.
As reported by CNBC, the New York Times, and others, trading commenced at a price 11 percent above the $135 IPO price, but lower than the $175 shown in some earlier indications. It’s already spiked as high as $167, before falling back to $155. As long as the share price remains above $138, that is enough to make Elon Musk the world’s first trillionaire.
It also gives SpaceX a market cap of over $2 trillion, making it currently the 6th most valuable public company in the US.
SpaceX is now public
Image: Cath Virginia / The Verge, Getty Images
Elon Musk is encouraging race riots on the eve of SpaceX’s IPO
Image: Cath Virginia / The Verge, Getty Images
Elon Musk, on the verge of becoming the world’s first trillionaire, is whipping up anti-immigration tensions amid ongoing riots in Belfast, Northern Ireland. Following a knife attack in the city on Monday, Musk declared support for Restore Britain, a hard-right populist political party that advocates for large-scale migrant deportation in the UK. He reposted statements from party leader Rupert Lowe calling for “a vast number of people” to be forced out of the country, as well as a promise from Lowe to “prosecute officials and politicians who knowingly placed dangerous third world savages in our communities.” “This is the way,” Musk added to his repost.
Musk also shared a list of protest locations in the city, saying, “Only by protesting REPEATEDLY and LOUDLY will there be any change!!”
Here’s the first SpaceX AI data center.
“What we’re showing here is kind of a draft version of the version one of the SpaceX AI satellite,” said Elon Musk at the reveal on Monday. “It’s actually much simpler than a Starlink satellite.” The release of renders and specs for the space-based AI1 data center is very much timed to lend credence to the SpaceX IPO, which is set to begin trading on Friday.
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