Elon Musk’s SpaceX has become a publicly traded company after selling 555.6 million shares in what was the biggest initial public offering (IPO) in history. The rocket and satellite maker raised US$75 billion in a record IPO, giving it a valuation of $1.77 trillion.
Riding on it, Musk is poised to enter the history books as the world's first trillionaire. The billionaire entrepreneur, already the world's richest individual, saw his fortunes surge after SpaceX announced a record-breaking IPO. His 42 per cent stake in the aerospace and artificial intelligence firm is estimated to be worth between $743 billion and $866 billion, pushing his total net worth beyond the $1 trillion threshold.
The scale of such wealth is difficult to comprehend. According to anti-poverty charity Oxfam, even spending $1 million every day would require more than 2,700 years to exhaust a fortune of $1 trillion. Musk's wealth would place him far ahead of other billionaires, including Google co-founder Larry Page, whose fortune is estimated at around $304 billion.
Musk’s fortune rivals and may even surpass those of the most famous industrial titans in American history. While direct comparisons are complicated by differences in economic conditions and purchasing power, Musk’s wealth is expected to amount to roughly three per cent of US gross domestic product. By contrast, oil magnate John D. Rockefeller was worth about 1.5 per cent of US GDP at the height of his fortune.
Another measure of wealth is the amount of labour an individual could command and, by that standard, Musk may rank among the richest people ever to have lived outside monarchs and rulers, whose fortunes were intertwined with state resources.
Like the so-called “Robber Barons” of the late 19th century, Musk has become a deeply influential figure whose business interests intersect with politics. His involvement in public affairs, including his support for Donald Trump’s 2024 presidential campaign and subsequent role in government reform efforts, has attracted both supporters and critics.
Yet analysts point out a key difference. While industrial-era tycoons like Andrew Carnegie and Rockefeller became known for large-scale philanthropy, Musk’s charitable giving has largely focused on causes linked to his broader business interests. Despite his unprecedented wealth, experts say its long-term political and social impact remains uncertain, particularly in a modern system viewed as more resistant to transformative change than that of a century ago.
Also read: SpaceX aiming for largest IPO in history on June 12
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