SpaceX IPO makes Musk a trillionaire at retirees' expense
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SpaceX's $75 billion IPO priced at $135 per share on June 12, valuing the company at roughly $1.77 trillion and pushing Elon Musk's net worth above $1.1 trillion — making him the world's first trillionaire. Nasdaq's revised rules, effective May 2026, allow newly listed companies ranked in the top 40 by market cap to join the Nasdaq-100 after just 15 trading days, meaning passive retirement funds tracking the index will be forced to buy SpaceX shares. Analysts estimate $22–27 billion in automatic buying will flow in from index-tracking funds, nearly half of which comes from 401(k)s, IRAs, and pension accounts. Critics call this a wealth transfer from retirement savers to existing shareholders. SpaceX posted a $4.94 billion net loss in 2025 on $18.67 billion in revenue, with its only profitable segment being Starlink. Senator Elizabeth Warren urged the SEC to delay the listing over governance and valuation concerns, but the agency did not act. Musk controls 82.4% of voting power through a dual-class share structure despite holding 42% of equity.
