SpaceX's $75B IPO boosts Musk's fortune as world's richest person

The company priced 555.6 million shares at $135 each, giving the space, satellite internet and artificial intelligence company a market valuation of about $1.78 trillion ahead of its Nasdaq trading debut on Friday.

The fundraising surpasses the previous IPO record set by Saudi Aramco in 2019. Demand for SpaceX shares reportedly exceeded the number available, with orders far outstripping the size of the offering.

The listing is expected to significantly boost the wealth of SpaceX founder and chief executive Elon Musk. At the company's IPO valuation, Musk is set to become the world's first trillionaire, extending his lead as the richest person in the world.

The proceeds from the share sale are expected to support SpaceX's next phase of growth, including investments in satellite infrastructure, AI projects and other long-term initiatives.

Earlier, Qazinform News Agency reported that Google signed a multibillion-dollar agreement with SpaceX for access to artificial intelligence computing infrastructure.