Space Exploration Technologies, better known simply as SpaceX, became a publicly traded company on Friday nearly a quarter of a century after it was founded.
The company began trading on the Nasdaq exchange in New York City at $135 a share, valuing SpaceX at nearly $1.8 trillion. By the end of the trading day the company’s shares were selling at $160.95, a respectable increase of more than 19 percent.
On paper, SpaceX founder Elon Musk became the world’s first trillionaire, with his personal stake in the company valued at more than $700 billion. Because of the company’s stock options plan, thousands of current and former employees became overnight millionaires. Employees at SpaceX have worked remarkably hard over the last 24 years, and now they will be richly compensated for having done so.
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