SpaceX joined the Nasdaq stock exchange last week, completing what the BBC described as the largest initial public offering (IPO) in history. The company raised a total of $85.7bn from investors. While the initial listing raised $75bn, the underwriters, which included Goldman Sachs, Bank of America, and JPMorgan, exercised a “greenshoe” overallotment option to purchase an additional 83.3 million shares to meet high demand. SpaceX announced in a statement that the total funds would be used to finance a “significant growth phase.” The company was first offered to investors at $135, valuing it at $1.8tn. On its first full day of trading on Monday, SpaceX shares surged by more than 14% to $184. According to Bloomberg calculations, this market debut pushed Elon Musk into trillionaire status, though the report noted his status remains dependent on the market because the majority of his wealth is tied to SpaceX equity. Analysts have noted that the high valuation leaves little room for error, questioning if the loss-making company can sustain growth amid competition and regulatory scrutiny. In a separate development, Gina Rinehart’s company, Hancock Prospecting, announced a “significant” investment allocation in SpaceX following its market debut. Rinehart stated the investment reflects her confidence in Musk and his work in sectors like the Starlink satellite network and AI infrastructure. While Hancock Prospecting declined to confirm a specific figure, a Wall Street Journal report suggested Rinehart purchased over $1bn worth of shares. Hancock Prospecting’s chief executive, Garry Korte, stated that the company uses the Grok AI platform and hopes to potentially work with SpaceX as a supplier of critical minerals for its technology infrastructure. Rinehart expressed excitement regarding SpaceX’s AI prospects and its role in keeping American technology at the forefront.