SpaceX Is Now America’s 6th Most Valuable Public Company

June 12, 2026

AI Summary

5 min read

SpaceX’s $2.1 Trillion IPO Reshapes the Market

SpaceX went public today in the largest IPO in history, with shares opening at $150 and closing at $160.95—a 19% first-day pop that bankers considered near-perfect. The rocket company’s market capitalization hit $2.1 trillion, making it America’s sixth most valuable company, just below Amazon. Elon Musk’s other company, Tesla, now ranks eighth.

Speaking from Starbase Texas this morning, Musk reflected on the company’s improbable journey. When he started SpaceX more than twenty years ago in a warehouse in El Segundo, he told people the company would probably fail. “Hard to believe that little company is now going public for the largest IPO that ever,” he said.

The IPO also pushed Musk past the trillion-dollar net worth threshold, making him the world’s first trillionaire. WSJ special writer Tao Francis noted that late last summer, Musk was worth just over $400 billion. A few weeks ago that estimate hit $811 billion, and as of today’s market close, his net worth sits at about $1.2 trillion. Almost all of that wealth is tied up in his companies—SpaceX and Tesla—where he is both the largest shareholder and the leader. If he starts selling, it could drive share prices down, and while he can borrow against his holdings, his fortunes remain bound to the companies’ performance. Tesla also closed up 1.8% today.

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What you'll learn

1 (00:33) **SpaceX IPO & Elon Musk Becomes World’s First Trillionaire** - SpaceX makes its stock market debut, becoming America's 6th most valuable company and pushing Musk's net worth past $1 trillion.
2 (03:39) **Oil Price Mystery: Why China Slashed Imports** - Global oil prices stay below $85/barrel despite the Hormuz closure, partly because China is importing 3 million fewer barrels per day.
3 (07:32) **Judge Blocks Trump's $1.8 Billion Anti-Weaponization Fund** - Federal judge in Virginia stops the fund, demanding a written commitment from the government to abandon it under penalty of perjury.
4 (08:02) **World Cup Immigration Troubles** - First U.S. World Cup game tonight (U.S. vs. Paraguay), but Trump’s immigration policies cause visa issues for players, staff, and fans.
5 (08:44) **Iran Peace Deal Skepticism** - U.S., Iran, and mediator Pakistan agree a deal is close, but past false starts and Iranian pushback on port blockades create doubt.
6 (10:43) **China Detains U.S. Student Activist Min Zin** - China announces detention of U.S. citizen Min Zin on espionage charges, a new friction point after the Trump-Xi summit.
7 (11:15) **SpaceX IPO Celebration Party** - Early employees and underwriters toast at JP Morgan Chase HQ with branded cocktails and a rocket light display on the skyscraper’s crown.

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Show Notes

P.M. Edition for June 12. Shares of SpaceX closed up 19% on their first trading day, giving the company a market cap of more than $2 trillion and making Elon Musk the world’s first trillionaire. Plus, China has been importing a lot less oil since the start of the Iran conflict, helping keep a lid on global oil prices–without disrupting its economy. WSJ energy markets reporter Rebecca Feng discusses how China’s doing that, and what happens if the country reverses course. And Iran, the U.S. and mediators agree that a peace deal is close at hand. We hear from Journal Middle East correspondent Benoit Faucon about what points might still be up for debate. Alex Ossola hosts.

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