SpaceX stock soars in debut and makes Elon Musk the first trillionaire

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Category: Business

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Unlocking Word Meanings

Read the following words/expressions found in today’s article.

  1. pay off / peɪ ɔf / (phrasal v.) – to be successful or bring good results
    Example:

    The team is training very hard this season, and they hope their hard work will pay off in the next tournament.


  2. ceremonial / ˌsɛr əˈmoʊ ni əl / (adj.) – relating to a formal, important event, tradition, or official occasion
    Example:

    There was a ceremonial ribbon-cutting before the new bridge opened to the public.


  3. reiterate / riˈɪt əˌreɪt / (v.) – to say something again, usually because it is important, needs emphasis, or was not understood the first time
    Example:

    Our coach reiterated the importance of teamwork before the big game.


  4. lofty / ˈlɔf ti / (adj.) – describing something that is very high, very great, or very idealistic; sometimes it can also mean too proud or unrealistic
    Example:

    The young scientist had a lofty goal of creating a new invention to help people.


  5. whip up / wɪp ʌp / (phrasal v.) – to quickly create something or cause a strong feeling or reaction
    Example:

    The singer was able to whip up excitement in the crowd by performing her most popular song.


Article

Read the text below.

Elon Musk became the world’s first trillionaire after shares of his rocket company SpaceX soared in Wall Street’s biggest initial public offering of stock.


Shares in SpaceX jumped more than 19% after opening for trading in June, a sign that investors are looking past the billions the company is losing and instead betting that its massive investments in satellites, orbital data centers, and artificial intelligence will pay off in the future.


SpaceX opened around midday at $150 a share, then rose to around $168 before finishing the day just below $161. That price gave the company a market value of $2.1 trillion, making it the sixth-largest public U.S. company—larger even than its founder and CEO’s other big business, the electric vehicle maker Tesla.


Between his holdings in SpaceX and Tesla, where he is also CEO, Musk is now worth an estimated $1.1 trillion, according to Forbes.


Musk says SpaceX, founded in 2002, is going public now because it needs money to fund its ambitions of putting satellites and data centers in space and eventually establishing a colony of people on Mars.


He marked the opening of trading on Nasdaq by joining a ceremonial bell ringing from Starbase, the South Texas home of SpaceX.


He reiterated his lofty goals “to make life multiplanetary.”


“Not just a few astronauts; I mean, literally, you,” Musk said. “Whoever you are watching this, SpaceX wants to be able to take you to the moon, take you to Mars, and ultimately beyond.”


Known for his technological breakthroughs, as well as wild claims and missed deadlines, Musk was able to whip up enthusiasm for the Initial Public Offering (IPO). The typical company going public has seen a 7% jump in its first day of trading, from 1980 through 2025, according to Jay Ritter, a professor at the University of Florida’s Warrington College of Business.


Institutional and retail investors alike jumped at the opportunity to buy a piece of the company at $135 per share before trading began. The $75 billion in proceeds SpaceX raised easily topped the previous record IPO from oil giant Saudi Aramco in 2019.


This article was provided by The Associated Press.


Viewpoint Discussion

Enjoy a discussion with your tutor.

Discussion A

  • Elon Musk says SpaceX wants to help make life “multiplanetary” by taking people to the moon and Mars. Do you think people should spend money on lofty dreams like going to space or living on another planet? Why or why not? Discuss.
  • Investors bought SpaceX shares even though the company was losing billions because they believed its future projects could become valuable. Why do you think people sometimes support a future idea even when they are not sure it will succeed? Would you rather invest in a safe idea or an exciting idea with a strong future possibility? Why? Discuss.

Discussion B

  • Musk said SpaceX wants to make space travel available to regular people, not just astronauts. Would you want to travel to space if it became possible for regular people? Why or why not? Do you think traveling to another planet would change the way people think about life on Earth? Why do you say so? Discuss.
  • Elon Musk became the world’s first trillionaire after SpaceX’s huge IPO. In your opinion, do extremely wealthy people have a greater responsibility to help society? Why or why not? Do you think becoming very rich is a sign that someone has created something valuable? Why or why not? Discuss.