SpaceX raises $75 billion in its IPO

SpaceX on Thursday night raised $75 billion in its IPO, valuing Elon Musk's company at around $1.77 trillion.

Why it matters: This is the largest U.S. IPO ever, at least until Anthropic and OpenAI go public later this year, and makes SpaceX one of the world's most valuable companies.

Zoom in: SpaceX sold 555.56 million shares at $135 each, as expected.

• Reports say the offering was very oversubscribed, including by retail investors who were allocated an unusually large number of shares.

By the numbers: Musk didn't sell any shares in the offering, which valued his position at over $866 billion.

• He's now the world's first trillionaire, at least on paper, when his Tesla holdings are added.

Look ahead: SpaceX is expected to begin trading Friday on the Nasdaq under ticker symbol SPCX, although it is likely to be several hours after market open.

Go deeper on the SpaceX IPO:

• Elon Musk's age of impunity
• The bull & bear cases for SpaceX
• Musk's market magic
• SpaceX won't break IPOs
• SpaceX highlights the catch in passive investing