Elon Musk Is Now the World’s First Trillionaire After SpaceX’s Record IPO

The biggest public debut in Wall Street history pushed the world’s richest person across a milestone with 13 digits.

Elon Musk became the world’s first trillionaire on Friday, when shares of his rocket company SpaceX began trading in the largest initial public offering ever, according to the New York Times. The stock priced at $135 and opened at $150 — up 11% — putting his net worth at roughly $1.1 trillion.

The offering valued SpaceX at about $1.77 trillion, up from a $400 billion private valuation just last summer. The company sold more than 555 million shares, making it one of the most valuable companies ever to hit the public markets — and unlocking long-awaited paydays for employees and investors who’d waited more than two decades to cash out. Musk, 54, owns close to half of SpaceX, a stake now worth more than $900 billion.

The numbers are almost impossible to put in human terms. Musk’s fortune now equals more than 3% of U.S. GDP — and roughly five million times the net worth of the typical American household, according to the Times. His wealth has more than quintupled in five and a half years, and has doubled since October alone.