Elon Musk now world's first trillionaire

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 at noon Friday, 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 at $150 a share, then rose to around $168, before finishing the day just above $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."