Market AnalysisJun 15, 20262 Min
Elon Musk pegs SpaceX revenue at $1 trillion by 2030
Basking in the glory of the massive success of the SpaceX initial public offering (IPO), Elon Musk claimed on his social media platform X on Sunday that his company could generate $1 trillion in revenue by 2030. Though he removed the post later.
In a now-deleted reply to financial commentator Jon Erlichman, Musk said: “And I would be surprised if revenue is not greater than $1T in 2031.”
Earlier in June, the US investment firm Goldman Sachs had estimated that SpaceX’s revenue will be about $160 billion in 2028 and over $470 billion in 2030, while Morgan Stanley had projected that it would reach nearly $330 billion in 2030.
Notably, SpaceX shares had closed at $161 apiece in their debut trading session, jumping 19% from the offer price of $135. This took the company’s valuation to a whopping $2.1 trillion. According to a report, more than 500 million shares of the company traded hands, almost equalling the entire 555.6 million shares available in the IPO.
After the listing of the shares, SpaceX became the sixth-largest US company, while Musk was labelled as the world’s first trillionaire.
Announcing major plans in a livestream with an investment bank before the IPO, Musk said that he plans to put over 100,000 satellites in orbit for communications, and to build artificial intelligence data centres in space, among other initiatives.
Who gained and who lost from the SpaceX IPO?
Gina Rinehart, Australia’s richest person, became one of the biggest gainers from the SpaceX IPO as she had made “a significant investment” in the rocket and satellite company.
Rinehart’s investment company Hancock Prospecting said in a statement Monday that it was allocated shares in SpaceX’s IPO last week. The company, however, didn’t specify the size of the stake.
According to a report, Gina Rinehart bought more than a $1 billion stake in SpaceX. This is the single largest investment outside of iron ore made by Hancock Prospecting.
Meanwhile, shares of investment firm Kingdom Holding Co. owned by Saudi Arabia’s Prince Alwaleed bin Talal rose to almost $7 billion in valuation post the listing.
Earlier this month, Kingdom Holding announced that it holds a 0.34% stake in SpaceX, while Prince Alwaleed’s personal stake amounts to around 0.29%. These investments have increased Alwaleed’s net worth to approximately $27 billion, according to the Bloomberg Billionaires Index.
However, South Korea missed the SpaceX ride altogether after Mirae Asset Securities, the only Korean member of the underwriting syndicate, failed to secure any share allocation. This left domestic investors without direct exposure to the IPO.
The asset manager subsequently gained exposure to SpaceX through open-market purchases after trading began, though it did not disclose the size of its position.
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