Elon Musk’s SpaceX began trading at $150 a share on Friday, above its listing price of $135 a share, making him the world’s first-ever trillionaire following the IPO.

The rocket and satellite company raised a record $75 billion, valuing the company at about $1.8 trillion, pushing the value of Musk’s stake in SpaceX to an estimated $690 billion. The company is trading on the Nasdaq under the ticker “SPCX” after pricing its IPO on Thursday.

Combined with his holdings in electric vehicle maker Tesla, as well as other investments and assets, Musk’s net worth is now estimated at about $1.1 trillion.

SpaceX stock jumped after it began trading, rising to $168.75 a share before paring some of those gains to trade around $158 a share. It subsequently rebounded and reached a new high of $174.25.

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Elon Musk founded SpaceX and continues to serve as its CEO. (Jessica Christian/San Francisco Chronicle via Getty Images)

Investor demand for SpaceX has been intense. Reuters reported this week that the company attracted more than $250 billion in orders, while Bloomberg News reported Thursday that retail investors alone submitted more than $70 billion in requests for shares.

The company is expected to allocate at least 20% of the offering to retail investors, according to Bloomberg — an unusually large portion for individual investors in a deal of this size.

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SpaceX’s IPO raised $75 billion and was the largest IPO in history, surpassing the $29 billion IPO of Saudi Aramco in 2019.

The IPO cemented Musk’s status as the world’s richest person, pushing the value of his holdings toward $1 trillion, a milestone no individual has previously reached.

SpaceX has grown into the world’s largest space company. (AFP via Getty Images)

Founded by Musk in 2002, SpaceX has grown into the world’s largest space company and a dominant force in commercial launch services. The company pioneered reusable rocket technology, helping lower launch costs and reshape the economics of the space industry. It has also become a key contractor for NASA and the U.S. government through civil and national security missions.

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Starlink, SpaceX’s satellite internet business, has emerged as a major growth engine, providing broadband connectivity to consumers, businesses and governments around the world. According to the company’s IPO filing, Starlink generated the majority of SpaceX’s $18.67 billion in revenue last year.

The public debut has long ranked among Wall Street’s most anticipated offerings. SpaceX spent years as one of the world’s most valuable private companies, with investors eager for an opportunity to buy shares in the business.

SpaceX is the leading provider of commercial space launch services. (Joe Skipper/Reuters)

According to the IPO filing, SpaceX will maintain a dual-class share structure that leaves control firmly in Musk’s hands. Class B shares will carry 10 votes each, while publicly traded Class A shares will carry one vote apiece. Musk is expected to retain roughly 85% of the company’s voting power following the offering.

Some 4,400 current and former SpaceX employees also stand to become millionaires through stock compensation accumulated during their time at the company, according to The New York Times, citing an analysis by investment platform Hill.com.

SpaceX CFO Bret Johnsen, center left, and President Gwynne Shotwell, center, during the company’s IPO at the Nasdaq MarketSite. (Michael Nagle/Bloomberg via Getty Images)

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If shares trade above their offering price following Friday’s debut, SpaceX’s valuation could climb even higher, potentially pushing Musk’s net worth beyond the trillion-dollar threshold while rewarding thousands of employees and investors who backed the company during its rise.

This is a developing story. Please check back for updates.

Reuters contributed to this report.