Shares of rocket company SpaceX soared like, well, a rocket, making owner Elon Musk the world’s first trillionaire, the Associated Press reported.
SpaceX stock rose 24% after it opened for trading on Friday.
The company is losing billions of dollars, but investors are confident that its satellites, AI and more will become a good investment in the future.
SpaceX opened at $150 a share, before rising to $168, giving the company a valuation of $2.2 trillion. It is now the sixth most valuable public U.S. company, worth more than Musk’s Tesla.
