SpaceX raises $75 billion in its IPO

SpaceX on Thursday night raised $75 billion in its IPO, valuing Elon Musk's company at around $1.77 trillion. Why it matters: This is the largest U.S. IPO ever, at least until Anthropic and OpenAI go public later this year, and makes SpaceX one of the world's most valuable companies.Zoom in: SpaceX sold 555.56 million shares at $135 each, as expected.Reports say the offering was very oversubscribed, including by retail investors who were allocated an unusually large number of shares.By the numbers: Musk didn't sell any shares in the offering, which valued his position at over $866 billion. He's now the world's first trillionaire, at least on paper, when his Tesla holdings are added.Look ahead: SpaceX is expected to begin trading Friday on the Nasdaq under ticker symbol SPCX, although it is likely to be several hours after market open.Go deeper on the SpaceX IPO:Elon Musk's age of impunityThe bull & bear cases for SpaceXMusk's market magicSpaceX won't break IPOsSpaceX highlights the catch in passive investing