NEW YORK (AP) — SpaceX jumped 11% as the rocket maker's stock opened for trading. That price gives the company a market value of $1.96 trillion and is enough to make CEO Elon Musk the first-ever trillionaire. Institutional and retail investors jumped at the opportunity to buy 555.6 million shares of SpaceX at the offering price of $135 apiece, making it the biggest IPO in history with proceeds of $75 billion. Musk says the company is going public 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.
THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.
NEW YORK (AP) — Elon Musk may never colonize Mars as promised, but enough investors consider the SpaceX founder to be a sort of miracle man that they'll help him reach another fantastic goal Friday when he takes the rocket company public.
