big number
$85.7 billion. That’s how much SpaceX raised in its IPO—the largest public offering in history, clearing prior records held by Saudi Aramco and Alibaba. The rocket maker raised its initially planned $75 billion Thursday, before banks exercised the option to sell more shares than originally planned due to demand.
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forbes valuation
SpaceX’s IPO made its founder and CEO Elon Musk the world’s first trillionaire. Musk’s net worth gained more than $100 billion each full trading day thanks to his 38% stake in the company.
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key background
FAANG (Facebook, Amazon, Apple, Netflix and Google) was coined by market technician Bob Lang and popularized by CNBC’s Jim Cramer in 2013 to describe five consumer-internet companies that converted human attention into revenue. At their 2021 combined peak, the five carried a market cap of roughly $7.8 trillion. Bank of America strategist Michael Hartnett coined the Magnificent 7 label in 2023, adding Nvidia, Microsoft and Tesla while keeping Apple, Amazon, Meta, and Alphabet. By 2025, Hartnett himself had taken to calling the group the “Lagnificent 7” as Apple, Tesla, Amazon and Microsoft trailed Nvidia and Alphabet—an early sign the label was straining. The Mag 7’s combined market value now sits near $22.6 trillion, with Nvidia taking the lead with a $5 trillion market cap. SpaceX’s debut, plus the looming IPOs of OpenAI and Anthropic, are giving the market three new names that have the potential to trump Big Tech.