Sen. Warren Calls For Wealth Tax As Elon Musk Becomes World's First Trillionaire After SpaceX Debut

The typical American household would have to work more than 11 million years to make Elon Musk's level of wealth, Warren said in a post on X.

• Elon Musk became the world’s first trillionaire following SpaceX’s Nasdaq debut. 
• SpaceX stock jumped 11% in its debut. 
• SpaceX’s market capitalization reached $2.12 trillion at the time of writing. 

Senator Elizabeth Warren on Friday called for a wealth tax after SpaceX’s Nasdaq debut made Elon Musk the world’s first trillionaire. 

Shares of Space Exploration Technologies Corp. (SPCX) gained nearly 11% on their Nasdaq debut on Friday, catapulting SpaceX into the top 10 firms in terms of the world’s most valuable companies by market capitalization. 

Elon Musk controls about 85% of SpaceX voting power and controls about 40% of total equity in the rocket manufacturer. SpaceX’s market capitalization stood at $2.12 trillion at the time of writing. Retail sentiment on Stocktwits around SpaceX trended in the ‘extremely bullish’ territory with ‘extremely high’ message volumes at the time of writing. 

The Massachusetts lawmaker also proposed an AI tax earlier on Friday, citing Musk's vision of a future in which artificial intelligence displaces half of the labor force.

“Elon Musk sees a future where AI replaces HALF of all jobs,” Warren wrote. “If he’s right, our country’s wealth could get sucked up by a handful of billionaires while workers get left behind. We need to tax AI so Americans share in its growth—and Big Tech pays for the disruption it causes.”

SpaceX stock was last trading up 30% at $172.4 per share at the time of writing on Friday. 

SpaceX Raised $75 Billion Through IPO

SpaceX raised $75 billion through the IPO, issuing 555.55 million shares at $135 apiece. This makes it the world’s biggest IPO by a wide margin, eclipsing the nearly $29 billion raised by Saudi Aramco in 2019.

Musk said during an interaction with JPMorgan earlier this week that the company has been cash-flow positive since 2015. He said that he took SpaceX public to raise capital for its next major growth phase as it plans to place a million satellites in orbit, up from about 10,000 currently.

SpaceX also aims to build AI data centers in space, with Musk saying there is ample room to do so. "We've got a pretty good idea of how to operate, just really large constellations, and do it safely now, right? We are the only operator that has any experience of that scale,” he said.

Elon Musk In Control Of SpaceX 

Elon Musk holds around 40% of the total equity in SpaceX, but due to different share classes with enhanced voting rights, his actual control over the firm reaches around 85%.

An analysis by Harvard Law School done in May this year, suggests this structure poses risks to investors. Specifically, SpaceX insiders have the authority to determine executive compensation and approve business transactions, such as the acquisition of other companies owned by Musk.

SpaceX recently took over Musk's startup xAI, which had previously absorbed the social media site X in 2025. Musk originally acquired X, formerly known as Twitter, in 2022.