The commercial launch of innovative rocket maker and space exploration company SpaceX ( SPCX.O ) has concluded, sparking a wave of excited celebrations on Wall Street. The historic initial public offering is being hailed as a record-breaker, creating a new class of millionaires and making founder Elon Musk the world’s first billionaire. The lavish festivities came against a backdrop of slowing consumer spending and fresh concerns about inflation, starkly highlighting the gulf between financial market euphoria and broader economic anxiety.
The celebrations started with great fanfare. JPMorgan Chase CEO Jamie Dimon hosted a lavish event for SpaceX COO Gwynne Shotwell, CFO Brett Johnson, and 250 employees at the bank’s midtown Manhattan headquarters, complete with moon pies, space ice cream, and custom cloud candy. Also, a group of venture capital investors in the financial district hosted a more exclusive event, a $30,000 rooftop party for 30, complete with A5 Wagyu beef sliders, premium spirits and themed cocktails. Goldman Sachs also marked the occasion, with co-head of global banking Dan Dies hosting SpaceX executives after the IPO pricing.
The financial impact of IPOs has been substantial, giving birth to a new class of millionaires. Hill.com estimates that at least 4,000 current and former SpaceX employees hold equity stakes worth more than $1 million, with another 400 holding stakes worth more than $100 million. Banks involved in the deal are expected to collect about $500 million in fees, with Goldman Sachs acting as left-book runner. Nasdaq, which acquired the listing, expanded the celebration with a 120-foot portrait of Musk at the exhibit’s opening bell ceremony in Times Square, a sign of widespread investor enthusiasm for the company’s extraterrestrial ambitions.
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