TNB Tech Minute: SpaceX Soars in Debut, Makes Elon Musk First Trillionaire

**Julie Chang** (0:00)
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Here's your afternoon TNB Tech Minute for Friday, June 12th. I'm Julie Chang for The Wall Street Journal.
It's official! SpaceX launched its initial public offering on the NASDAQ today. By this afternoon, shares were up about 30% over their opening price of $135 as a largest ever IPO. When the stock opened trading, the initial climb gave it a market cap above $2.2 trillion, making it the sixth most valuable US listed company and minting CEO Elon Musk as the first ever trillionaire. High trading volume even caused outages over at Robinhood for some users. Meanwhile, banks are also raking it in. According to a filing and people familiar with the matter, the total fee pool for SpaceX's IPO is around $500 million. Lead banks Goldman Sachs and Morgan Stanley will take home the lion's share of that, getting about $100 million apiece. Bank of America, Citigroup and JP Morgan Chase are each expected to earn around $75 million and several other banks are set to earn around $10 million or less each. Finally, anticipation over the SpaceX IPO and others expected from OpenAI and Anthropic is seen as prompting outflows from Bitcoin ETFs. A note by Coinbase Institutional says that the SpaceX IPO is competing directly for the same funds as those invested in crypto. Bitcoin is up less than half a percent at about $63,700.
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