How SpaceX's $3trn valuation affects the whole market | The Economist (Level 1)

SpaceX is a company that builds rockets and works on artificial intelligence. Two weeks ago, it started selling shares to the public for the first time. This is called an IPO. The company was valued at nearly $2 trillion. Later, the shares rose to almost $3 trillion, but then they fell by a third. Elon Musk, the founder, became the world's first trillionaire. Many ordinary people bought shares. However, SpaceX has never made a profit. It lost $5 billion last year. Its plans, like sending people to Mars, are very risky. In the future, many people's pensions may include SpaceX shares. So, we are all part of this story.