SpaceX is poised to raise up to $75 billion in its initial public offering this month, a move that would mark the largest-ever stock market debut and could propel Elon Musk to become the world's first trillionaire.
The company, formally known as Space Exploration Technologies Corp., announced Wednesday it plans to sell 555.6 million shares at $135 a piece.
This offering would value SpaceX at $1.77 trillion, a market capitalization surpassed by only six S&P 500 companies, including Nvidia at $5.2 trillion.
Musk will not sell any shares, retaining 82.4% of SpaceX's voting power. Forbes values his net worth at $825 billion, with his $542 billion SpaceX stake.
The estimated IPO proceeds would easily top the $26 billion raised by Saudi Aramco in 2019.
SpaceX filed to go public last month, unveiling $13 billion worth of losses since 2023, according to a filing with the US Securities and Exchange Commission (SEC), including a $4.3 billion loss since the start of the year.
Since its inception in 2002, SpaceX has ascended to become the globe’s largest space enterprise, primarily through the deployment of thousands of Starlink internet satellites.
Its pioneering adoption of reusable rockets has fundamentally altered the economics of space travel, compelling rivals like Jeff Bezos' Blue Origin to accelerate their own advancements.
While SpaceX initially gained prominence for its rocket manufacturing and satellite launches, the majority of its $18.67 billion revenue last year stemmed from its Starlink satellite internet service.
Much of its projected future growth is now tied to artificial intelligence-related ventures, though its nascent xAI unit is currently operating at a loss, according to the recent filing.
Earlier this year, some of the major stock market indexes, including the Nasdaq where SpaceX will soon be available, changed their rules to allow high-value companies to join much quicker than normal after going public.
SpaceX stock is expected to be available on the Nasdaq beginning June 12, under the ticker “SPCX,” according to Reuters.
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