Elon Musk has announced plans to take SpaceX public in the United States, potentially setting the stage for the largest stock market debut ever, which could propel him into trillionaire status.
On Wednesday, the company, known for its advancements in rocketry, satellite technology, and artificial intelligence, submitted its much-anticipated prospectus to U.S. regulators. SpaceX has selected Nasdaq for its market launch, with the ticker symbol SPCX.
The details of the filing with the Securities and Exchange Commission did not specify the exact amount SpaceX aims to raise from the public offering.
However, reports suggest that Musk is eyeing a fundraising goal of approximately $75 billion, which would place SpaceX at a staggering $1.75 trillion valuation.
Achieving such a valuation could position Musk to become the world’s first trillionaire. According to the filing, he would retain a significant 85.1% of the company’s voting power.
Even if the company were valued at a slightly lower $1.25 trillion, Musk’s majority stake would still make his shares worth over $600 billion, pushing his overall net worth beyond the trillion-dollar mark.
SpaceX’s filing says: ‘We believe we have identified the largest actionable total addressable market (TAM) in human history. We estimate that our quantifiable TAM is $28.5 trillion.’
Elon Musk has announced plans to float SpaceX on Nasdaq this summer
SpaceX said its mission is to ‘build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.’
It added: ‘We do not want humans to have the same fate as dinosaurs.
‘We want to give them a reason to look ahead with excitement, with the prospect that we are entering an age of abundance with an endlessly prosperous and exciting future.’
SpaceX said it hopes to launch space tourism, passenger and cargo transport to the Moon and Mars, and asteroid mining, among other plans.
SpaceX also announced plans to buy xAI, the company behind X’s Grok chatbot, to bring AI, rockets and satellites under one company.
It will use the AI division to design and manufacture its own chips.
Susannah Streeter, chief investment strategist at Wealth Club, said: ‘Elon Musk is again reaching for the stars, with his ambitions firmly extra-terrestrial.
‘Plans for the SpaceX IPO are set to catapult one of the world’s most closely watched private companies onto public markets, potentially handing investors a rare opportunity to buy into Musk’s sprawling vision for satellites, artificial intelligence and autonomous robotics.
‘The flotation could become the biggest IPO Wall Street has ever seen and, if current valuations hold, may propel Musk into trillionaire territory.’
The prospectus also gave a glimpse at the company’s financials, which have some way to go to achieve profitability, as it spends on research and development.
It said sales rose 15.4 per cent in the first three months of the year to $4.7billion and reported an operating loss of $1.9billion.
Of its three divisions, Starlink was the only profitable one in the first three months of the year.
Susannah adds: ‘Investors interested in the IPO still need to tread carefully, with the risk that gravity could pull valuations back down to earth.
‘SpaceX’s financials underline both the scale of the opportunity and the risks attached.
‘Revenues are climbing rapidly, but losses remain substantial following the integration of xAI into the core space operations, as the company pours cash into expansion, infrastructure and innovation.
‘While the potential rewards may be significant, these investments are only suitable for experienced investors who already have well-diversified portfolios and are prepared for sharp swings in value along the way.’
The filing marks the first of what Wall Street hopes will be a blockbuster year, with OpenAI expected to file its own IPO paperwork as soon as this week.
SpaceX is aiming to list its shares as early as 12 June, according to Reuters.
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