CAPE CANAVERAL: SpaceX has filed plans for a U.S. initial public offering that could become the largest in Wall Street history, potentially pushing Elon Musk’s net worth past $1 trillion.
The rocket maker and satellite internet provider, officially known as Space Exploration Technologies Corp., said it expects to begin trading as soon as next month under the ticker symbol SPCX.
The company, which also owns Musk’s artificial intelligence firm xAI and the social media platform X, valued itself at $1.25 trillion. Musk’s majority stake is worth more than $600 billion, reports suggest.
Musk, already the world’s richest person, became the first individual to surpass $500 billion in net worth last year, driven largely by his roles at SpaceX and Tesla Inc., where he serves as CEO. The IPO could add more than $600 billion to his holdings, making him a trillionaire.
In a filing that offers the first detailed public look at SpaceX’s finances, the company reported $18.6 billion in revenue last year but a net loss of $4.9 billion. In the first three months of this year, revenue reached $4.7 billion while the net loss narrowed to $4.3 billion. The balance sheet shows $102 billion in assets, including rockets and equipment, against $60.5 billion in debt.
SpaceX disclosed more than $500 million in expected legal costs tied to multiple claims. Among them are lawsuits alleging that Grok, a chatbot developed by xAI, has been used to create sexualized deepfakes of real women and girls. Musk has said he plans to dissolve xAI and fold its AI ambitions into SpaceX.
Other ongoing cases include patent infringement, noncompliance with EU content moderation rules, music copyright infringement, and data breach claims. SpaceX also owns X, the social media app formerly known as Twitter, which Musk purchased in 2022.
The IPO would end years of speculation about a public listing for SpaceX, which has long been privately held. The company operates the Starlink satellite internet service and manufactures rockets for commercial and government missions.
