SpaceX reveals blockbuster initial public offering plan
SpaceX has completed its initial public offering, opening registrations for the company that has already revolutionized rocket technology with even greater ambitions to colonize Mars and establish artificial intelligence data centers in space.
The listing is set to be the first trillion-dollar debut into the US market and could set the stage for a series of massive IPOs in the coming months, including potential tech giants OpenAI and Anthropic.
The sale would instantly make SpaceX one of the world’s most valuable public companies and the second company in Elon Musk’s sprawling business empire to have a market capitalization exceed US$1 (A$1.4) trillion.
“We do not want humans to have the same fate as dinosaurs,” the file said.
SpaceX has become the world’s largest space company since its founding in 2002 by launching thousands of Starlink internet satellites.
The pioneering use of reusable rockets has transformed the space economy and forced rivals like Jeff Bezos’ Blue Origin to catch up.
While SpaceX has made its name building rockets and launching satellites into space, the bulk of its US$18.67 billion ($26.23 billion) revenue in 2025 came from its Starlink satellite internet business, and much of its future growth is tied to AI-related businesses.
The newly formed xAI unit is still losing money, according to a U.S. filing filed Wednesday.
A successful sale could value the company at a record-breaking US$1.75 trillion ($A2.46 trillion); This could put its founder on track to become the first trillionaire in history and confirm a situation that has defied accepted logic for years through the development of rockets that can land and fly again.
The company’s regulatory announcement comes in a critical week for the rocket maker as it prepares to launch a test flight of its next-generation Starship rocket.
According to the application, Musk will hold 85.1 percent of the company’s total voting power.
SpaceX aims to list its shares as early as June 12, Reuters reported last week; The start of the roadshow is scheduled for June 4, and the share sale is expected to take place as early as June 11.
The company said it is targeting a potential market of US$28.5 trillion ($40 trillion) across its businesses, with the majority of that potential revenue tied to AI.
The figures, made public for the first time in the S-1 regulatory filing, show how SpaceX is committed to its Starlink-focused revenue base but believes its long-term prospects are centered around artificial intelligence and related infrastructure operations that are currently unprofitable.
The prospectus said SpaceX will use a dual-class share structure that gives Class B shareholders 10 votes each, concentrating control in Musk and a handful of others, while Class A shares sold to public investors will carry one vote each.
The company has adopted numerous provisions that, taken together, severely limit shareholder rights, force legal claims through arbitration, restrict where lawsuits can be filed, and protect Musk from being fired by anyone other than Musk.
The company reported revenue of US$4.69 billion ($6.59 billion) for the three months ended March 31, compared with US$4.07 billion ($5.72 billion) a year earlier.
Loss in the same period amounted to US$1.27 ($A1.78) per share, compared with a loss of 18 cents a year earlier.
The scale of the offering highlighted the increasingly interconnected nature of Musk’s business empire, often referred to as “Muskonomi”, which includes leading electric vehicle company Tesla as well as businesses in artificial intelligence and brain chip implants.
SpaceX has merged with Musk’s artificial intelligence startup xAI in a deal that values the rocket company at US$1 trillion (A$1.4 trillion) and the Grok chatbot developer at US$250 billion (A$351 billion).
with AP
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