SpaceX has taken the wraps off its IPO filing, opening the books of the company that has already revolutionised rocket technology, with even larger ambitions to colonise Mars and build AI data centres in space.
The listing is poised to become the first trillion-dollar US market debut and could set the stage for a number of monumental IPOs in the coming months, among them potentially technology giants OpenAI and Anthropic.
The sale would immediately cement SpaceX as one of the world’s most valuable publicly traded companies, the second in Elon Musk’s sprawling business empire to surpass $1 trillion in market value.
SpaceX has grown into the world’s largest space business since its founding in 2002 by launching thousands of Starlink internet satellites. Its pioneering use of reusable rockets has transformed the economics of space, forcing competitors like Jeff Bezos’ Blue Origin to play catch-up.
While SpaceX made its name by building rockets and launching satellites into space, most of its $18.67 billion in revenue last year came from its Starlink satellite internet business and much of its future growth hinges on artificial intelligence-related businesses. Its nascent xAI unit still loses money, according to the filing.
A successful sale could value the company at a record-setting $1.75 trillion, putting its founder on track to become the first trillionaire in history, validating years of defying accepted logic through the development of rockets that can land and be flown again.
The company’s regulatory disclosure comes during a critical week for the rocket maker, which is preparing to launch a test flight of its next-generation Starship rocket.
Musk’s plans for lunar and Mars missions and to expand its Starlink satellite internet business depend on the new rocket.
The test launch, originally scheduled for Tuesday, is now expected later this week.
The board has given Musk control over the company, but ties much of his compensation to audacious targets of establishing a permanent human colony on Mars and building space data centres with compute capacity powered by the equivalent of 100 terawatts, or 100,000 one-gigawatt nuclear reactors, Reuters previously reported.
SpaceX is aiming to list its shares as early as June 12, with a roadshow launch targeted for June 4 and the share sale expected as early as June 11, Reuters reported last week.
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