Elon Musk is set to sell shares of SpaceX, a move that could potentially make him a trillionaire. His company has already unveiled plans to go public (IPO) on the U.S. stock market. This move will allow the general public to buy and sell shares of the company. SpaceX manufactures rockets, operates a satellite internet service known as Starlink, and also owns Musk’s controversial artificial intelligence (AI) firm, xAI. This news was reported by the BBC online.
This Initial Public Offering (IPO) on the U.S. stock market could prove to be one of the largest share offerings in the history of Wall Street. It is expected to launch as early as next month under the ticker symbol “SPCX.” Given Musk’s substantial stake in SpaceX, this IPO could potentially make him the world’s first trillionaire. He currently holds the title of the world’s wealthiest individual. The company has valued itself at $1.25 trillion; as Musk owns a significant portion of the firm, the value of his personal stake could exceed $600 billion.
Last year, Elon Musk became the first individual to amass a net worth exceeding $500 billion. Consequently, should SpaceX successfully list on the stock exchange, his total net worth could surpass the $1 trillion mark. These financial documents have also provided a long-awaited glimpse into SpaceX’s financial health. Last year, Space Exploration Technologies generated $18.6 billion in revenue but incurred a net loss of $4.9 billion. In the first three months of the current year, the company recorded $4.7 billion in sales but posted a loss of $4.3 billion. According to the company’s balance sheet, it holds assets totaling $102 billion—a figure that includes its rockets and various equipment.
However, the company also carries a debt burden of $60.5 billion. Furthermore, SpaceX has disclosed that potential legal costs stemming from multiple ongoing lawsuits could exceed $500 million. Some of these lawsuits stem from allegations that xAI’s chatbot, Grok, is being used to generate deepfakes that sexually depict real women and girls. Elon Musk has stated that he intends to shut down xAI and advance his AI initiatives under the umbrella of SpaceX. SpaceX’s portfolio also includes the social media platform X, which Musk acquired in 2022.
The IPO filings also make mention of other ongoing lawsuits against SpaceX. These include allegations of patent infringement, non-compliance with European Union content moderation laws, music copyright violations, and data breaches.
Documents released on Wednesday further revealed that SpaceX recently struck a major deal with AI rival Anthropic. Anthropic is the creator of the AI model known as Claude. Under the terms of the agreement, Anthropic will pay $15 billion annually for access to data centers located in the southern United States—facilities that are linked to Musk’s xAI.
Although Musk’s AI ventures have been plagued by various controversies, SpaceX’s rocket operations and Starlink service are widely regarded as industry leaders, maintaining a significant lead over their competitors. The announcement regarding the IPO comes at a time when Elon Musk has just suffered a defeat in a high-profile lawsuit filed against rival AI firm OpenAI and its CEO, Sam Altman. Musk had alleged that Altman breached the company’s original non-profit charter by transforming OpenAI into a for-profit enterprise; however, the court ruled that the lawsuit was filed too late and was therefore inadmissible.
