SpaceX IPO: How It Could Rewrite Elon Musk’s Fortune From $500 Bn to $1 Trillion 

Mumbai, May 22: Elon Musk’s rocket manufacturer SpaceX confidentially filed to go public last summer and officially submitted its IPO prospectus to regulators earlier this month. If it prices as expected and the company is worth $1.25 trillion SpaceX will complete the largest-ever Wall Street IPO by potentially selling $75 billion to $80 billion worth of shares on the stock market under ticker symbol SPCX as soon as June 12.

Viewed solely through the lens of its prospectus, SpaceX is three companies in one. It’s a rocket company. It’s Starlink, its satellite-internet service. It’s also xAI, Musk’s artificial intelligence company that he sold to SpaceX earlier this year. Then there’s CEO Elon Musk, who became the first person with a $500 billion net worth last year. A successful SpaceX IPO would make him the first person worth $1 trillion. Musk owns a majority stake in SpaceX that could be worth more than $600 billion on its own.

Here’s what you need to know about SpaceX’s IPO:

• SpaceX wants to value itself higher than $1.75 trillion and has hired Goldman Sachs to lead the left bookrunner on a syndicate of 21 banks that includes Morgan Stanley, Bank of America, Citigroup, and JPMorgan.
• SpaceX posted $18.6 billion in revenue for 20:24 but lost $4.9 billion. During the first quarter of 20: 25, SpaceX’s revenue was $4.7 billion and its losses were $4.3 billion.
• SpaceX has $29.1 billion dollars in long-term debt and $15.9 billion dollars in cash. SpaceX also spent $7.7 billion on capex for AI during Q1.
• SpaceX plans to use IPO funds to commercialise the solar energy captured in space, “commercialise the moon,” and eventually Mars. SpaceX estimates its total addressable market is $28.5 trillion.
• Musk is to be granted 1 billion shares of restricted stock if two conditions are met: SpaceX achieves a market capitalization of $7.5 trillion dollars and establishes “a permanent settlement on Mars with a population of at least one million people.”

Stranger Things

The 270-page S-1 document is nothing if not a bonafide corporate filing. Mars is mentioned 63 times in the filing, including the executive compensation section where Musk’s billion-share grant is linked to colonising the red planet – prompting the valid question of how one incentivises a man who is, for all intents and purposes, already infinitely wealthy. Other eyebrow-raising disclosures include that Musk maintains control of the Class B super-voting shares, owning 85% of the shareholder vote and effectively making himself unfireable as CEO (he’d have to vote against himself to boot).

From a money perspective, most of SpaceX’s losses are coming from xAI. xAI runs the “Colossus” data centres in Tennessee and last year it made $3.2 billion in revenue but lost $6.4 billion, with its capital spending more than three times higher than SpaceX’s main rocket business.

More worrying for investors, there is a long “Our Challenges” section where SpaceX openly says that much of the technology needed for Elon Musk’s big plans – things like AI satellites in orbit by 2028, a “moon economy,” and human‑augmentation systems – either does not exist yet, does not work, or both.

The company also disclosed that it bought $131 million worth of Tesla Cybertrucks between 2024 and 2025. At that time, those purchases made up about 6% to 9% of all Cybertruck sales, raising fresh concerns about deals between Musk‑controlled companies and potential conflicts of interest for investors.

Source:

• https://www.sec.gov/Archives/edgar/data/1181412/000162828026036936/spaceexplorationtechnologi.htm