Elon Musk’s SpaceX unveils blockbuster IPO filing | Stories about Elon Musk

SpaceX has withdrawn its IPO documents, opening the books for a company that has already revolutionized rocket technology, with big ambitions to colonize Mars and build AI data centers in space.

A successful sale could make the company a record $1.75 trillion, which would make its founder the first trillionaire in history, proving years of opposition to conventional wisdom through the creation of rockets that can land and fly again.

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The list, which was revealed on Wednesday, could launch several IPOs in the coming months, among them would be technology giants OpenAI and Anthropic. The sale would immediately cement SpaceX as one of the world’s most valuable companies, second in Elon Musk’s business empire to more than $1 trillion in market value, after Tesla.

SpaceX has grown into one of the world’s largest space companies since its founding in 2002 with the launch of the Starlink Internet Protocol. Most of its $18.67bn in revenue last year came from its network of about 10,000 satellites, which provide broadband internet to consumers, governments and business customers.

Its early use of flexible rockets has revolutionized the space economy, forcing competitors like Jeff Bezos’s Blue Origin to take action as competition for space bids heats up and private companies compete to lower startup costs, launch satellites and secure government contracts.

Although SpaceX’s future growth depends on businesses related to artificial intelligence, its xAI division still loses money, according to the filing.

The company’s management disclosure comes amid a difficult week for the rocket maker, which is preparing to launch a test flight of its Starship rocket.

Musk’s plans for missions to the moon and Mars and the expansion of his Starlink internet business depend on the new rocket. The launch of the test, which was scheduled for Tuesday, is expected by the end of this week.

The organization has given Musk control over the company, but he associates most of the compensation with the ambitious goals of establishing a permanent human settlement on Mars and building a data center with the power to use the same energy as 100 terawatts, or 100,000 one-gigawatt nuclear reactors.

The unit sale is expected to begin on June 11, with the listing expected the following day.

Celebrity persona

Musk’s CEO celebrity persona may be more important to investors than SpaceX’s business roots, analysts and academics said, because no other comparable company can match its valuation.

The company said it is targeting a market worth $28.5 trillion across its businesses, with much of that potential to be linked to AI.

These figures, which have been disclosed for the first time to the public in its S-1 regulatory documents, show how SpaceX is dependent on the funds managed by Starlink, but believes that its long-term prospects are closer to AI and similar services that are not currently profitable.

The $1.75 trillion bid, if realized, could surpass Saudi Aramco’s 2019 offering, which set the record for the world’s largest IPO when it floated on the Riyadh stock exchange for $1.7 trillion. SpaceX planned to try to raise more than $75bn in the offering, Reuters previously reported.

The size of the donation has drawn attention to the interconnectedness of Musk’s business, often referred to as “Muskonomy”, which includes the electric car company Tesla, as well as his businesses in AI and brain implants.

SpaceX has been merged with Musk’s xAI in a deal that values ​​the rocket company at $1 trillion and chatbot maker Grok at $250bn.

Concerns about Musk’s ability to disrupt several companies with combined market capitalizations of more than trillions could affect their financial performance, analysts said.

SpaceX is planning to sell a large portion of the parts to commercial suppliers.

The company is expected to list on the Nasdaq under the symbol ‘SPCX’.

Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JP Morgan are underwriters.