Musk's SpaceX confirms record IPO plans, aiming for $75 billion

Elon Musk's space exploration company, SpaceX, has officially announced its intention to pursue a record-breaking initial public offering (IPO), aiming to raise around $75 billion.

The company plans to set an offering price of $135 per share, which would result in a total valuation of nearly $1.8 trillion. These figures, detailed in an updated prospectus, align with previous media reports. Tech billionaire Musk is expected to retain full control of SpaceX post-IPO, holding over 80 percent of the voting rights through special shares.

This planned IPO significantly surpasses the previous record set by Saudi Aramco in 2019, which raised approximately $29 billion. SpaceX's financial performance presents a stark contrast to its ambitious valuation. In the past year, the company reported a net loss of about $4.94 billion on revenues of $18.67 billion. A major contributor to these losses is the substantial cost associated with developing the Starship rocket.

Despite the financial red ink, investors are reportedly being positioned to view SpaceX shares as a significant investment in Musk's innovative vision, drawing parallels to his electric car company, Tesla. Musk has publicly discussed ambitious goals, including flights to Mars, establishing a city on the Moon, and deploying AI data centers in space. SpaceX also plays a critical role in the American space program and operates the Starlink satellite internet service. Musk has also integrated his AI firm xAI and the X online platform into SpaceX.