SpaceX to Go Public, Elon Musk Poised to Become Trillionaire

Elon Musk is poised to become a trillionaire as his space technology company, SpaceX, prepares for a public listing. This anticipated financial milestone has been highlighted by major news outlets like NBC News and CNN.

SpaceX has filed a report with the U.S. Securities and Exchange Commission, detailing its intention to sell 555.6 million shares at $135 per share. Musk, who currently owns half of SpaceX, will continue to hold nearly half of the company's shares post-offering, including special shares with greater voting power. Following the listing, he is expected to control 82.4% of the company's voting rights.

The company's target capital raise of $75 billion would set a record for an initial public offering. This move would value SpaceX at $1.75 trillion, immediately placing it among the ten most valuable U.S. public companies. SpaceX representatives are scheduled to meet with potential investors starting Thursday, ahead of the IPO launch next Friday.

Founded by Musk in 2002 with the ambition of colonizing Mars, SpaceX builds rockets and spacecraft and provides internet connectivity through its Starlink satellites. The company also merged with Musk's AI venture xAI in February, which operates the social media platform X, formerly known as Twitter.

Despite its ambitious goals and rapid growth, SpaceX incurred a net loss of $4.94 billion last year, even as revenue climbed 33% to $18.67 billion. In the first quarter of this year, the company reported a staggering $4.3 billion loss on revenues of $4.7 billion. Musk has also been involved in supporting Donald Trump's presidential campaign for the 2024 elections.