Elon Musk is on the verge of becoming the world’s
first trillionaire as SpaceX prepares for a historic public listing that could
become the largest stock market debut ever recorded.
The aerospace company is seeking to raise as much as
$75 billion (£55 billion) through the sale of 555.6 million shares priced at
$135 each. If successful, the offering would value SpaceX at approximately
$1.77 trillion, placing it among the most valuable companies in the world.
According to the company’s amended prospectus, Musk
will retain significant control over SpaceX through his ownership of 5.22
billion Class B shares, each carrying 10 voting rights. Following the offering,
he is expected to control about 82.4 percent of the company’s voting power.
Forbes currently estimates Musk’s net worth at $826
billion, with his SpaceX holdings accounting for roughly $542 billion. At the
proposed valuation, the value of his stake could increase by an estimated $223
billion, pushing his fortune beyond the $1 trillion mark.
Despite its enormous valuation, SpaceX remains
unprofitable. Regulatory filings show the company recorded an operating loss of
$2.6 billion last year despite generating $18.7 billion in revenue. The company
has also continued to post losses this year.
The IPO filing highlights Musk’s ambitious long-term
goals, including returning humans to the Moon and eventually establishing a
permanent settlement on Mars. The document describes a future Martian colony
with at least one million residents, arguing that humanity must become a
multi-planetary species to safeguard itself from potential existential threats.
Meanwhile, Wedbush Securities analyst Dan Ives
suggested in a recent research note that a merger between Tesla and SpaceX
could take place next year.
SpaceX said proceeds from the offering will be used to
expand infrastructure supporting its artificial intelligence and rocket
programs, while also accelerating the growth of its Starlink satellite network.
The company plans to list on the Nasdaq under the
ticker symbol “SPCX” and could begin trading before the end of next week,
marking a major milestone for both the company and its billionaire founder.
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