Saturday, June 6, 2026 - Elon Musk could become the world's first trillionaire as his spaceflight company, SpaceX, prepares to go public this month in what would be the largest stock market debut in history. SpaceX is seeking to raise up to $75 billion (£55 billion) by selling 555.6 million shares at $135 each, which would give the company a market value of $1.77 trillion.
According to the amended prospectus, Musk's voting power
will come primarily through his ownership of 5.22 billion Class B shares, which
carry 10 votes per share. Following the offering, Musk would hold 82.4 percent
of the company's voting power. Forbes currently estimates Musk's net worth at
$826 billion, with his stake in SpaceX valued at $542 billion. A $1.77 trillion
valuation would boost his net worth by $223 billion, making him a trillionaire.
Despite the blockbuster ambitions, SpaceX continues to
operate at a loss. The filing shows the company lost $2.6 billion from
operations last year on $18.7 billion in revenue, with losses continuing into
this year.
The IPO document outlines Musk's long-term vision, which
includes plans to use proceeds to help return humans to the moon and eventually
establish a colony on Mars. "A permanent human colony" on the red
planet with "at least one million inhabitants" is cited as a
necessity as existential threats could consign humanity to "the same fate
as the dinosaurs."
Dan Ives of Wedbush Securities wrote in a research note that
he expects Tesla and SpaceX to merge next year. SpaceX plans to use net
proceeds from the IPO to fund expansion of infrastructure for its artificial
intelligence and rocket businesses, as well as to expand its Starlink satellite
constellation. The company will list on the Nasdaq under the symbol
"SPCX" and could begin trading as soon as the end of next week.
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