SpaceX IPO: Elon Musk Braced to Become Trillionaire
SpaceX has announced plans to go public in the US under the ticker symbol SPCX. The IPO is slated to begin in June and is set to be the largest in Wall Street history.
SpaceX values itself at US$1.25tn and CEO Elon Musk's majority ownership could mean his share is worth more than US$600bn. In 2025, Elon became the first person to achieve a net work of more than US$500bn.
The listing could push his total net worth to more than US$1tn. If SpaceX achieves its eventual goal of a US$2tn valuation, it would position the company as one of the most valuable in the world by market capitalisation.
Financial performance and structure
According to the IPO filing, SpaceX achieved around US$18.6bn in revenue in 2025 but saw a net loss of US$4.3bn.
The company's balance sheet shows it has US$102bn in assets, such as rockets and other equipment.
SpaceX also carries US$60.5bn of debt. Following the IPO, Musk will hold 85% voting control over the company, serving as CEO, Chairman and Chief Technology Officer.
Ruth Foxe-Blader, Managing Partner at Citrine Venture Partners, says: "SpaceX is just an absolutely sprawling, enormous project with so many different selling points, and so many points that really point to the future."
Deal with Anthropic revealed
The filing, released on 20 May, also revealed the financial terms of a deal that SpaceX has struck with AI competitor Anthropic.
Anthropic will pay US$15bn a year to access US data centres for Elon's xAI venture, which was recently acquired by SpaceX.
While Elon's AI ambitions have undergone several legal challenges, SpaceX's rocket business and Starlink are considered leaders in their respective industries.
The IPO filing comes just days after Elon lost a high-profile legal battle against rival AI company OpenAI and former colleague Sam Altman.
Elon had accused Sam of breaching a non-profit contract by repositioning the company as a for-profit firm after Elon Musk had donated millions of dollars in funding. The jury voted unanimously to dismiss the case, finding that the timeframe to bring Elon's claims expired because he had waited too long to file his 2024 lawsuit.
At trial, Elon told jurors that xAI was small in comparison to OpenAI, which is also expected to sell shares to the public in the coming months. He has said he intends to dissolve xAI and focus on AI ambitions under SpaceX.
Legal challenges and costs
SpaceX has been at the centre of several controversies, paying more than US$500m in expected legal costs stemming from multiple lawsuits.
One lawsuit alleged that Grok, the chatbot made by xAI, was being used to create sexualised deepfakes of real women and girls.
Other ongoing cases against SpaceX listed in the IPO include patent infringement claims. The filing also lists claims of non-compliance with EU content moderation.
Music copyright infringement claims are also listed, with data breach claims among the ongoing cases against the company.
