Elon Musk, already the world’s richest person, could soon become the first trillionaire as his space company SpaceX prepares for a public listing.
The company is expected to launch its IPO next month and may become the biggest stock market debut ever. The listing could cross the record set by Saudi Aramco in 2020, when the oil giant raised $29.6 billion.
SpaceX is expected to list on the Nasdaq exchange under the ticker symbol “SPCX”.
Musk’s Wealth May Rise Sharply
Musk owns a major stake in SpaceX and controls around 85% voting power through special Class B shares. These shares give him stronger control because each share carries 10 votes compared to one vote for Class A shares.
Once SpaceX shares begin trading publicly, Musk’s personal wealth could rise sharply and possibly touch the trillion-dollar mark.
The company, founded in 2002, has expanded rapidly with projects linked to reusable rockets, satellite internet and future Mars missions.
AI Expansion Adds Pressure
Earlier this year, SpaceX merged with Musk’s artificial intelligence startup xAI. Musk described the merger as an “innovation engine” combining AI, rockets, space-based internet and media businesses under one group.
However, the merger has also increased financial pressure on the company because AI businesses require huge investments in data centres and computing systems.
Regulatory filings with the US Securities and Exchange Commission (SEC) showed that SpaceX reported losses of $4.3 billion during the three months ended March.
Big AI Deal Boosts Business Outlook
Despite the losses, SpaceX has secured a major business deal with AI startup Anthropic. Under the agreement, Anthropic will pay SpaceX around USD 1.25 billion every month to access its compute data centres until May 2029.
The IPO will now test investor confidence in Musk’s business empire at a time when his electric vehicle company Tesla is also facing growing market challenges.
