SpaceX, the company renowned for revolutionising rocket technology and deploying thousands of Starlink internet satellites, has unveiled its initial public offering (IPO) filing. The highly anticipated listing is poised to become the first trillion-dollar U.S. market debut, potentially valuing the company at a staggering $1.75 trillion. This monumental offering would establish SpaceX as one of the world’s most valuable publicly traded companies, marking the second within Elon Musk’s sprawling business empire to surpass the trillion-dollar mark. Its success could also pave the way for other significant IPOs in coming months, including technology giants OpenAI and Anthropic.
Founded in 2002, SpaceX has evolved into the world’s largest space business. While it made its name building rockets and launching satellites, a substantial portion of its revenue now stems from its Starlink satellite internet service. The company’s pioneering use of reusable rockets has fundamentally transformed the economics of space. Its future growth strategy heavily leans into artificial intelligence-related businesses, though its nascent xAI unit currently operates at a loss. For the three months ended March 31, SpaceX reported revenue of $4.69 billion, an increase from $4.07 billion a year prior, alongside a loss of $1.27 per share.
The IPO documents outline a dual-class share structure, affording Class B shareholders 10 votes each, which consolidates control with Mr Musk and a select group of insiders, while Class A shares for public investors will carry one vote each. Mr Musk is set to retain 85.1% of the combined voting power, with his compensation linked to audacious targets such as establishing a permanent human colony on Mars and building vast space data centres. SpaceX is reportedly targeting a listing on the Nasdaq and Nasdaq Texas under the ticker “SPCX” as early as June 12, with a roadshow commencing on June 4. Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and J.P. Morgan are among the designated bookrunners for the offering.
