Elon Musk's SpaceX raised $75 billion in its initial public offering on Thursday, valuing the company at approximately $1.77 trillion, according to Axios. The IPO is the largest in the United States and is expected to be followed by two artificial intelligence giants, OpenAI and Anthropic, which are set to go public later. With this IPO, Elon Musk is set to become the world's first trillionaire today.
IPO Details and Valuation
According to a CNBC report citing filings with the Securities and Exchange Commission, SpaceX is selling 555.6 million shares at $135 each. The deal makes the company the seventh most valuable U.S. firm, surpassing Tesla, which is also owned by Musk. SpaceX's Nasdaq debut is scheduled for Friday.
Financial Performance
In its prospectus filed with the SEC, SpaceX reported a 15% increase in revenue to $4.69 billion in the first quarter, compared to $4.07 billion a year earlier. However, the company recorded a net loss of $4.28 billion in the latest quarter, following a loss of $4.94 billion in 2025.
Impact on Tech IPOs
CNBC reported that the offering serves as a bellwether for other massive tech offerings, including Anthropic and OpenAI. Both AI startups are approaching valuations of $1 trillion. Once trading begins, investors who did not participate in the IPO or did not receive an allocation can buy shares on public exchanges.
Musk's Stake and Control
According to a New York Times report, Musk, who controls a 50% stake in SpaceX, will see his holdings valued at just over $752 billion. Regulatory filings indicate that Musk cannot sell some shares until the company achieves specific operational milestones. Musk controls more than 85% of SpaceX shareholder votes through super-voting shares.
Use of Funds
The company plans to use the capital to fund orbital data centers, a lunar factory, and Mars expeditions. Besides Tesla and SpaceX, Musk has co-founded five other companies, including tunneling startup The Boring Company and brain implant maker Neuralink.
Recent Starship Milestone
On May 23, SpaceX successfully launched the twelfth test flight of its next-generation Starship, marking the first flight of the upgraded Starship and Super Heavy Version 3 vehicles, as well as the debut of the new Raptor 3 engines. The mission lifted off from Starbase, Texas, at 5:30 pm CT and was the first Starship launch from the company's new Pad 2 facility.
