SpaceX files for IPO that could make Elon Musk a trillionaire

SpaceX, the company founded by Elon Musk, announced plans for an initial public offering in the United States, allowing investors to trade shares on the stock market.

The company manufactures rockets, operates the Starlink satellite internet service, and owns Musk’s artificial intelligence firm xAI.

The initial public offering, expected to be the largest in Wall Street history, could begin next month under the ticker symbol SPCX.

The IPO could elevate Musk, already the world’s richest person, to trillionaire status due to his majority ownership in SpaceX.

SpaceX values itself at $1.25 trillion, and Musk’s stake could be worth more than $600 billion.

Last year, Musk became the first person to achieve a net worth exceeding $500 billion, driven largely by his role at electric vehicle maker Tesla.

The SpaceX listing could push his total net worth above $1 trillion.

The filing provides a long-awaited look at SpaceX’s financial condition.

In 2024, Space Exploration Technologies, as the company is officially known, reported $18.6 billion in revenue but a net loss of $4.9 billion.

In the first three months of 2025, it posted $4.7 billion in sales and a net loss of $4.3 billion.

SpaceX’s balance sheet shows $102 billion in assets, including rockets and equipment, and $60.5 billion in debt.

The company flagged more than $500 million in expected legal costs from numerous claims.

Some lawsuits allege that Grok, the chatbot developed by xAI, is used to create sexualized deepfakes of real women and girls.

Musk has stated he plans to dissolve xAI and pursue artificial intelligence development under SpaceX.

SpaceX also owns X, the social media platform formerly known as Twitter, which Musk acquired in 2022.

Other ongoing cases against SpaceX include patent infringement claims, allegations of noncompliance with European Union content moderation rules, music copyright infringement claims, and data breach claims.

The filing also disclosed financial terms of a deal between SpaceX and AI competitor Anthropic, developer of the Claude chatbot.

Anthropic will pay $15 billion annually to access data centers in the American South for xAI, which SpaceX recently acquired.

While Musk’s AI ambitions have encountered controversies, SpaceX’s rocket business and Starlink are considered leaders in their industries, maintaining comfortable leads over competitors.

The IPO filing comes days after Musk lost a high-profile legal battle against OpenAI and its CEO, Sam Altman.

Musk had accused Altman of breaching a non-profit contract by shifting the ChatGPT maker to a for-profit model after Musk donated millions of dollars.

A jury unanimously dismissed the case, ruling that the statute of limitations had expired because Musk filed his 2024 lawsuit too late.

During the trial, Musk testified that his AI startup xAI remains small relative to OpenAI, which is also expected to sell shares to the public soon.

SpaceX’s Starship megarocket is scheduled for launch this week, though the company faces scrutiny over worker safety at its facilities.

Musk has faced criticism for his right-wing political views and alignment with U.S. President Donald Trump, with whom he recently traveled to China.

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