Elon Musk, the mind behind SpaceX, has disclosed intentions to float the rocket, satellite, and AI firm in the US, setting the stage for a potential stock market float of unprecedented scale. Musk has chosen Nasdaq to go public under the ticker SPCX.
Elon Musk has revealed plans to float SpaceX in the US, paving the way for the largest stock market float in history set to make him a trillionaire.
The rocket, satellite and AI firm filed its highly anticipated prospectus with US regulators on Wednesday, which revealed SpaceX had chosen Nasdaq to make its debut under the ticker SPCX. The filing with the Securities and Exchange Commission did not reveal the exact amount SpaceX was looking to raise. Reports suggest Musk is looking at raising about $75billion at a $1.75trillion valuation. That would put Musk on track to become the first trillionaire in history.
The filing showed he will retain 85.1 per cent of the combined voting power of the company. Even at a lower $1.25trillion valuation, Musk's majority ownership of SpaceX means his shares could be worth more than $600billion, bringing his total net worth to over $1trillion. SpaceX's filing says: 'We believe we have identified the largest actionable total addressable market in human history. We estimate that our quantifiable TAM is $28.5 trillion.
' Elon Musk has announced plans to float SpaceX on Nasdaq this summer SpaceX said its mission is to 'build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars. ' It added: 'We do not want humans to have the same fate as dinosaurs.
'We want to give them a reason to look ahead with excitement, with the prospect that we are entering an age of abundance with an endlessly prosperous and exciting future. ' SpaceX said it hopes to launch space tourism, passenger and cargo transport to the Moon and Mars, and asteroid mining, among other plans. SpaceX also announced plans to buy xAI, the company behind X's Grok chatbot, to bring AI, rockets and satellites under one company.
It will use the AI division to design and manufacture its own chips. The stockmarket stepping stone to civilisation on Mars Among the bold plans laid out in the SpaceX filing, it said: 'We believe that our current space efforts will catalyze transformative breakthroughs that could reshape terrestrial industries and lead to the emergence of new trillion-dollar markets on the Moon, Mars, and beyond.
'In particular, we believe our goal of establishing a lunar presence will enable terawatt-scale annual AI compute growth, support deeper space exploration and industrialization, and serve as a stepping stone to establishing a civilization on Mars. 'We believe the next paradigm shift for humanity is the creation of a resilient, perpetually expanding spacefaring civilization that drives continuous innovation across new frontiers, ultimately propelling us to Kardashev Type II status—we believe we are capable of unlocking an era of unprecedented economic expansion, while also contributing to the safeguards of humanity’s future against existential risk.
' Susannah Streeter, chief investment strategist at Wealth Club, said: 'Elon Musk is again reaching for the stars, with his ambitions firmly extra-terrestrial. 'Plans for the SpaceX IPO are set to catapult one of the world's most closely watched private companies onto public markets, potentially handing investors a rare opportunity to buy into Musk's sprawling vision for satellites, artificial intelligence and autonomous robotics.
'The flotation could become the biggest IPO Wall Street has ever seen and, if current valuations hold, may propel Musk into trillionaire territory. ' The prospectus also gave a glimpse at the company's financials, which have some way to go to achieve profitability, as it spends on research and development.
Read More Fairer Share: Nationwide reveals members will get a £100 bonus - this is who qualifies It said sales rose 15.4 per cent in the first three months of the year to $4.7billion and reported an operating loss of $1.9billion. Of its three divisions, Starlink was the only profitable one in the first three months of the year.
Susannah adds: 'Investors interested in the IPO still need to tread carefully, with the risk that gravity could pull valuations back down to earth.
'SpaceX's financials underline both the scale of the opportunity and the risks attached. 'Revenues are climbing rapidly, but losses remain substantial following the integration of xAI into the core space operations, as the company pours cash into expansion, infrastructure and innovation. 'While the potential rewards may be significant, these investments are only suitable for experienced investors who already have well-diversified portfolios and are prepared for sharp swings in value along the way.
' The filing marks the first of what Wall Street hopes will be a blockbuster year, with OpenAI expected to file its own IPO paperwork as soon as this week. SpaceX is aiming to list its shares as early as 12 June, according to Reuters.
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