Elon Musk’s SpaceX has officially outlined plans to float on the US stock market, giving public investors the opportunity to buy and trade shares in the aerospace giant.
The company develops rockets, operates the Starlink satellite broadband network, and also controls Musk’s controversial artificial intelligence business xAI.
Trading under the ticker symbol SPCX, the initial public offering (IPO) is expected to become the largest listing ever seen on Wall Street and could launch as early as next month.
The deal could also push Musk — already the world’s richest individual — into trillionaire territory due to the size of his stake in SpaceX.
SpaceX has placed its valuation at around $1.25tn, meaning Musk’s controlling ownership could be worth upwards of $600bn.
Last year, the Tesla chief became the first person in history to surpass a personal fortune of $500bn.
A successful public debut for SpaceX could now lift his overall wealth above the $1tn threshold.
IPO filing exposes SpaceX financial performance
The filing gives investors one of the most detailed snapshots yet of SpaceX’s finances.
In 2025, Space Exploration Technologies — the company’s formal corporate name — generated revenue of $18.6bn (£13.8bn) while recording a net loss of $4.9bn.
During the first quarter of this year, the business reported sales of $4.7bn but posted another net loss, this time totaling $4.3bn.
Company filings show total assets of $102bn, including rockets, launch systems, and equipment, alongside debt liabilities of $60.5bn.
Ruth Foxe-Blader, managing partner at US venture capital firm Citrine Venture Partners, told the BBC “it’s not shocking for a project like this to be loss making, even at the point of IPO”.
She added that the anticipated flotation remained “extremely exciting”.
“SpaceX is just an absolutely sprawling, enormous project with so many different selling points, and so many points that really point to the future.”
Legal disputes and mounting scrutiny
SpaceX disclosed that it expects to incur more than half a billion dollars in legal expenses tied to numerous active claims and lawsuits.
Among the cases are “multiple lawsuits” accusing Grok — the chatbot created by xAI — of being used to generate sexualized deepfakes involving real women and girls.
Musk has previously stated that he intends to fold xAI into SpaceX and continue his artificial intelligence ambitions under the aerospace company.
The group also owns X, the social media platform formerly known as Twitter, which Musk acquired in 2022.
Other legal matters outlined in the IPO filing include patent infringement allegations, accusations related to noncompliance with European Union content moderation rules, music copyright claims, and lawsuits tied to data breaches.
AI expansion and OpenAI rivalry
The filing also disclosed financial details surrounding a newly signed partnership between SpaceX and AI rival Anthropic, the developer behind Claude.
Under the agreement, Anthropic will pay $15bn annually for access to data centres located in the southern United States that support Musk’s xAI operations, which were recently brought under SpaceX ownership.
Despite controversy surrounding Musk’s AI ventures, SpaceX’s launch operations and Starlink business continue to dominate their sectors, maintaining a sizable advantage over rivals.
The IPO filing was released just days after Musk lost a closely watched legal fight against OpenAI and chief executive Sam Altman.
Musk had alleged that Altman breached a non-profit agreement by turning the ChatGPT creator into a commercial business after Musk had contributed millions of dollars in funding.
Jurors unanimously rejected the claims, ruling that Musk waited too long to file his 2024 lawsuit and that the legal deadline had expired.
During the proceedings, Musk acknowledged that xAI remained much smaller than OpenAI, which is also widely expected to pursue a public listing in the near future.
Political backlash and safety concerns
SpaceX is preparing for another launch of its Starship mega rocket later this week, although the company has also faced criticism over worker safety conditions at several sites.
Musk himself has attracted criticism for his right-wing political views and his close ties to US President Donald Trump, whom he accompanied on a visit to China last week.
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