SpaceX IPO: US$2tn Company Debut Targets Market
SpaceX has announced plans for a US stock market listing that could position Elon Musk as the first person to achieve a US$1tn net worth. The aerospace company has set a self-valuation of US$1.25tn ahead of the flotation.
The initial public offering could begin in June under the ticker symbol SPCX. According to the filing released on 20 May, the deal would be the largest in Wall Street history.
Elon holds majority ownership of SpaceX. His stake could be worth more than US$600bn at the current valuation.
The company has set a target valuation of US$2tn. Achieving this figure would make SpaceX one of the most valuable companies in the world by market capitalisation.
In 2025, Elon became the first person to reach a net worth exceeding US$500bn. The SpaceX listing could push his total net worth to US$1tn.
SpaceX financial performance
Ruth Foxe-Blader, Managing Partner at Citrine Venture Partners, discussed SpaceX's IPO, saying: "SpaceX is just an absolutely sprawling, enormous project with so many different selling points, and so many points that really point to the future."
According to the company's filing, SpaceX brought in around US$18.6bn in revenue during 2025. The company recorded a net loss of US$4.3bn in the same period.
The balance sheet shows SpaceX holds US$102bn in assets, including rockets and other equipment.
The company carries US$60.5bn of debt. Following the IPO, Elon will hold 85% voting control over SpaceX.
He will serve as Chief Executive Officer, Chairman and Chief Technology Officer. The ownership structure could mean Elon retains operational control despite the public listing.
Deal terms with Anthropic
The filing revealed financial terms of an agreement between SpaceX and AI company Anthropic. Anthropic will pay US$15bn annually to access US data centres.
The data centres belong to xAI, Elon's AI company, which was recently acquired by SpaceX.
The IPO filing came days after Elon lost a legal case against OpenAI and its CEO, Sam Altman, where Elon had accused Sam of breaching a nonprofit contract.
He claimed Sam repositioned OpenAI as a for-profit firm after Elon donated millions of dollars in funding. The jury voted unanimously to dismiss the case after finding the timeframe to bring Elon's claims had expired.
At trial, Elon told jurors that xAI was small in comparison to OpenAI.
OpenAI is expected to sell shares to the public in coming months.
Legal costs and compliance
SpaceX has paid more than half a billion dollars in expected legal costs from multiple lawsuits. One lawsuit alleged that Grok, the chatbot made by xAI, was being used to create sexualised deepfakes of real women and girls.
Elon says he intends to dissolve xAI, with plans to focus on AI ambitions under SpaceX.
Other cases listed in the IPO include patent infringement claims. The filing also references claims of noncompliance with EU content moderation.
Music copyright infringement claims and data breach claims are among the ongoing legal matters. The legal costs could affect the company's financial performance following the public listing.
