Elon Musk’s SpaceX has disclosed plans to launch a public listing in the US, opening the door for investors to trade shares of the aerospace company on the stock market.
The company builds rockets, operates the Starlink satellite internet network, and also controls Musk’s controversial artificial intelligence venture xAI.
The initial public offering (IPO), expected to trade under the ticker symbol SPCX, is poised to become the largest stock market debut in Wall Street history and could begin as early as next month.
Musk, already recognised as the world’s wealthiest person, could see his fortune surpass the trillion-dollar mark through his holdings in SpaceX.
SpaceX has placed its valuation at roughly $1.25tn, with Musk’s controlling stake potentially worth more than $600bn.
Last year, the Tesla chief became the first individual ever to record a personal net worth above $500bn.
A successful flotation of SpaceX could now elevate his total wealth beyond $1tn.
Financial picture revealed in IPO filing
The filing provides one of the clearest views yet into the financial performance of SpaceX.
In 2025, Space Exploration Technologies — the company’s formal name — generated revenue of $18.6bn (£13.8bn), while posting a net loss of $4.9bn.
During the first quarter of this year, the company reported $4.7bn in sales alongside a net loss of $4.3bn.
Its balance sheet shows total assets of $102bn, including rockets and infrastructure, against debt obligations amounting to $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 said the planned flotation had been expected but was “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 risks and xAI controversies
SpaceX disclosed that it expects to face legal costs exceeding half a billion dollars linked to numerous ongoing claims.
Among them are “multiple lawsuits” alleging that Grok, the chatbot developed by xAI, has been used to create sexualized deepfakes involving real women and girls.
Musk has previously stated that he plans to dissolve xAI as a standalone company and continue pursuing artificial intelligence development within SpaceX.
The company also owns X, the social media platform formerly known as Twitter, which Musk acquired in 2022.
Other legal disputes highlighted in the IPO documents include patent infringement allegations, accusations of failing to comply with EU content moderation requirements, music copyright claims, and lawsuits connected to data breaches.
AI partnerships and rivalry with OpenAI
The filing also revealed details of a recently agreed partnership between SpaceX and AI rival Anthropic, the creator of Claude.
Under the agreement, Anthropic will pay $15bn annually for access to data centres in the southern United States tied to Musk’s xAI operations, which were recently absorbed into SpaceX.
Although Musk’s artificial intelligence efforts have faced repeated controversy, SpaceX’s launch operations and Starlink business remain dominant forces in their respective markets, maintaining a significant lead over competitors.
The IPO filing arrived only days after Musk suffered a major courtroom defeat in his legal case against OpenAI and chief executive Sam Altman.
Musk had argued that Altman violated a non-profit agreement by transforming the ChatGPT developer into a for-profit business after receiving millions of dollars in donations from Musk.
Jurors unanimously dismissed the case, ruling that Musk had waited too long to file his 2024 lawsuit and that the legal time limit had expired.
During testimony, Musk acknowledged that his AI startup xAI remained relatively small compared with OpenAI, which is also expected to pursue a public listing soon.
Scrutiny over politics and workplace safety
SpaceX is preparing for another launch of its Starship megarocket later this week, though the company has also faced criticism over worker safety concerns at several facilities.
Musk himself has drawn criticism for his right-wing political views and his close relationship with US President Donald Trump, with whom he travelled to China last week.