SpaceX, the private space company founded by Elon Musk, has filed for an initial public offering that could become the largest in history, with estimates suggesting it may raise around $75 billion (€64.5 billion). The move comes despite the company reporting operating losses of $2.6 billion (€2.24 billion) last year on revenue of $18.7 billion, with losses continuing into early 2025.
The prospectus, filed with U.S. regulators, does not specify the exact amount Musk hopes to raise, but if the $75 billion figure holds, it would easily surpass the current record held by Saudi Aramco, which raised $26 billion (€22.4 billion) in its 2019 IPO. The offering is expected to be led by Goldman Sachs, as reported by Goldman Sachs to Lead SpaceX IPO, Potentially Largest in History.
Funding Interplanetary Ambitions
SpaceX, formally known as Space Exploration Technologies Corp., stated that the proceeds will finance projects to put humans on the Moon and Mars, part of its long-term goal to make humanity an interplanetary species. The filing warns of existential threats that could wipe out civilization, stating: "We do not want humans to have the same fate as dinosaurs."
The document reads like a Hollywood-style vision of the future, detailing that part of Musk's compensation will only vest if he maintains "a permanent human colony on Mars with at least one million inhabitants." Short of that, the IPO alone could make Musk—already the world's richest person with an estimated net worth of $839 billion (€722 billion), roughly equivalent to Poland's annual GDP—the first trillionaire.
Starlink Profits Offset Losses at X and xAI
SpaceX's financial picture is mixed. Starlink, its satellite communications arm, is a major cash generator, producing $4.4 billion (€3.8 billion) in operating income last year. The network now uses 10,000 low-orbit satellites to provide internet to 10 million subscribers across 150 countries and territories.
However, two recently acquired Musk ventures—the social media platform X (formerly Twitter) and the artificial intelligence firm xAI—are significant loss-makers. The prospectus reveals that xAI lost $6.4 billion (€5.5 billion) from operations last year. These acquisitions were criticized by some SpaceX investors as bailouts, given their financial struggles.
The core rocket and launch business has benefited from major government contracts, raising questions about potential conflicts of interest. Given Musk's close ties to the Trump administration, ethics lawyers and watchdogs have questioned whether he received preferential treatment in securing taxpayer-funded contracts. SpaceX has won contracts worth $6 billion (€5.2 billion) from NASA, the Defense Department, and other agencies over the past five years, with one-fifth of its 2024 revenue coming from the federal government.
Musk's Compensation and Control
Musk's compensation package is tied to ambitious targets. His annual salary remains $54,080 (€46,538.5), unchanged since 2019. Stock grants are divided into 15 tranches of 67 million shares each, vesting only as the company reaches preset market capitalization milestones. For Musk to receive the full award, SpaceX's market value would need to reach $7.5 trillion (€6.45 trillion), in addition to the Mars colony requirement. Additional stock awards are tied to deploying giant data centers the size of football fields in space.
The filing also reveals that Musk will retain significant control through a special class of stock granting 10 votes per share. These shareholders can elect a majority of the board, limiting other investors' influence. SpaceX warns prospective investors: "This will limit or preclude your ability to influence corporate matters and the election of our directors."
The company can begin marketing the offering to investors—known on Wall Street as a "roadshow"—15 days after making the prospectus public, which would be 4 June 2025.
