SpaceX IPO sets up Bitcoin exposure test as liquidity fears grow

SpaceX has outlined plans for a record $75 billion stock market debut that would value Elon Musk’s space and AI company at about $1.77 trillion.

According to a filing with the U.S. Securities and Exchange Commission, SpaceX plans to sell 555.6 million shares at $135 each in an initial public offering. The company set a single offer price instead of giving investors a price range, a move the filing places at the center of one of the largest listings ever proposed.

The planned IPO would surpass Saudi Aramco’s 2019 listing, which raised $29.4 billion, according to the figures cited in the filing. SpaceX said its shares are expected to start trading next Friday, subject to final approvals and market conditions.

Elon Musk set to retain voting control

The SEC filing said Musk currently owns about half of SpaceX. After the offering, the filing said he would still hold nearly half of the company’s total shares.

At the same time, SpaceX said some of Musk’s holdings carry stronger voting rights. The filing said he would control 82.4% of the company’s voting power after the IPO, giving him firm control over major corporate decisions.

Based on the proposed $135 share price, Musk’s SpaceX stake would be worth about $841 billion, according to the company’s IPO math. Forbes’ real-time billionaire tracker currently estimates the figure to be close to the combined wealth of Larry Page, Sergey Brin, and Larry Ellison.

AI plans add to SpaceX valuation story

SpaceX said in its IPO documents that the company’s future plans now extend beyond rockets, satellites, and Starlink internet services. The filing said SpaceX also plans to invest heavily in artificial intelligence and space-based data centers.

Musk founded SpaceX in 2002 to develop rockets and carry payloads into orbit. According to the company’s documents, Starlink became a major business line after its satellite internet service expanded commercially in 2021.

In February, Musk merged SpaceX with xAI, the artificial intelligence company linked to X, according to the filing. SpaceX said AI now plays a key role in its long-term investment plans, although the company also said the business will need heavy capital spending.

IPO could expand Musk’s wealth lead

The filing said proceeds from the offering will help fund SpaceX’s space and artificial intelligence operations. The company also suggested future stock sales may be needed because of the large costs tied to rockets, satellites, computing systems and AI infrastructure.

If SpaceX trades at the proposed valuation, Musk’s combined wealth could rise sharply. The report said his Tesla stake was worth just under $300 billion at Wednesday’s closing price, which could push his total net worth toward $1.1 trillion when added to his SpaceX holdings.

SpaceX’s planned debut comes as other artificial intelligence companies prepare for public offerings. Anthropic has already announced plans to IPO, while OpenAI is also expected to follow, according to the report.

The report said those listings could create thousands of new millionaires and some billionaires, even as many AI firms continue to face questions over profitability.