Record-breaking stock market debut
SpaceX has raised $75 billion (£56 billion) from financial firms ahead of becoming a publicly traded company on Friday, in what is expected to be the highest-value stock listing in history.
In a filing with the US Securities and Exchange Commission, the space exploration and artificial intelligence (AI) company said it had sold $75 billion in shares priced at $135 each.
The share price matches the estimate SpaceX gave last week, leaving the firm’s expected stock market value at nearly $1.8 trillion.
At that valuation, chief executive Elon Musk – already the world’s richest person – is set to become the world’s first trillionaire.
Investors prepare for trading
Once shares begin trading, their value could rise or fall depending on supply and demand.
If shares trade at or above $135 when markets open on Friday, the SpaceX IPO will immediately place the company among the most valuable publicly traded firms in the world.
However, investors will ultimately decide whether the shares justify that valuation.
Interest in acquiring a stake in SpaceX is expected to be strong among both institutional investors and retail traders.
Several analysts have already set price targets above the company’s estimate. Global brokerage Oppenheimer said on Thursday it expects SpaceX shares to reach $190.
The public share price will ultimately be determined through open market trading.
From rocket failures to a trillion-dollar company
Tom Mueller, the first official employee of SpaceX and now founder of Impulse Space, described the company’s journey as “unbelievable”.
Speaking to the BBC, Mueller recalled the early years when rocket engines exploded and launch attempts failed before the company finally achieved a successful orbital launch in 2008.
“It’s just been an incredible ride,” he said.
Mueller left SpaceX in 2020 but retains a significant financial interest in the company.
A test case for other AI giants
The SpaceX IPO is being closely watched as a potential benchmark for other privately held technology firms approaching trillion-dollar valuations.
Among them are Anthropic and OpenAI, both of which have recently indicated they are preparing to go public, potentially later this year.
Musk to retain firm control
Despite becoming a public company, SpaceX will remain firmly under Elon Musk’s control.
Through a combination of Class A and Class B shares, Musk will hold roughly 40% of the company’s total equity while retaining more than 84% of its voting power.
The arrangement is similar to that used by Meta chief executive Mark Zuckerberg, although Zuckerberg controls around 60% of voting rights at Meta, significantly less than Musk’s influence at SpaceX.
Corporate governance questions remain
Because of Musk’s voting control, SpaceX will not be required to appoint independent directors to its board.
According to an analysis by Harvard Law School, Musk would continue to maintain control even if he sold some of his shares in the future.
The analysis noted that concentrated control could present risks for investors, as company insiders would have significant influence over acquisitions, compensation decisions and other major corporate actions.
SpaceX has already acquired Musk’s artificial intelligence startup xAI, which itself acquired social media platform X in 2025. Musk originally purchased the platform, then known as Twitter, in 2022.
Source: BBC
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