Elon Musk’s SpaceX filed to go public in what could become the largest initial public offering in history and make the billionaire the world’s first trillionaire.
Musk — already the richest man in the world — on Wednesday filed paperwork with the Securities and Exchange Commission (SEC) to take SpaceX public through an initial public offering (IPO). SpaceX estimated in its filing that the IPO could value the company at $1.75 trillion, far surpassing the $25.6 billion record set by Saudi oil giant Saudi Aramco.
“We believe we have identified the largest actionable total addressable market (TAM) in human history. We estimate that our quantifiable TAM is 28.5 trillion,” SpaceX’s filing states.
Musk will retain 42% of SpaceX after the IPO, the Australian Broadcasting Corporation reported. Musk will serve as the CEO, Chief Technology Officer (CTO) and chairman while also holding more than 85% of SpaceX’s voting power through the plan’s dual-class structure, according to the filing.
This means that if the IPO raises near the amount estimated, then Musk’s net worth could exceed one trillion dollars for the first in history, according to the Daily Mail. The South African-born businessman as of Thursday has a net worth of $811 billion, according to Forbes.
The first day of trading will begin on June 12, and it will be sold under the Nasdaq ticker ‘SPCX,’ Reuters reported.
SpaceX did not immediately respond to the Daily Caller News Foundation’s request for comment.
The document detailed SpaceX’s finances, highlighting budget, revenue, and future plans. The company also owns Starlink and xAI, which are a large part of the IPO plan. Despite an estimated $1.75 trillion value, SpaceX reported a $4.94 billion loss in the previous quarter, as shown in the filing.
“We believe we are capable of unlocking an era of unprecedented economic expansion, while also contributing to the safeguards of humanity’s future against existential risk,” SpaceX’s filing says.
Ron Baron, founder of Baron Capital, told CNBC in a May 12 interview, “You should try to figure out for your families how you can get to own some SpaceX. It will be the largest company on the planet.”
SpaceX revenue is currently being most heavily influenced by Starlink, Musk’s satellite internet business, CNBC reported.
Musk has founded several other companies, such as Neuralink Corporation, whose primary goal is to develop brain-computer interfaces. He also owns X (formerly known as Twitter) Tesla, and the Boring Company, which aims to reduce traffic through underground tunnels.
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