SpaceX will list publicly on Friday after more than two decades as a private firm. Leaders plan to mark the occasion on Wall Street during the rocket maker’s landmark market entry. The initial public offering is expected to set a valuation of $1.77tn, making it the largest IPO in history. Founder and CEO Elon Musk holds a majority stake, so strong investor interest could make him the world’s first trillionaire. Musk also leads Tesla, currently valued at $1.2tn. The listing occurs amid forecasts of strong activity for artificial intelligence firms going public, a sector that includes SpaceX through its ownership of xAI. Competitors OpenAI and Anthropic have likewise filed plans to list this year and may raise nearly $1tn combined, shifting market focus toward AI. Musk stated the goal is to secure funds for space exploration and future human settlements on other planets. The company’s prospectus describes its aim to develop systems for multiplanetary life and expand understanding of the universe. SpaceX combines several Musk ventures, such as satellite and internet provider Starlink, xAI, social platform X, and its core rocket operations. Despite its size, the firm is unprofitable. Revenue reached $18.7bn last year alongside a $4.3bn operating loss, contrasting with Meta’s $200bn revenue and over $60bn net income. The offering features fixed pricing at $135 per share rather than the usual range, so participation depends on enthusiasm for that single figure. Orders reportedly closed on Wednesday. Demand reportedly reached four times the $75bn target, potentially expanding proceeds to $250bn. Senator Elizabeth Warren urged the SEC to postpone the IPO, citing possible misleading valuation data. Analysts note risks from ongoing losses, heavy AI spending, and concentrated control, with Musk holding about 85 percent of voting shares. Shares are expected to enter index funds soon after listing, though not the S&P 500, exposing retirement accounts to potential volatility. More than 4,400 current and former staff could become millionaires, with 400 gaining at least $100m each. Economist Gabriel Zucman warned that simultaneous large IPOs from SpaceX, OpenAI, and Anthropic may reshape wealth distribution in ways unseen since the previous century, highlighting tensions between extreme wealth and democratic stability.
