SpaceX files for IPO as Musk eyes trillionaire milestone with $1.25 trillion listing

After nearly 24 years of operating largely behind closed doors, SpaceX has publicly filed for its initial public offering, giving investors and the public their first detailed look inside Elon Musk’s sprawling business empire.

The listing could mark one of the biggest moments in US market history. Reports suggest SpaceX plans to debut on the US stock market under the ticker symbol “SPCX,” with an estimated valuation of about $1.25 trillion — potentially making it the first IPO to cross the trillion-dollar mark.

According to a Reuters report, the company is targeting a listing as early as June 12, with a roadshow expected to begin on June 4 and share sales possibly starting on June 11.

Once known primarily as a rocket company focused on lowering the cost of space travel, SpaceX has evolved into a much broader technology powerhouse. It now launches satellites, operates the Starlink satellite internet network, develops reusable rockets, and owns Musk’s artificial intelligence company xAI. Its reusable launch systems have reshaped the global space industry and pushed rivals such as Blue Origin to accelerate their own ambitions.

The filing also makes clear that Musk’s grip on the company will remain firm even after it goes public. He will continue as CEO, CTO and chairman, while governance rules sharply limit shareholder influence. Legal disputes will largely be handled through arbitration, investor lawsuits face restrictions, and provisions in the filing effectively shield Musk from removal — ensuring he remains firmly in control.

Musk’s trillionaire moment?

The IPO has reignited debate over Musk’s personal fortune. After becoming the first person to surpass $500 billion in net worth last year, largely through holdings in Tesla and other ventures, Musk’s majority stake in SpaceX could reportedly be worth more than $600 billion on its own. If the stock surges after listing, analysts say he could become the world’s first trillionaire.

SpaceX’s massive AI gamble

The filing also exposes a riskier side of the company: its aggressive and expensive push into artificial intelligence.

In the first quarter, SpaceX reported revenue of $4.69 billion but posted an operating loss of $1.94 billion. Its AI division alone lost $2.47 billion while generating just $818 million in revenue. Among its three major businesses, only Starlink turned a profit, posting $1.19 billion in operating income and helping offset wider losses.

That strategy accelerated after SpaceX acquired xAI, the company behind chatbot Grok, signalling Musk’s intent to transform SpaceX into a broader AI and infrastructure giant.

Betting on the future

The filing shows Musk is betting on industries still in their infancy — AI-powered infrastructure, giant data centres, satellite computing and future Mars missions — combining them into a single ecosystem linking space transport, global connectivity and artificial intelligence.

But the risks are significant. SpaceX holds roughly $102 billion in assets, including rockets and satellites, while carrying about $60.5 billion in debt. It also expects to spend more than $500 million on ongoing legal battles.

Legal scrutiny grows

Some of those legal challenges stem directly from Grok. According to the filing, multiple lawsuits allege the chatbot was used to create sexualized deepfakes involving real women and girls, raising both reputational and financial concerns ahead of the IPO.

The filing also disclosed a major new partnership with Anthropic, maker of the Claude chatbot. Under the deal, Anthropic will reportedly pay $15 billion annually to access data centres in the US South supporting Musk’s AI operations — highlighting the growing value of AI infrastructure.

OpenAI setback before listing

The IPO filing comes days after Musk suffered a courtroom defeat in his case against OpenAI and its CEO Sam Altman. Musk had accused OpenAI of abandoning its original non-profit mission after shifting toward a for-profit model, but a jury unanimously dismissed the case, ruling he had waited too long to sue.