SpaceX unveils blockbuster IPO filing, eyes record $1.75 trillion valuation

SpaceX has submitted its initial public offering (IPO) filing, potentially valuing the company at $1.75 trillion, which would position it among the world’s most valuable publicly traded firms. The filing reveals Starlink as the primary revenue driver, with $18.67 billion in annual revenue reported last year. SpaceX also outlined ambitious plans for AI infrastructure, including space-based data centers requiring 100 terawatts of computing power, and long-term goals for establishing a human settlement on Mars. The IPO comes as SpaceX prepares another Starship rocket test launch, critical for lunar missions and Mars colonization. The company’s governance structure includes a dual-class share system, granting Elon Musk 85.1% voting control through Class B shares, while public investors receive only one vote per Class A share. Legal protections in the filing limit shareholder lawsuits and require arbitration for disputes, shielding Musk from external oversight. Despite revenue growth—$4.69 billion in Q1 2024, up from $4.07 billion a year earlier—SpaceX reported widening losses, with a $1.27 per-share loss compared to 18 cents a year prior. The filing also details SpaceX’s integration with Musk’s AI startup xAI, valued at $1 trillion for SpaceX and $250 billion for xAI in a recent merger. Investor interest is expected to stem from SpaceX’s dominance in commercial space and Musk’s global influence. The company’s total addressable market is estimated at $28.5 trillion, largely tied to AI-driven businesses and space-based computing. A launch test scheduled for later this week will further test Starship’s readiness for future missions, including expanding Starlink’s satellite network.