SpaceX has revealed billions of dollars in losses ahead of its planned initial public offering (IPO), which is expected to be the largest in history. According to a filing with the US Securities and Exchange Commission (SEC), Elon Musk's space company has recorded $13 billion in losses since 2023, including a $4.3 billion loss since the start of the year.
The IPO is poised to become the first US market debut to surpass a trillion-dollar valuation, potentially paving the way for other significant IPOs from technology giants such as OpenAI and Anthropic. A successful offering would immediately position SpaceX as one of the world's most valuable publicly traded companies, marking the second entity within Musk's business empire to exceed a $1 trillion market capitalisation.
Since its inception in 2002, SpaceX has become the globe's largest space enterprise, primarily through the deployment of thousands of Starlink internet satellites. Its pioneering adoption of reusable rockets has fundamentally altered the economics of space travel. While SpaceX initially gained prominence for rocket manufacturing and satellite launches, the majority of its $18.67 billion revenue last year stemmed from Starlink. Much of its projected future growth is tied to artificial intelligence-related ventures, though its nascent xAI unit is currently operating at a loss.
Should the sale achieve its target, the company could be valued at a record-setting $1.75 trillion. This valuation would place Musk on a trajectory to become the world's first trillionaire. The company aims to list its shares as early as 12 June, with a roadshow launch targeted for 4 June and the share sale expected by 11 June.
The regulatory disclosure arrives as SpaceX prepares for a test flight of its next-generation Starship rocket. The test launch, initially slated for Tuesday, is now anticipated for Thursday evening. The success of the flight test, which will see the biggest rocket ever built lift off from SpaceX's Starbase facility in Texas before splashing down in the Indian Ocean, could have a bearing on how well the IPO performs.
