Elon Musk disclosed Wednesday his intentions to launch one of the largest public stock offerings in history for his aerospace company, despite the firm hemorrhaging billions in losses annually.
Documents filed Wednesday reveal that Musk’s SpaceX suffered operational losses of $2.6 billion during the previous year against revenues of $18.7 billion, with red ink continuing to flow in early months of this year.
While the filing doesn’t specify an exact fundraising target, industry estimates suggest Musk aims to collect approximately $75 billion. Such a massive offering would dwarf the existing record held by Saudi Aramco, the petroleum company that raised $26 billion when it went public seven years ago.
Space Exploration Technologies Corp., SpaceX’s official name, states the capital will support ambitious projects aimed at establishing human presence on the moon and potentially Mars as part of efforts to transform humanity into an intergalactic civilization facing potential extinction-level events.
“We do not want humans to have the same fate as dinosaurs,” the filing stated.
The public offering could potentially elevate Musk, who established SpaceX in 2002 and remains a major stakeholder, to become the planet’s first trillionaire. Forbes currently estimates Musk’s wealth at $839 billion.
Beyond manufacturing reusable rockets for astronaut transport, SpaceX operates various business divisions with mixed performance records and uncertain prospects.
Financial documents indicate Starlink, the globe’s largest satellite internet provider, serves as a significant profit center, producing $4.4 billion in operational earnings last year. This division operates 10,000 low-orbit satellites delivering internet access to 10 million customers across 150 countries and territories.
However, two recently acquired Musk ventures now under SpaceX ownership are struggling financially — his social media platform X, previously known as Twitter, and his artificial intelligence company, xAI. Some SpaceX shareholders have criticized these acquisitions as rescue operations for failing enterprises.
The filing indicates the AI division alone lost $6.4 billion operationally last year.
SpaceX’s core rocket manufacturing and launch operations have benefited significantly from substantial government contracts, raising questions about potential future complications. Due to Musk’s tight connections with the current administration, ethics experts and oversight groups question whether he receives preferential treatment in securing taxpayer funding and if this advantage might disappear when the administration changes.
According to USAspending.gov, SpaceX has secured government contracts totaling $6 billion from NASA, the Defense Department, and other federal agencies over the past five years. Company filings note that one-fifth of last year’s revenue came from federal government sources.
Musk contributed more to the current president’s campaign than any other donor and continues supporting the administration despite occasional tensions following his leadership of the government efficiency initiative known as DOGE early last year.
Filing documents also demonstrate Musk will maintain significant corporate control.
The paperwork shows Musk and select other investors will receive special stock classes providing 10 votes per share owned. These stakeholders will possess power to elect most board members, among other privileges.
“This will limit or preclude your ability to influence corporate matters and the election of our directors,” SpaceX cautioned potential investors.
The company can begin presenting the offering to investors through traditional Wall Street “road show” presentations starting 15 days after publishing its prospectus, which falls on June 4.
