Elon Musk announced plans Wednesday for one of the biggest stock sales ever, taking his SpaceX company public.
The expected initial public offering was filed with the U.S. Securities and Exchange Commission.
A filing shows that SpaceX lost $2.6 billion and took in $18.7 billion in revenue, The Associated Press reported.
The company filed a 277-page report, and while the prospectus did not put a dollar figure on the amount of cash Musk hopes to raise, several reports put the figure at $75 billion, according to the AP. That would easily top the amount by the current title-holder, Saudi Aramco.
SpaceX has revealed its audacious IPO plan that if successful could make Elon Musk a trillionaire https://t.co/OsPzIMiCaU pic.twitter.com/lYrBHgTQvg
— Financial Times (@FT) May 21, 2026
The oil giant went public in 2019 and raised $26 billion.
Such a transaction could also make Musk the world’s first trillionaire, The Wall Street Journal reported. Forbes magazine currently places his net worth at $839 billion.
Musk controls 85.1% of SpaceX, according to CNN. That includes a 12.3% stake in common shares and 93.6% in Class B shares -- which count for 10 votes each.
Musk should hold at least a plurality of the votes after the IPO, according to CNN.
SpaceX’s report outlined a huge potential revenue opportunity that the company said could total $28.5 trillion, according to CNN.
SpaceX called it “the largest actionable total addressable market in human history.”
SpaceX, formally known as Space Exploration Technologies Corp., said the money it raises will help finance projects to put people on the moon and Mars, the AP reported.
Spending by U.S. federal agencies accounted for approximately 20% of SpaceX’s revenue last year, according to The Wall Street Journal.
The filing revealed who will be running SpaceX, CNN reported. Musk, who founded SpaceX in 2002, is the company’s chairman and Gwynne Shotwell is the president and CEO. Other board members include CFO Bret Johnsen, venture capitalists Randy Glein, Steve Jurvetson, Luke Nosek and Ira Ehrenpreis, private equity CEO Antonio Gracias and Google executive Donald Harrison.
Musk has only been taking an annual salary of $54,080 since 2019, the company revealed Wednesday.
But the billionaire will be compensated in 15 tranches of 66,666,665 shares each if the SpaceX achieves various stock market valuation milestones in $500 billion increments up to $7.5 trillion, CNN reported. That includes establishing a permanent human colony on Mars with at least 1 million inhabitants.
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