Elon Musk’s AI and rocket maker SpaceX is reportedly moving forward with its plans to go public.
SpaceX has confidentially filed for an initial public offering (IPO) after submitting a draft of its IPO registration to the U.S. Securities and Exchange Commission (SEC), Bloomberg reports, citing people familiar with the matter.
A confidential IPO filing allows a firm to keep sensitive and strategic data out of the eyes of competitors and the public while engaging regulators and navigating the regulatory process. Details such as the number of shares to be sold and the price range are expected to be revealed in a later filing.
People close to the matter say SpaceX could debut on the public market with a valuation of over $1.75 trillion. Last month, the firm acquired xAI for $250 billion, pushing SpaceX’s valuation to $1.25 trillion.
Odds of Elon Musk becoming the first-ever trillionaire soared following the news. Data from the prediction market Kalshi shows 81% odds of Musk becoming a trillionaire by 2027, up from just 71.6% before the news broke.
Musk owns 42% of SpaceX, followed by Others at 30%, Peter Thiel’s Founders Fund at 10.4% and Google Ventures at 7.4%. Musk’s ownership percentage in SpaceX is expected to decrease in the event of an IPO, as the company issues more shares to sell to the public.
Data from Forbes shows that Musk has a net worth of $823.8 billion.
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