SpaceX, the American aerospace company owned by magnate Elon Musk, has begun to offer the first details of what will be the largest IPO in history. The company has chosen Nasdaq, the second largest stock market in the United States, which hosts the biggest technology companies such as Nvidia, Apple, Microsoft, or Amazon, as its listing market, according to the Reuters agency.
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The rocket, satellite, and artificial intelligence company began the procedures for its jump to the North American stock market in early April, when it filed the application with the United States Securities and Exchange Commission (SEC). The operation, which has been carried out confidentially, was expected to conclude in June and, according to sources familiar with the operation cited by the British news agency, it will be so. The company expects to raise around 75 billion dollars (equivalent to about 65 billion euros) with a total valuation of two trillion dollars. If confirmed, these figures would far surpass the record set by Saudi Aramco’s IPO in 2019, when it went public for 29 billion.
The tech company led by the owner of the electric car brand Tesla plans to set the price of its offering on June 11 and begin trading the next day, the 12th, under the symbol SPCX.
SpaceX has gone from being a small company in the space industry to an aerospace giant with billions of dollars in government contracts, which have surged since Donald Trump returned to the White House, who chose Elon Musk for his first cabinet. The owner of SpaceX has shown alignment with the President of the United States, with whom he maintains a close relationship. He was one of the businessmen who traveled with the Republican leader to China on the diplomatic trip to meet with Chinese President Xi Jinping.
SpaceX is known for its rocket launch business, but under its umbrella is also the broadband satellite internet service, Starlink, the largest orbital network of its kind. This internet access service, along with the rocket launch program, are the group’s two main sources of income. Analysts expect it to achieve revenue close to 20 billion by the end of 2026.
The group also controls the popular artificial intelligence assistant Grok, which is offered to holders of the social network X. This business generates much less revenue for the group. The turnover of this subsidiary is expected to barely reach 1 billion dollars, according to Bloomberg data.
SpaceX could publicly file the IPO application as early as next Wednesday, May 20, according to the same sources, just one day after the company has planned to carry out the twelfth test flight of Starship V3. The investor launch of the stock market operation is scheduled for June 4.
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The fever for artificial intelligence is causing large tech companies specialized in the sector to consider taking the step and going public. This Thursday, the AI chip manufacturer Cerebras Systems, considered one of Nvidia’s future rivals in this segment, saw its stock price soar up to 108% on its first day on Nasdaq. Pending what SpaceX does are its major competitors such as Anthropic, creator of the Claude tool, and OpenAI, which originated the well-known ChatGPT.
Additionally, according to the Financial Times, SpaceX intends to ensure that Elon Musk cannot be fired, which could be accompanied by a salary agreement offer of 1 billion, a corporate governance structure never seen before. In this way, Musk would hold the positions of CEO and chairman of SpaceX’s board, composed of nine people.
According to the documentation submitted to the SEC last month, Musk would control the vast majority of Class B shares, with ten times the voting power of ordinary shares, according to the British newspaper, which is highly relevant because these types of shareholders are the only ones who could remove him from his future positions.
The preparations for the IPO coincide with a time when Musk faced off in a court in Oakland (California) with another tech magnate, Sam Altman, one of the founders of OpenAI. An oral hearing that analyzes the intricacies of the creation of the American company. The SpaceX leader sued for fraud the man who was then his friend and with whom he founded OpenAI in December 2015.
Both entrepreneurs’ lawyers delivered their final arguments this Thursday and the trial is now ready for judgment, awaiting a jury to decide which of the two versions is more credible: Musk’s, who claims that his then business partner took advantage of his initial donations; or Altman’s, who says that the ChatGPT company is now interesting to the richest man in the world because it has become a leader in the artificial intelligence sector.
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