ExclusiveSpaceX Plans for Record-Breaking IPO, With Over $1 Trillion Valuation

Elon Musk on Wednesday set the launch plans for SpaceX's Blockbuster stock market listing. The share sale could make the rocket firm the first U.S. company to debut with a value above $1 trillion. That would immediately make it one of the world's most valuable publicly traded firms. But much of that value appears to rest on SpaceX going on to dominate technologies and markets that don't even exist yet. That includes missions to Mars and AI data centers in space. Of its current three divisions, only satellite internet unit Starlink is in the black. It made an operating profit of close to $1.2 billion in the first three months of the year. But that was not enough to prevent the overall company from posting an operating loss of close to $2 billion. Much of that was driven by its AI unit which saw losses far exceed its revenue. The planned listing cements Musk's control over SpaceX while giving little power to shareholders. It could also put him on track to become the world's first trillionaire, though the board has tied his compensation to audacious targets. That includes building a permanent human colony on Mars. Fans of Musk point to his success in turning Tesla into the world's most valuable car company as among justifications for SpaceX's astronomical valuation. Skeptics point to his long record of making bold predictions which failed to materialize on his timelines. SpaceX is aiming to make its market debut as early as mid-June, with a roadshow for investors due to start around a week earlier.