Elon Musk’s SpaceX is targeting the largest stock market listing in history despite racking up losses of more than $40bn (£30bn) since its inception.
The aerospace giant submitted long-awaited documents to the US Securities and Exchange Commission late on Wednesday that gave investors their first look inside Mr Musk’s space empire.
The filing revealed SpaceX, which is targeting a record-breaking $1.75tn valuation, posted a net loss of $4.9bn last year on revenues of $18.7bn, taking the company’s total losses since its launch to over $40bn.
Mr Musk’s company has been spending heavily on its next-generation rocket development, constellation of satellites and AI technology. Its capital expenditure stood at $20.7bn last year.
The financial details come ahead of a public listing expected in mid-June that could raise as much as $75bn, around three times the size of the next largest stock market float in history – the 2019 listing of oil giant Saudi Aramco. SpaceX said it would list on the Nasdaq exchange under the ticker SPCX.
The prospectus also shed light on the intertwined relationship between Mr Musk’s companies and the Silicon Valley artificial intelligence boom.
SpaceX disclosed that it had signed a deal this month to lease data centre capacity and computing power to AI company Anthropic.
The agreement will see Anthropic pay SpaceX roughly $1.25bn a month until May 2029, according to the filing.
The float follows a merger earlier this year between SpaceX and Mr Musk’s artificial intelligence venture xAI, in a deal that valued the combined group at $1.25tn.
The blockbuster listing is expected to intensify a wave of trillion-dollar tech flotations. OpenAI, the ChatGPT developer led by Mr Musk’s rival Sam Altman, is reportedly weighing a public listing next year, while Anthropic is seeking a private valuation of up to $900bn.
Together, the companies could inject as much as $4tn in additional market value into US stock markets.
The SpaceX listing is also expected to spark huge retail investor demand from Mr Musk’s loyal fanbase, while forcing pension and index-tracking funds to scramble for shares.
However, the float has already drawn criticism from shareholder activists concerned about Mr Musk’s grip over the company.
The billionaire controls roughly 83pc of SpaceX shares, effectively giving him unassailable authority over the business.
The company also approved a potentially $1tn pay package for Mr Musk earlier this year, tied to ambitious targets including building a one million-person colony on Mars and lifting SpaceX’s valuation to $7.5tn.
