Elon Musk’s space exploration company, SpaceX, based in Texas, has filed preliminary paperwork to sell shares to the public, according to two sources familiar with the filing.

Potential Blockbuster IPO

This offering is anticipated to be one of the largest Wall Street events of the year. Several investment banks are vying to participate in raising tens of billions of dollars to support Musk’s ambitious goals, including establishing a base on the moon.

Financial Details and Valuation

The exact amount SpaceX intends to raise remains undisclosed, but reports suggest a figure as high as $75 billion. This would surpass the $29 billion raised by Saudi Aramco in its 2019 IPO. The offering could value SpaceX at $1.5 trillion, nearly doubling its valuation from December 2023, as reported by Pitchbook.

Musk's Potential Wealth

Elon Musk currently owns 42% of SpaceX, according to Pitchbook, a percentage that will change with the IPO. Forbes estimates Musk’s current net worth at approximately $823 billion, suggesting he is poised to become the world’s first trillionaire.

SpaceX's Diverse Portfolio

Beyond reusable rockets for space travel, SpaceX owns Starlink, the world’s largest satellite communications company. The company also recently acquired social media platform X (formerly Twitter) and artificial intelligence business xAI.

Government Contracts and Potential Conflicts

SpaceX has become a leading commercial launch company, handling payloads for customers globally. However, the company has also received significant taxpayer funding. Over the past five years, SpaceX has secured $6 billion in contracts from NASA, the Defense Department, and other U.S. government agencies, according to USAspending.gov.

Ownership and Political Connections

Donald Trump Jr. is among the current SpaceX owners, holding shares through 1789 Capital. This venture capital firm made him a partner shortly after his father’s second presidential win and has focused on acquiring federal contractors. The White House and Donald Trump have consistently denied any conflicts of interest between his presidential role and his family’s business ventures.

The sources who revealed the IPO filing requested anonymity as they were not authorized to discuss the confidential registration with the Securities and Exchange Commission.