Elon Musk is set to become a trillionaire when SpaceX floats on the Nasdaq next week.
The expected world-record $1.75 trillion IPO would see the space and AI company raise around $75 billion if it is successful in selling 555.6m shares at $135 apiece.
The plan was revealed by Space Exploration Technologies Corp – the formal name of SpaceX – in a company filing on Wednesday.
It would anoint founder Musk, the world鈥檚 wealthiest person, as the first trillionaire. He is not selling any of his shareholding, which is close to half of the company. However he holds special shares which give him 82.4% of the voting power.
His stake would be worth $841bn which, added to his stake in electric vehicle manufacturer Tesla – worth around $300bn at the time of writing – would put his personal wealth at $1.1tn.
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Founded in 2002, SpaceX began by seeking to deliver payloads into outer space. Now the space sector, including Nasa, is dependent on its rockets while since 2021 it has rolled out Starlink, its satellite-based internet service, around the world.
SpaceX was recently merged with Musk鈥檚 xAI, which includes AI platform Grok and social media platform X, formerly known as Twitter. Its IPO documents emphasise the company鈥檚 plans for artificial intelligence and putting data centres, crucial to the expanding capability of AI, in space.
However Morningstar analysts warned that it is 鈥渟ignificantly overvalued鈥�.
鈥淲e think the company has been significantly overvalued and investors will have opportunities to buy the stock at more attractive levels after the IPO,鈥� they wrote.
SpaceX recorded a net loss in the latest quarter of $4.28bn, having lost $4.94bn in 2025. Starlink is the only profitable part of the company.
The analysts added: “The firm鈥檚 core launch and satellite communications businesses drive its moat rating due to the prodigious cost advantages achieved through continued research and development and accelerated economies of scale.
“We see a wide range of possibilities around the newly acquired AI business and find its economic moat indeterminate, and it also poses a material threat of value destruction to the company, which limits our overall economic moat rating to narrow.
“Our discounted cash flow valuation of SpaceX is $780bn, about 48% below its private market valuation, including a wide range of probability-weighted scenarios for the AI business.”