Elon Musk is on track to become the world's first-ever trillionaire as SpaceX prepares for its debut on the stock market.
The aerospace and satellite firm has officially submitted paperwork for its initial public offering (IPO) with the company to begin trading on Nasdaq under the ticker SPCX on June 12.
Market analysts anticipate the company, formally known as Space Exploration Technologies Corp., could command a valuation ranging from $1trillion (£745billion) to $2trillion (£1.49trillion).
SpaceX is widely known for manufacturing rockets, the satellite internet service Starlink, and Mr Musk's artificial intelligence (AI) firm xAI.
Elon Musk could become the world's first trillionaire as SpaceX prepares for stock market debut
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This IPO on the US stock market would be the largest in Wall Street history and elevate the South African billionaire's wealth to new levels.
The rocket and satellite enterprise recorded first-quarter revenues of nearly $5billion (£3.7billion), representing a marked acceleration from previous periods.
Starlink, the company's satellite broadband service, has emerged as the primary growth engine, with approximately 10.3 million subscribers now using the platform.
For the 2025 calendar year, SpaceX anticipates generating $11.4 billion in total revenue, with its internet connectivity division accounting for the bulk of earnings.
Starlink are reportedly in talks to provide the tech for all Italy’s official government communications. | Getty ImagesLATEST DEVELOPMENTS
Mr Musk founded XAI which created Grok | GETTYThe firm's space segment contributed roughly $619million (£461million) to its most recent full-year figures.
SpaceX now positions itself as the dominant provider of satellite-based broadband services globally, according to company filings.
Beyond its current operations, SpaceX has outlined an ambitious strategy to construct a network of orbiting data centres designed to handle artificial intelligence workloads.
The company's vision hinges on achieving fully reusable rocket technology, which would enable deployment of a vast satellite constellation functioning as computing infrastructure rather than merely providing internet connectivity.
The 'Magnificent 7 stocks' —Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia, and Tesla— are the primary drivers of the Nasdaq's value | GETTY According to company documents, these space-based facilities could potentially process AI tasks on a cost-per-token basis more economically than conventional ground-based server farms.
Proceeds from the forthcoming share sale will primarily fund the acquisition of graphics processing units essential to this computing expansion.
Dan Coatsworth, the head of markets at AJ Bell, said: "Investors are itching to snap up SpaceX shares in what could be the biggest stock market debut in history, based on the amount of money raised.
"SpaceX is set to become the poster child for the modern space economy, and that is the type of narrative that investors love."