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Elon Musk announced plans Wednesday for one of the biggest stock sales ever by taking public a space company that is currently losing billions of dollars a year.<\/p>\n
A filing shows that his SpaceX lost $2.6 billion from operations last year on $18.7 billion in revenue, and the losses kept piling up at the start of this year, too.<\/p>\n
The prospectus did not put a dollar figure on the amount Musk hopes to raise, but various reports have put it at $75 billion or so. An offering of that size would easily surpass the current title holder, Saudi Aramco, the oil giant that went public seven years ago and raised $26 billion.<\/p>\n
SpaceX, formally known as Space Exploration Technologies Corp., has said the money will help finance projects to put people on the moon and Mars in its quest to make humans an intergalactic species as they face existential threats that could wipe out civilization.<\/p>\n
\u201cWe do not want humans to have the same fate as dinosaurs,\u201d the filing states.<\/p>\n
The prospectus reads in part like a Hollywood fantasy version of the future, detailing in one section how part of Musk\u2019s compensation will be granted only if he maintains \u201ca permanent human colony on Mars with at least one million inhabitants.\u201d<\/p>\n
Short of that, the stock sale alone could make Musk, a major owner who founded SpaceX in 2002, the\u00a0world\u2019s first trillionaire. Forbes currently puts his net worth at $839 billion.<\/p>\n
In addition to making reusable rockets to hurl astronauts into orbit, SpaceX has other businesses, some successful, some struggling \u2014 and with plenty of questions marks.<\/p>\n
The document shows that Starlink, the world\u2019s largest satellite communications company, is a big source of cash for the company, generating $4.4 billion in operating income last year. The business uses 10,000 satellites in low orbit to provide internet service to 10 million people in 150 countries and territories.<\/p>\n
Among the struggling businesses are two Musk units that were recently acquired by SpaceX \u2014 his social media platform X, formerly Twitter, and his artificial intelligence business, xAI. Those purchases were blasted by some SpaceX investors as bailouts because they are big money losers.<\/p>\n
The prospectus said its AI business lost $6.4 billion in operations last year.<\/p>\n
The original SpaceX business, making rockets and staging launches, has been helped by massive government contracts, which raises questions that could come back to haunt the company. Given Musk\u2019s close relation to the Trump administration, government ethics lawyers and watchdogs have asked if he has gotten special treatment to win taxpayer money and whether that good luck will run out once President Donald Trump is out office.<\/p>\n
SpaceX has won contracts worth $6 billion from NASA and the Defense Department and other government agencies in the past five years, according to USAspending.gov. The company noted in its filing that a fifth of its revenue last year was from the federal government.<\/p>\n
Musk was the biggest donor to Trump\u2019s presidential campaign and is still a big backer despite their sometimes rocky relationship after his stewardship of the government cost-cutting effort called DOGE early last year.<\/p>\n
Like many corporate CEOs, Musk\u2019s compensation will go far beyond his annual salary, which was $54,080 in 2025 and has remained unchanged since 2019, according to the filing.<\/p>\n
The prospectus says stock grants for him would be sliced into 15 nearly equal amounts \u2014 67 million shares each \u2014 and would vest only as the company achieves preset market cap goals. In addition to the Martian colony, SpaceX\u2019s stock market value would have to reach $7.5 trillion for him to receive the full award.<\/p>\n
He would get even more stock awards if SpaceX manages to get giant data centers the size of football fields in space.<\/p>\n
The document shows Musk will be able to exert big control over the business.<\/p>\n
It says he and certain other shareholders will receive shares in a special class of stock that gives them 10 votes for each share they hold. Those shareholders will be able, among other things, to elect a majority of the company\u2019s board of directors.<\/p>\n
\u201cThis will limit or preclude your ability to influence corporate matters and the election of our directors,\u201d SpaceX said in a warning to prospective investors.<\/p>\n
SpaceX will be able to pitch the offering to investors \u2014 in what\u2019s known in Wall Street parlance as a \u201croad show\u201d \u2014 15 days after making its prospectus public. In this case, that works out to June 4.<\/p>\n
___<\/p>\n
Associated Press writer Alex Veiga in Los Angeles contributed.<\/p>\n
#humans #fate #dinosaurs #SpaceX #IPO #reads #Hollywood #fantasy #version #future<\/p>\n","protected":false},"excerpt":{"rendered":"
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