Elon Musk’s SpaceX has revel its plans to go public in the US, allowing people to trade shares in the firm on the stock market.
SpaceX makes rockets, offers a satellite internet service called Starlink, and also owns musk controversial Artificial Intelligence service called Starlink internet set to be the largest in wall street history and could start next month under the ticker symbol SPCX.
because of the shares he will own in SpaceX the IPO could make billionaire musk, who is already the world’s richest person, a trillionaire. SpaceX value itself at $1.25tn, and Musk’s majority ownership of the company means his share could be worth more than $600bn. Last year, musk, who is also the boss of electric vehicle maker tesla, became the first person to achieve a net worth that topped $500bn.
This means the SpaceX listing could take his total net worth to over $1tn the filing offers a long-anticipated look at the financial state of SpaceX. Last year, space exploration technologies-as it’s officially known-brought in $18.6bn ($13.8bn) in revenue but had a net loss $4.3bn.
In the first three months of this year, it has $102bn in assets, such as rockets and their equipment, but also carries $60.5 bn of debt. Ruth Foxe Blader, managing partner at US venture capital firm Citrine Venture Partners like this to be loss making, even at the point of IPO. She said the planned flotation had been expected but was extremely exciting. SpaceX is just an absolutely crawling, enormous project with so many different selling point to the future. SpaceX flagged more than half a billion dollars in expected legal costs stemming from a long of claims.
