Elon Musk's ownership stake in SpaceX has reached a paper value of more than $866 billion following the company's updated initial public offering filing, adding to the billionaire's already substantial holdings in Tesla and further cementing his position as the world's richest person.
The updated SpaceX prospectus published Wednesday valued the company at approximately $1.77 trillion based on an expected IPO price of $135 per share. According to the filing, Musk controls more than 82% of the company's voting power, CNBC reported. Added to his holdings in Tesla, he would become the world's first trillionaire.
The filing marks a major milestone for SpaceX, which has evolved from a privately funded rocket company into one of the most influential players in the global space industry. The company operates the Falcon launch vehicles, develops the Starship rocket system and runs the Starlink satellite internet network, which has expanded rapidly in recent years.
Musk's SpaceX holdings are in addition to his stake in Tesla, which is estimated at more than $355 billion based on current market values. The report noted that Tesla-related stock options could add more than $100 billion to Musk's wealth calculations.
SpaceX's public debut comes as the company plays an increasingly important role in government and commercial space operations. The company has secured launch contracts with NASA and the U.S. Department of Defense while expanding Starlink services to governments, businesses and consumers worldwide. According to NASA, SpaceX remains a key partner in the agency's Commercial Crew Program and lunar exploration efforts.
The company's growing importance has also been highlighted by recent geopolitical conflicts. Starlink satellite communications have been used extensively in Ukraine since Russia's invasion, helping maintain internet connectivity and military communications during the war. The satellite network has also become an important component of emergency communications and disaster response efforts in several regions, according to Reuters.
Financially, SpaceX remains significantly smaller than many of the technology giants it would rank alongside by market value. The company generated $18.67 billion in revenue last year, according to figures disclosed in the prospectus and cited by CNBC. By comparison, Meta Platforms reported annual revenue exceeding $200 billion, while Tesla generated nearly $95 billion in sales.
The filing also detailed restrictions on Musk's ability to sell shares after the offering. SpaceX said Musk will remain subject to a lockup period lasting one year following the IPO. During that period, he will be unable to dispose of his holdings. The company stated in its risk disclosures that Musk's substantial ownership stake aligns his financial interests with those of shareholders.
SpaceX's valuation places it among the most valuable companies in the United States. The proposed market capitalization exceeds the value of many established technology and industrial firms despite the company's comparatively lower revenue base.
Musk first became the world's richest person in 2021 after overtaking Amazon founder Jeff Bezos. His wealth has largely been tied to the performance of Tesla and SpaceX, two companies that have experienced substantial valuation growth over the past decade.
The SpaceX filing also outlined long-term performance targets linked to Musk's compensation. Among them are milestones tied to company valuation and broader goals related to the development of human settlement on Mars, according to the prospectus cited by CNBC.
For investors, the IPO offers a rare opportunity to buy shares in a company that has remained privately held throughout much of its growth.
