SpaceX stock market debut set to make Elon Musk a trillionaire

SpaceX plans to raise up to $75bn (£56bn) when it goes public this month – putting Elon Musk on course to become the world's first trillionaire.

The space company is gearing up for what is expected to be the largest-ever stock market debut.

It expects to sell 555.6 million shares at $135 (£100) a piece in its initial public offering (IPO).

The estimated proceeds would easily top the $26bn raised by oil giant Saudi Aramco in 2019.

What's more, the flotation would give SpaceX a market value of $1.77trn (£1.53tn). Only six companies in the S&P 500 are currently worth more, the largest being Nvidia at $5.2tn.

The IPO document details plans to use money from the sale of stock to help put people on the Moon again – and perhaps even Mars.

In one section, it talks of a need to build "a permanent human colony" on the red planet with "at least one million inhabitants".

But even as SpaceX shoots for both the stock market (and literal) moon, the company is currently losing billions of dollars a year.

Read more: How Musk is boosting the British right

The filing shows that the company lost $2.6bn from operations last year – and the losses kept piling up at the start of this year too.

As CEO (and chief technical officer and chairman), Mr Musk's considerable personal wealth is set to be boosted by the IPO.

Forbes currently values his net worth at $826bn, with the stock market move estimated to take that number past the trillion-dollar mark.

(c) Sky News 2026: SpaceX stock market debut set to make Elon Musk a trillionaire