SpaceX IPO

SpaceX says it plans to raise up to $75 billion when it goes public this month, setting the stage for the largest-ever stock market debut and putting Elon Musk on course to becoming the world’s first trillionaire. The company, formally known as Space Exploration Technologies Corp., said Wednesday it will sell 555.6 million shares at $135 each in an initial public offering. The offering would give SpaceX a market value of $1.77 trillion. Only six companies in the S&P 500 are currently worth more. The estimated proceeds from the SpaceX IPO would easily top the $26 billion raised by oil giant Saudi Aramco in 2019.

Elon Musk, the world’s richest man and now first-ever trillionaire, controls a lot of different businesses. Electric vehicles. Brain implants. Underground tunnels. A social media platform once called Twitter. And a rocket maker that blasted off its trading from Wall Street this week. Over time, more and more of those ventures have found themselves under the same roof. Musk merged SpaceX — which went public on Friday — with his artificial intelligence company xAI just earlier this year. But he still holds the role of CEO at several corporations today, in addition to other various executive titles or ownership stakes across his business empire.