SpaceX targets biggest ever stock market debut, putting Musk on course to be trillionaire

IPO could raise up to $75bn, giving SpaceX market value of $1.77tn as it sets up Musk for extraordinary wealth

Space X is seeking to raise about $75bn (£55bn) through its imminent stock market listing, the company has said, which would make it the largest initial public offering ever.

If the stock market launch – primed for next week – goes as planned, founder Elon Musk , the world’s wealthiest person, could be poised to make history as the first trillionaire.

The rocket, satellite and artificial intelligence company, formally known as Space Exploration Technologies Corp, said in a filing on Wednesday that it would sell 555.6m shares at $135 a piece.

That would give SpaceX , which is loss-making, a market value of $1.77tn. Only six companies in the blue chip S&P 500 stock market index are now worth more, with US semiconductor company Nvidia topping the list at $5.2tn.

Musk is not selling any of his shares in the SpaceX offering , and he would retain 82.4% of the voting power in the company.

Forbes values Musk’s net worth at $825bn, and his stake in SpaceX at $542bn. The South African-born billionaire also leads Tesla, the electric carmaker, as well as the social media platform X.

SpaceX is expected to have a hefty weighting in the S&P 500 due to its sheer size, which means most people with investment accounts or pension pots will be exposed to its stock market performance.