SpaceX is preparing for the largest initial public offering in US stock market history, with plans to debut on June 12 and raise up to $75 billion. The company released a detailed investor prospectus this week, marking a significant shift for Elon Musk's private space and artificial intelligence company, which has previously limited ownership to institutional investors and employees.
The offering values SpaceX at $1.77 trillion, potentially positioning founder Musk to become the world's first trillionaire. The prospectus reveals financial details about SpaceX's operations and future ambitions while also disclosing numerous quirks and risks associated with the company and its interconnected businesses.
SpaceX's filings show extensive financial ties to other Musk enterprises. The company spent $506 million purchasing Tesla's Megapack battery products in 2025 and $191 million in 2024. More notably, SpaceX acquired $131 million worth of Cybertrucks at manufacturer's suggested retail prices last year, purchasing at least 1,300 vehicles. This represented a significant portion of Tesla's total Cybertruck sales of 20,237 units for the year.
The prospectus emphasizes SpaceX's broader mission beyond commercial spaceflight. The company frames its ultimate goal as establishing permanent colonies on the moon and Mars to ensure human survival and "extend the light of consciousness to the stars." Musk is eligible to receive an award of 1 billion shares if SpaceX achieves the establishment of a permanent human colony on Mars with at least 1 million inhabitants.
The filings also outline substantial risks to investors. SpaceX acquired the artificial intelligence company xAI in February, and the prospectus warns about risks posed by xAI's Grok chatbot. The document discloses that Grok's "spicy" and "unhinged" modes present heightened risks of generating explicit content, misinformation, nonconsensual imagery, and other harmful outputs. The Center for Countering Digital Hate estimated that Grok generated more than 3 million sexualized images in just 11 days earlier this year before the company increased restrictions.
SpaceX's financial filings reveal other notable expenses. The company spent $4 million in 2025 on Musk's personal security through his private security firm, with spending increasing from $2 million in 2023 and $3 million in 2024.
The prospectus also highlights significant financial challenges. SpaceX reported losses of $4.9 billion as a result of its massive spending, and the company discloses that it may never become profitable, presenting a substantial risk to investors despite its market-leading position in commercial spaceflight and satellite operations.
The IPO represents an unprecedented opportunity for retail investors to own shares in a company controlling critical infrastructure for both commercial and government space operations.