• [Dailystar Icon]
• News
• US News
• Elon Musk

Elon Musk set to become world's first trillionaire after revealing mind-blowing space plan

Tech tycoon Elon Musk is on the brink of becoming history's first trillionaire thanks to a massive, record-breaking SpaceX stock market launch

[Tesla CEO Elon Musk is pictured visiting the company's electric car plant in Gruenheide, Germany]

Elon Musk is on the verge of making history as the world's first trillionaire(Image: AFP via Getty Images)

Elon Musk is on the verge of making history as the world's first trillionaire after drawing up plans for a record-shattering stock market launch. His rocket, satellite and AI empire is officially headed for the US stock market, filing its prospectus with regulators.

SpaceX has chosen the Nasdaq stock exchange to sell its shares to the public for the very first time. Insiders claim Musk is aiming at raising a massive $75billion (55.8bn), based on a mind-boggling $1.75trillion (1.3tn) valuation.

According to the paperwork, Musk will hold onto a commanding 85.1 per cent of the company's voting power. Even if the valuation slips to $1.25tn (930bn), his majority stake would be worth over $600bn (446bn).

[The SpaceX headquarters in Hawthorne, California]

SpaceX has chosen the Nasdaq stock exchange to sell its shares(Image: AFP via Getty Images)

Combined with his other assets, that comfortably pushes his personal net worth past the $1tn mark.

SpaceX isn't thinking small, boldly declaring in its filing: "We believe we have identified the largest actionable total addressable market (TAM) in human history. We estimate that our quantifiable TAM is $28.5trillion."

Outlining its sci-fi goals, the company said its ultimate mission is to "build the systems and technologies necessary to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars."

[Elon Musk speaks at a rally for Donald Trump at Madison Square Garden in New York]

Musk will hold onto a commanding 85.1 per cent of SpaceX's voting power(Image: AFP via Getty Images)

The document didn't hold back on the existential stakes, adding: "We do not want humans to have the same fate as dinosaurs. We want to give them a reason to look ahead with excitement, with the prospect that we are entering an age of abundance with an endlessly prosperous and exciting future."

Plans include space tourism, transport to the Moon and Mars and asteroid mining. SpaceX also revealed it is buying xAI - the brains behind X's Grok chatbot - to bring AI, rockets and satellites under one roof.

Susannah Streeter, chief investment strategist at Wealth Club, said: "Elon Musk is again reaching for the stars, with his ambitions firmly extra-terrestrial.

"Plans for the SpaceX IPO are set to catapult one of the world's most closely watched private companies onto public markets, potentially handing investors a rare opportunity to buy into Musk's sprawling vision for satellites, artificial intelligence and autonomous robotics.

"The flotation could become the biggest IPO Wall Street has ever seen and, if current valuations hold, may propel Musk into trillionaire territory."

However, sounding a note of warning to eager traders, Streeter added: "Investors interested in the IPO still need to tread carefully, with the risk that gravity could pull valuations back down to earth. SpaceX's financials underline both the scale of the opportunity and the risks attached.

"Revenues are climbing rapidly, but losses remain substantial following the integration of xAI into the core space operations, as the company pours cash into expansion, infrastructure and innovation.

"While the potential rewards may be significant, these investments are only suitable for experienced investors who already have well-diversified portfolios and are prepared for sharp swings in value along the way."

According to Reuters, SpaceX is looking to list shares as early as June 12.

For the latest breaking news and stories from across the globe from the Daily Star, sign up for our newsletter by clicking here.

[Dailystar Icon]

ENJOYED THIS STORY?

Choose Daily Star as a 'Preferred Source' on Google News for quick access to the news you value.