SpaceX plans to go public with record IPO

Elon Musk set plans on Wednesday to sell SpaceX stock at $135 a share in its initial public offering, targeting a $1.77 trillion valuation for the company. The June 12 debut stock sale is expected to be the largest in history, topping the $1.7 trillion 2019 opening of Saudi Arabia’s Aramco. SpaceX executives expected to raise roughly $75 billion on the Nasdaq stock exchange, according to a filing with the Securities and Exchange Commission.

SpaceX is known for its innovation in space travel and its Starlink satellite-based connectivity services. It also has an artificial intelligence division. Musk, the company’s founder and CEO, will still control over 40% of its shares and majority voting power after the opening, according to the SEC filing. The company plans to make about 555.6 million shares available for purchase. Musk could become the world’s first trillionaire if the opening goes according to plan.

The company’s filing acknowledged some risks to its future value, especially in the AI sector. Its AI development was subject to rapidly evolving technologies, competition, and U.S. regulations, the company said. President Donald Trump signed an executive order on Tuesday asking tech companies to give the federal government a first look at new AI models.

Dig deeper: Read Christina Grube’s report on the AI executive order.