SpaceX is moving forward with its plan to go public this summer after founder Elon Musk lost a court case to OpenAI, a close competitor to his artificial intelligence company, xAI.Musk’s aerospace business submitted a securities filing on Wednesday ahead of an initial public offering that may be unveiled in June. The historic IPO would enable Musk to become the world’s first trillionaire. As of Wednesday, his net worth is over $807 billion.The latest filing does not show how much money SpaceX aims to raise from investors in the offering, but previous reporting has revealed it could be as much as $80 billion. It would likely become the largest IPO, surpassing the 2020 debut of Saudi Aramco on the public market, with $29.4 billion raised from investors.
Goldman Sachs is leading the SpaceX offering, followed by Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase.
SpaceX says it intends to trade on the Nasdaq under ticker symbol SPCX, according to the filing. The company is looking to go public on June 12.
After the blockbuster IPO comes to fruition, SpaceX says Musk will hold 85% voting control over the company and serve as its CEO, chairman, and chief technology officer.
Musk’s AI firm, xAI, is wrapped up in SpaceX, helping raise the combined entity’s market valuation to as much as $2 trillion. Earlier this month, Musk said xAI will no longer be considered a separate company after it was acquired by SpaceX.
