Space exploration company SpaceX has filed the paperwork needed to undergo its long-awaited initial public offering (IPO) which could make founder and chief executive Elon Musk the world's first trillionaire.SpaceX valued itself at approximately $US1.25 trillion ($1.75 trillion) earlier this year after its merger with xAI, which would make it the 12th-largest publicly traded company in the world by market cap.The IPO filing does not specify what percentage of the company will be sold off, but The Wall Street Journal previously reported that Mr Musk is looking to raise between $US40 billion and $US80 billion from the sale.This would make SpaceX's stock market debut by far the largest in history, eclipsing the previous record of $US25.6 billion set by Saudi oil company Aramco in 2019.Elon Musk's SpaceX IPO could make him the world's first trillionaire. (Illustration via Reuters: Dado Ruvic)Mr Musk is set to retain about 42 per cent of SpaceX after the IPO, though a dual-class share structure will continue to grant him more than 85 per cent of the voting power.That means if the IPO raises an amount near the upper end of the company's target number, his share in the company would be worth more than $600 billion, skyrocketing his total net worth to over $US1 trillion.It comes after Mr Musk only became the first person in the world to amass $US500 billion in October last year.While the SEC is not required to officially approve the IPO (or the company's valuation), it must determine the company's prospectus is accurate and provides adequate risk assessments to potential investors before the offering goes ahead.The company is seeking a Nasdaq listing with the ticker SPCX. Reuters reported last week that it is aiming to begin trading on June 12.First insights into SpaceX financialsThe prospectus document filed to the US Securities and Exchange Commission (SEC) on Wednesday, US time, gives the public its first ever detailed look into SpaceX's financial situation, including its budget bottom line, revenue sources and plans for the future.The company, which also owns satellite internet provider Starlink and artificial intelligence company xAI, lost roughly $US4.3 billion in the first quarter of this year, according to the filing.Starlink accounts for the vast majority of its revenue, bringing in about $US3.2 billion over that same quarter for an operating profit of $US1.2 billion, and is projected to generate more than 70 per cent of company revenue in 2026.But xAI, which SpaceX acquired in February — Mr Musk later tweeted it "was not built right first time around" — is a drag on the balance sheet, losing about $US6.4 billion in 2025 (and incurring $US189 million in legal expenses).The filing nevertheless says AI remains "an integral pillar of our vertically integrated company", with Mr Musk planning to dissolve the xAI brand and incorporate it into SpaceX."AI accelerates SpaceX's mission to make life multi-planetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars," the document says.SpaceX has a number of US government contracts related to defence and space exploration. (Pool via Reuters: Brandon Bell)The company's stellar aspirations don't stop at a massive valuation or multi-planetary consciousness.On the same day as SpaceX filed its IPO, the head of the US Federal Aviation Administration said the company aimed to be launching about 10,000 satellites a year within a five-year time frame, citing a meeting with the company's president, Gwynne Shotwell.However, FAA administrator Bryan Bedford said the authority would need to see SpaceX demonstrating "a lot more reliability" before it would receive FAA approval for such a launch volume.Investors to weigh risk of Musk involvementIt remains to be seen whether investors will embrace the SpaceX IPO.The company has long been seen as one of Mr Musk's more reliable ventures, with massive government contracts, proven technology and strict regulatory oversight making it stand out ahead of controversy magnets such as X Corp and Neuralink.However, the structure of the IPO specifies Mr Musk will retain an overwhelming majority of voting power and his close association with his brands has proven to be toxic in the case of his other publicly traded company.Tesla sales slumped in the first quarter of 2025 as Mr Musk embraced his alliance with US President Donald Trump, delivering what appeared to be a Nazi salute at the president's inauguration and taking on an ill-fated role as the White House's "DOGE" cost-cutting tsar.A number of high-profile shareholders publicly vented about Mr Musk's scandals and lack of focus on the company, resulting in the board of directors offering the CEO a record-setting pay packet to encourage him to keep his extra-curricular activities to a minimum.Since then, Mr Musk has undergone a series of further scandals, including more support for far-right causes, the launch of an image generation feature for xAI's Grok chatbot that allowed users to generate deepfake images of minors, and a jury finding that he misled Twitter's shareholders in 2022 in an attempt to drive down the stock price ahead of his $US44 billion purchase.Also on Thursday, a Federal Court judge ordered X Corp to pay a $650,000 fine after it admitted to failing to comply with a notice from Australia's eSafety Commissioner to provide information on the company's child protection measures.