Elon Musk could be the world’s first trillionaire in weeks

Elon Musk could become the world’s first trillionaire as his spaceflight company, SpaceX, prepares to go public this month in what would be the largest stock market debut in history. SpaceX is seeking to raise up to $75 billion (£55 billion) by selling 555.6 million shares at $135 each, which would give the company a market value of $1.77 trillion.

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According to the amended prospectus, Musk’s voting power will come primarily through his ownership of 5.22 billion Class B shares, which carry 10 votes per share. Following the offering, Musk would hold 82.4 percent of the company’s voting power. Forbes currently estimates Musk’s net worth at $826 billion, with his stake in SpaceX valued at $542 billion. A $1.77 trillion valuation would boost his net worth by $223 billion, making him a trillionaire.

Despite the blockbuster ambitions, SpaceX continues to operate at a loss. The filing shows the company lost $2.6 billion from operations last year on $18.7 billion in revenue, with losses continuing into this year.

The IPO document outlines Musk’s long-term vision, which includes plans to use proceeds to help return humans to the moon and eventually establish a colony on Mars. “A permanent human colony” on the red planet with “at least one million inhabitants” is cited as a necessity as existential threats could consign humanity to “the same fate as the dinosaurs.”

Dan Ives of Wedbush Securities wrote in a research note that he expects Tesla and SpaceX to merge next year. SpaceX plans to use net proceeds from the IPO to fund expansion of infrastructure for its artificial intelligence and rocket businesses, as well as to expand its Starlink satellite constellation. The company will list on the Nasdaq under the symbol “SPCX” and could begin trading as soon as the end of next week.