Elon Musk's space exploration company has filed preliminary paperwork to sell shares to the public, a blockbuster offering that could make its founder the world's first trillionaire.
The offering, possibly coming in June, could value SpaceX at $1.5 trillion, nearly double its December valuation, according to research firm Pitchbook. Exactly how much SpaceX plans to raise has not been disclosed, but the figure is reportedly as much as $75 billion. At that level, the offering would eclipse the $29 billion that Saudi Aramco raised in its 2019 IPO.
Musk owns 42% of SpaceX now, according to Pitchbook, though that figure will change with the IPO. He is already close to the trillion-dollar mark, with a net worth estimated by Forbes at $823 million.
In the past five years, SpaceX won $6 billion in contracts from NASA, the Defense Department and other U.S. government agencies, according to USAspending.gov.
That has raised conflicts of interest issues given that Musk was the biggest donor to President Donald Trump's campaign. Among current SpaceX owners is Donald Trump Jr, the president's oldest son.
He owns shares through 1789 Capital. SpaceX did not respond immediately to a request for comment.
The sources spoke on condition of anonymity because they were not authorized to talk publicly about the confidential registration with the Securities and Exchange Commission.