A look at the SpaceX IPO by the numbers

A SpaceX logo is displayed on a building, May 26, 2020, at the Kennedy Space Center in Cape Canaveral, Fla. (AP Photo/David J. Phillip, File)

Elon Musk is all about big numbers — billions, trillions – and you can find them sprinkled throughout an extraordinary document he just filed to take his rocket maker public.

Running more than 250 pages, the prospectus for his SpaceX stock debut shows spending at a massive scale — greater than the economic output of some countries — and about to grow much larger as he races to make good on his promise to hurl men to distant planets. Money raised in the initial public offering — reportedly US$75 billion or so — will help finance those futuristic, fantastical plans.

Assuming the IPO goes off without a hitch, it will rank as the largest ever. It will also likely make Musk, a major SpaceX owner and already the world’s richest man, the first trillionaire.

The document in part reads like a script for a Hollywood sci-fi movie as he details how he hopes to use his rockets to save the human race from extinction by making it an interplanetary species.

First, he will send men to the moon, then, maybe, Mars, where he hopes to build a permanent one-million person colony.

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A look at the outsized numbers behind Musk’s outsized ambitions.

US$1.75 trillion-$2 trillion

The expected valuation for SpaceX after its public offering, expected to take place next month. Nvidia is now the world’s most valuable public company at around US$5.4 trillion. It went public in January 1999 and first closed with a market value above US$2 trillion in March 2024.

US$4.9 billion

SpaceX’s loss for the full year 2025. Tesla, Musk’s electric vehicle company, went public in 2010 but didn’t earn an annual profit until 2020.

US$839 billion

Elon Musk’s net worth as of May 20, according to Forbes. Musk is a major stockholder in SpaceX, and also stands to reap hundreds of billions of dollars from a compensation package awarded to him at Tesla, assuming he hits some ambitious financial and business metrics.

85.1 per cent

The voting power at SpaceX controlled by Musk by virtue of his owning more than 90 per cent of the company’s Class B shares, which give the holder 10 votes for every share held. He also owns a 12 per cent stake in the Class A shares, which carry one vote.

At least one million

That’s how many human inhabitants Musk needs to have living in a colony on Mars for him to receive a part of his SpaceX compensation package. There are no current capabilities of transporting one human to Mars, let alone one million.

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US$7.5 trillion

That’s the top market capitalization SpaceX has to reach for Musk to receive his full compensation. He will receive it in pieces as the market capitalization rises to certain milestones along the way. By comparison, Trump’s proposed defence budget for fiscal year 2027 is US$1.5 trillion.

9,600

That’s approximately how many Starlink satellites SpaceX has in orbit. By comparison UPS says it has 135,000 delivery vehicles — including motorcycles — in its fleet. Delta Air Lines has a fleet of more than 1,200 when regional airline partners are included.

366

The number of days Musk is required to hold on to his SpaceX stock before he’s able to sell or transfer it. It’s called a lock-up period and prevents insiders dumping their shares or immediately cashing out. Other top SpaceX investors have to wait 180 days.

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US$20.7 billion

How much the company spent in 2025 for all its units, which include rockets, satellites and artificial intelligence technology. The bulk of the spending, at just under US$11.4 billion, came from its connectivity unit that includes its Starlink satellites.

US$131 million

That’s how much SpaceX spent in 2025 on Cybertrucks from Musk’s other public company, Tesla. The base model of a Cybertruck costs US$69,990, so US$131 million gets the buyer 1,871 vehicles. Musk’s businesses often interact, which has raised speculation that Tesla and SpaceX could eventually merge.

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The Associated Press