politics
SpaceX Files for IPO After Musk Loses OpenAI Court Case
SpaceX submitted a securities filing on Wednesday for a planned initial public offering expected in June. The filing follows a court loss by Elon Musk in a lawsuit against OpenAI.
May 20, 7:37 PM·1m read1 source
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SpaceX submitted a securities filing on Wednesday for an initial public offering planned for June. The filing follows a court loss by Elon Musk in a lawsuit against OpenAI. The filing does not specify the amount SpaceX aims to raise. 4 billion.
Sachs is leading the offering, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase also involved. SpaceX intends to list on the Nasdaq under the ticker symbol SPCX. After the IPO, Musk would hold 85 percent voting control and serve as CEO, chairman, and chief technology officer. The company stated that xAI, Musk's artificial intelligence firm, has been acquired by SpaceX.
The lawsuit centered on Musk's claims that OpenAI CEO Sam Altman shifted the company toward profit over its original mission. Musk co-founded OpenAI in 2015 and left in 2018. A jury ruled against Musk this week. He stated he will appeal the verdict. The ruling allows Altman to continue operating OpenAI as a for-profit company.
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