SpaceX Plans $75B IPO Following Controversial xAI Merger That Lifted Valuation to $1.25 Trillion

SpaceX announced on Wednesday that it plans to raise up to $75 billion when it goes public this month. The offering would exceed the record $26 billion raised by Saudi Aramco in 2019. The company was valued at $800 billion last year.

25 trillion after it merged with xAI in February. SpaceX said the IPO could make Elon Musk the world’s first trillionaire. 7 billion in revenue, according to a May regulatory filing.

Losses continued at the start of this year. Musk arranged for SpaceX to buy xAI earlier this year despite protests from some SpaceX investors who called the deal a bailout and unethical because he controlled both companies.

U.S. Securities and Exchange Commission for a proposed IPO. The San Francisco-based company was recently valued at $965 billion and reported annualized revenue of $47 billion.

OpenAI began in 2015 as a nonprofit dedicated to developing AI for the common good. It is now valued at $852 billion and plans an IPO as soon as this fall. OpenAI has not yet reported filing initial IPO paperwork with the SEC.

Google developed its Gemini AI assistant after OpenAI released ChatGPT in late 2022. Gemini models are integrated into Google search and products such as Maps. 3 trillion a year earlier.

Meta integrated its open-source Llama assistant into advertising, consumer tools, and smart glasses. Microsoft went public 40 years ago and provided computing power and financial backing that helped OpenAI build ChatGPT.

The partnership later expanded as both companies sought additional partners.