Elon Musk’s artificial intelligence and space exploration company starts trading publicly for the first time on Friday, signaling the largest initial public offering (IPO) ever in history under the ticker SPCX.
Musk’s rocket company said in a filing with the Securities and Exchange Commission late Thursday that it’s raising $75 billion, selling 555.6 million shares for $135 a piece.
The deal values SpaceX at $1.77 trillion, making it the seventh most-valuable U.S. company, ahead of Tesla, Musk’s EV maker.
Musk says SpaceX has been cash-flow positive since 2015, but the only profitable part of the business is its Starlink satellite internet division.
But according to its prospectus, SpaceX has accumulated a total deficit of $41.3 billion since it was founded in 2002.
Musk intends to raise capital to increase the number of satellites in space to 100,000 and to build AI data centers in space, among other initiatives.
SpaceX acquired xAI in February, bringing along with it the company’s AI data centers, Grok AI models and an embattled AI chatbot and image generator of the same name, as well as the social network X.
Grok’s ability to edit images was used by bad actors to doctor images of children in a disgusting fashion earlier this year.
In protest, a large inflatable of a chubby Musk appeared in Times Squares this week.