SpaceX offers more details of blockbuster IPO

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SpaceX has launched an official website for its upcoming initial public offering, which will be the largest in history. The company is seeking to raise $75bn, dwarfing the previous record of $25.6bn raised by Saudi Aramco. This would value it at $1.75tn and could make Elon Musk, who has an estimated 42% stake, the world’s first trillionaire. His ambition cannot be faulted. SpaceX started as a company focused on launching satellites into Earth’s orbit and building reusable rockets, as well as the Starlink satellite communication system. But earlier this year it merged with xAI, Musk’s loss-making artificial intelligence company. SpaceX now touts an AI-based vision of asteroid mining, orbiting data centres and moon factories. The IPO has generated much excitement. But there is at least one reason to be sceptical: the company’s ability depends on a rocket that keeps blowing up.

Read more: Musk has built a hybrid space-AI monster that investors are taking seriously