NEW YORK (AP) — SpaceX says it plans to raise up to $75 billion when it goes public this month, setting the stage for the largest-ever stock market debut and putting Elon Musk on course to becoming the world's first trillionaire.
The company, formally known as Space Exploration Technologies Corp., said Wednesday it will sell 555.6 million shares at $135 a piece in an initial public offering. The estimated proceeds would easily top the $26 billion raised by oil giant Saudi Aramco in 2019. The offering would also give SpaceX a market value of $1.77 trillion. Only six companies in the S&P 500 are currently worth more, with Nvidia tops at $5.2 trillion.
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FILE - Tesla vehicles are displayed at the AutoMobility LA Auto Show, Thursday, Nov. 21, 2024, in Los Angeles. (AP Photo/Damian Dovarganes, File)
FILE - Elon Musk attends the finals for the NCAA wrestling championship, March 22, 2025, in Philadelphia. (AP Photo/Matt Rourke, File)
FILE - Tesla vehicles line a parking lot at the company's Fremont, Calif., factory on Aug. 5, 2025. (AP Photo/Noah Berger, File)
FILE - Elon Musk departs after a welcome ceremony with President Donald Trump and China's President Xi Jinping at the Great Hall of the People, Thursday, May 14, 2026, in Beijing. (AP Photo/Mark Schiefelbein, File)
FILE - A Falcon 9 SpaceX heavy rocket lifts off from pad 39A at the Kennedy Space Center in Cape Canaveral, Fla., Tuesday, Feb. 6, 2018. (AP Photo/John Raoux, File)
Besides the size of the offering and the expected proceeds, SpaceX’s amended prospectus updates details about how much control of the company Musk will have. As SpaceX’s CEO, chief technical officer and chairman, Musk’s voting power will come primarily through his ownership of 5.22 billion Class B shares, which give the holder 10 votes for every share held. According to the filing, Musk would have 82.4% of the voting power in the company.
Forbes currently values Musk's net worth at $826 billion and his stake in SpaceX at $542 billion. The estimated value of his SpaceX holdings was based on an overall value for the company of $1.25 trillion. Based on those numbers, a $1.77 trillion valuation for SpaceX would boost Musk’s net worth by $223 billion, making him a trillionaire. However, much of Musk's worth is in stock that he has yet to cash in.
Even as it makes a bid for a blockbuster market debut, SpaceX is currently losing billions of dollars a year. The filing shows that the company lost $2.6 billion from operations last year on $18.7 billion in revenue, and the losses kept piling up at the start of this year, too.
Time will tell how SpaceX fares on the market. Musk’s plans for the company are as fantastical as the money he hopes raise in the sale.
Colorful, even frightening in parts, the IPO document strikes a contrast with the typically dry, technical prose in IPO documents, detailing plans to use proceeds from the sale to help put men on the moon again and perhaps even Mars. In one section, it talks of a need to build “a permanent human colony” on the red planet with “at least one million inhabitants” as existential threats loom that could consign man to “the same fate as the dinosaurs.”
Musk has almost equally ambitious plans for his other publicly traded company, Tesla. His goal is to transform the maker of electric vehicles into a producer of robotaxis and humanoid robots. Dan Ives of Wedbush Securities wrote in a research note that he expects Tesla and SpaceX to merge next year.
Key to the success of both companies — and any merged entity — is artificial intelligence. In its IPO filing, SpaceX says it sees potential revenue from AI of up to $26.5 trillion. But that depends on another lofty Musk ambition — putting data centers in space, which is not technologically possible at the moment.
Transforming his space company into a primarily AI-focused company will be a challenge for Musk, who started xAI in 2023 with 11 other co-founders who have all since left. Some were recruited away by rivals.
Its main AI product, the chatbot Grok, is “less impressive than anything that we see from any other major player in the space, whether that’s OpenAI, or Anthropic, or (Google’s) Gemini,” said IDC analyst Arnal Dayaratna.
Dayaratna said that doesn’t mean SpaceX doesn’t have potential as a major AI player, thanks in part to its computing partnership with Anthropic and Musk’s recent deal that gave SpaceX the rights to buy AI coding tool Cursor for $60 billion later this year. Folding in Cursor’s capabilities would give SpaceX access to the coveted business customers now using Anthropic’s Claude or OpenAI’s ChatGPT.
SpaceX plans to use the net proceeds from the IPO to fund the expansion of infrastructure for its AI and rocket businesses, and to beef up the constellation of satellites that power Starlink Mobile, among other investments.
The company plans to list on the Nasdaq under the symbol “SPCX” and could begin trading as soon as the end of next week.
And SpaceX isn’t the only colossal market debut investors are now bracing for. Earlier this week, Anthropic submitted a confidential filing with the U.S. Securities and Exchange Commission to officially start its own IPO clock.
OpenAI has not yet reported filing the initial SEC paperwork, but an IPO from the ChatGPT maker is widely expected.
“This listing represents the first major test for public markets after years of muted IPO activity with SpaceX paving the way for AI giants Anthropic and OpenAI to follow soon after,” Ives wrote.
Associated Press Technology Writer Matt O’Brien contributed.
FILE - Tesla vehicles are displayed at the AutoMobility LA Auto Show, Thursday, Nov. 21, 2024, in Los Angeles. (AP Photo/Damian Dovarganes, File)
FILE - Elon Musk attends the finals for the NCAA wrestling championship, March 22, 2025, in Philadelphia. (AP Photo/Matt Rourke, File)
FILE - Tesla vehicles line a parking lot at the company's Fremont, Calif., factory on Aug. 5, 2025. (AP Photo/Noah Berger, File)
FILE - Elon Musk departs after a welcome ceremony with President Donald Trump and China's President Xi Jinping at the Great Hall of the People, Thursday, May 14, 2026, in Beijing. (AP Photo/Mark Schiefelbein, File)
FILE - A Falcon 9 SpaceX heavy rocket lifts off from pad 39A at the Kennedy Space Center in Cape Canaveral, Fla., Tuesday, Feb. 6, 2018. (AP Photo/John Raoux, File)
BEIRUT (AP) — Israel and Lebanon agreed Wednesday to renew their fragile ceasefire and create a number of “pilot” security zones inside Lebanon from which Hezbollah militants would be banned.
In a joint statement released after a fourth round of U.S.-mediated talks at the State Department, the two sides said the ceasefire “is contingent on a complete cessation of Hezbollah fire and the evacuation of all Hezbollah operatives” from areas south of the Litani River. It was not immediately clear how the security zones would be established but the agreement calls for the Lebanese army to take full control of those areas.
“These steps will enable progress towards a comprehensive peace and security agreement,” the statement said. “All countries reaffirmed that the future of the relationship between Israel and Lebanon must be decided by the two sovereign governments. They rejected any attempt, by any state or non-state actor, to hold Lebanon’s future hostage.”
The latter is a reference to Iran, which supports Hezbollah and has insisted that Israeli attacks on Lebanon be halted as part of a tentative agreement with the U.S. to end the conflict with Iran. Hezbollah is not part of the Israel-Lebanon talks.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
BEIRUT (AP) — President Donald Trump acknowledged criticizing Israeli Prime Minister Benjamin Netanyahu as “crazy” in a phone call that involved expletives, saying he was “a little bit perturbed” that Israel’s fighting with Hezbollah militants in Lebanon was holding back peace talks with Iran.
But even as the U.S. president conceded the tensions in an interview released Wednesday, he insisted that his relationship with Netanyahu was solid and that they connected, in part, because they are both “wartime” leaders.
“We’ve worked very well together. I like Bibi a lot. And I work very well with him,” Trump told The New York Post’s “Pod Force One.”
In an interview on the American business-news channel CNBC, Netanyahu responded that he and Trump sometimes have “tactical disagreements” but have “common goals” and “agree on the main things.”
“He respects me. I respect him. We always find a way to work out our differences,” the prime minister said.
The president's comments about the Monday call offered a sign of the growing pressure he faces to resolve the Iran war as higher energy prices and economic uncertainty threaten Republican prospects in the midterm elections and hamper global commerce.
Talks have dragged on for weeks as mediators seek to extend a fragile ceasefire into a more enduring truce. The negotiations are further strained by Israel’s broadening war with the Iranian-backed militia group in Lebanon. The conflicts have become increasingly intertwined as Iran insists that any potential truce in the war there must also quell the fighting in Lebanon.
Trump remained noncommittal about a timeline for settling the Iran conflict, saying the Strait of Hormuz might stay blocked through the Labor Day holiday on Sept. 7. He has insisted that Iran stop any efforts that could lead to a nuclear weapon and that the strait be reopened for shipments of oil and natural gas.
“I don’t know. I mean, I think it could be (closed through Labor Day), but I think it’s unlikely. I think that we’ll have it. I think this will resolve itself fairly quickly,” Trump said.
Iran’s Supreme Leader Mojtaba Khamenei, who succeeded his late father, is “involved” in peace talks, Trump added.
“They have a lot of respect for him,” the president said in the interview.
Trump said that Khamenei is not doing well due to wounds sustained in an airstrike, but “they say he’s giving approval because that’s the way it has been for a long, long time." Khamenei's father was killed in an airstrike when the U.S. and Israel attacked Iran at the end of February.
Meanwhile in the Persian Gulf region, Kuwait briefly shut its main airport Wednesday after Iranian drones hit a passenger terminal building, killing one person and wounding dozens. It was the latest in the back-and-forth attacks by Tehran and Washington that have tested the ceasefire.
The strike again brought home the risks to residents and travelers in Gulf countries that had considered themselves relative safe havens before the war, now in its fourth month.
The path toward a lasting ceasefire between Israel and Hezbollah remained unclear as hostilities continued in Lebanon.
An Israeli strike Wednesday hit a car on a busy highway just south of Beirut, hours before the second day of talks between Lebanon and Israel in Washington were set to take place. The strike in Khaldeh came without warning, and it was not immediately clear if the person targeted was killed.
Israel and Lebanon on Monday reached a U.S.-brokered agreement in which Israel would not strike Beirut's southern suburbs and Hezbollah would end its attacks on northern Israel.
The agreement was made hours after Israel announced that it was going to launch strikes across the sprawling urban neighborhoods near the Lebanese capital in what would have been the most intense strikes since a nominal ceasefire went into effect on April 17.
Lebanon hopes to widen the scope of the ceasefire so it becomes comprehensive across the country. Israel wants to disarm Hezbollah immediately before the Israeli military ends its operations in Lebanon and withdraws its troops from dozens of villages and towns.
Not long after the strike on Khaldeh, the Israeli military said it intercepted what it called a hostile aircraft coming from southern Lebanon, but it did not immediately blame Hezbollah. Hezbollah has not claimed a cross-border attack since the agreement.
Israeli strikes over southern Lebanon continued, especially in and around the battered cities of Tyre and Nabatiyeh. Two overnight strikes near Tyre, a coastal city, killed four Syrians and two Palestinians.
Israel warned the Christian neighborhoods in Tyre that Hezbollah members were among them. Many Lebanese Shiite Muslims fled to those areas in recent days because they were spared from the aerial bombardment along the Mediterranean coast.
After the warning, the Lebanese army deployed to the Christian district of Tyre in an effort to prevent Israeli attacks there and to show that Hezbollah has no armed presence in the area.
Israel launched an invasion of southern Lebanon days after the latest war was sparked on March 2, when Iran-backed Hezbollah fired rockets toward northern Israel in solidarity with Iran. Israeli troops have pushed deeper into Lebanon over the past week, as Hezbollah continues to claim rocket and drone attacks.
The latest round of fighting between Israel and Hezbollah has killed 3,468 people in Lebanon and displaced 1.2 million people. According to Netanyahu’s office, at least 27 Israeli soldiers and a defense contractor have been killed in or near southern Lebanon. Two civilians have also been killed in northern Israel.
Many residents of southern Lebanon remained in villages near the hostilities or returned to areas where strikes occurred after evacuation warnings.
The Al-Abdallah family returned to their home in Marwanieyh, which they left because they thought the village was unsafe following earlier strikes. A day later, two rockets hit the home, bringing down the three-story building and killing six family members, said the brother of Hassan Al-Abdallah, who was killed.
Ahmed Al-Abdallah, 13, was thrown away from the building by the force of the blasts and was the only member of his family to survive. His uncle, Eissa Al-Abdallah, said the boy has two broken legs and shrapnel wounds all over his body.
“What good is talking now? They are gone, and nothing will bring them back,” the uncle told The Associated Press in a phone call Tuesday. “This land costs blood.”
Boak reported from Washington.
This version has been updated to correct that the Iran war began at the end of February, not March.
United States Ambassador to Israel Mike Huckabee, second from left, is joined by third from left: State Department Chief of Staff Dan Holler, Sr., State Department Counselor and Director, Office of Policy Planning Michael A. Needham and United States Ambassador to Lebanon Michel Issa, as they meet with Israeli Ambassador to the United States Yechiel Leiter and Lebanese Ambassador to the United States Nada Hamadeh, at the State Department, Tuesday, June 2, 2026, in Washington. (AP Photo/Rod Lamkey, Jr.)
Israeli troops gather on the border with Lebanon in northern Israel, Tuesday, June 2, 2026. (AP Photo/Ariel Schalit)
A nurse treats an injured man at the damaged Jabal Amel Hospital, following Monday's Israeli airstrike that was hit a nearby building, in the southern port city of Tyre, Lebanon, Tuesday, June 2, 2026. (AP Photo/Mohammed Zaatari)
A man removes debris of a building that was hit Monday in an Israeli airstrike in the southern port city of Tyre, Lebanon, Tuesday, June 2, 2026. (AP Photo/Mohammed Zaatari)
Rescue workers use an excavator, as they search for victims under the rubble of a building that was hit Monday in an Israeli airstrike in the southern port city of Tyre, Lebanon, Tuesday, June 2, 2026. (AP Photo/Mohammed Zaatari)
United States Ambassador to Israel Mike Huckabee, left, is joined by second from left: State Department Chief of Staff Dan Holler, Sr., State Department Counselor and Director, Office of Policy Planning Michael A. Needham and United States Ambassador to Lebanon Michel Issa, as they meet with Israeli Ambassador to the United States Yechiel Leiter and Lebanese Ambassador to the United States Nada Hamadeh, at the State Department, Tuesday, June 2, 2026, in Washington. (AP Photo/Rod Lamkey, Jr.)
Smoke rises from an Israeli airstrike that hit Burj al-Shamali village near the southern port city of Tyre, Lebanon, Tuesday, June 2, 2026. (AP Photo/Mohammed Zaatari)
