NEW YORK (AP) — Elon Musk may never colonize Mars as promised, but enough investors consider the SpaceX founder to be a sort of miracle man that they'll help him reach another fantastic goal Friday when he takes the rocket company public.
The world's richest man is set to become its first trillionaire.
Known for his brilliant technology breakthroughs, as well as wild claims and missed deadlines, Musk is expected to break that trillion dollar mark in the biggest initial public offering ever as investors place bets on a company with losses as big as its ambitions. Ahead of the first trade in SpaceX, Forbes puts Musk's net worth at $982.6 billion.
In addition to establishing a one-million person Martian colony, the company has promised to save humanity by establishing other outposts in space, launch data centers the size of football fields into orbit and outdo rivals Anthropic and OpenAI in the race to make money from artificial intelligence.
To reach its goals, SpaceX needs billions more than it currently takes in from its rocket and satellite business. Between the start of 2025 and March 31, 2026, the company lost $8.7 billion.
Big institutional buyers and smaller-pocketed investors alike have indicated they are willing to take a chance, paying a high enough price for the 555.6 millions on offer to raise $75 billion. That will easily top the current title holder, Saudi Aramco, the oil giant that raised $26 billion in its 2019 initial offering.
If the IPO goes off without a hitch, its value will come down mainly to one thing: Musk.
The soon-to-be trillionaire — on paper at least — made his fortune by creating two companies, Zip2 and PayPal, that netted him about $200 million at sale. He used that money to start SpaceX and invest in Tesla, and defied the odds by creating a space company that figured out how to reuse rockets and a car company that made electric vehicles cool.
Musk has realized vast sums of wealth for himself, much of it in stock he has yet to cash in or grants for shares he’ll only receive if Tesla or SpaceX hit ambitious performance targets. His recent pay package from Tesla drew criticism from the Vatican. At Tesla, he’s worried shareholders by fighting with regulators or dividing his attention between multiple companies and last year by taking a role in the Trump administration.
But a rising stock price has cured all ills: Since it went public in 2010, Tesla has returned 20,000% for shareholders, or more than $1.2 trillion in investor wealth. That has helped lift Musk’s pre-SpaceX IPO worth to $795 billion, according to Forbes magazine.
SpaceX is the first of three “megacap” companies expected to go public this year, with Anthropic and OpenAI to follow. Nasdaq even revised its rules to allow SpaceX to gain entry into funds tied to its indexes in 15 days, which means investors will end up buying the rocket maker's shares much earlier.
Not all investors are thrilled about SpaceX potentially showing up in their holdings of index funds. Officials from pension funds for firefighters, teachers and other workers in California and New York sent a letter to SpaceX last month decrying some of the provisions in its IPO, including the “super voting shares,” mandatory arbitration of shareholder claims instead of the possibility of lawsuits and how much power Musk will hold over the company.
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Reporter Stan Choe contributed.
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)
SAN CRISTOBAL DE LA LAGUNA, Spain (AP) — Pope Leo XIV warned people smugglers on Friday that they will face God's wrath for exploiting the desperation of migrants, demanding they stop and repent during his final day in this epicenter of the African migration route to Europe.
“Break those chains and free those you hold in bondage,” Leo said in a message to human traffickers that he delivered during a meeting with humanitarian aid organizations in the Canary Islands that help migrants.
Leo wrapped up his weeklong trip to Spain in the Canary Islands, a Spanish archipelago closer to Africa than the Iberian Peninsula and a key point of entry for migrants who make the perilous Atlantic crossing from West Africa.
He is fulfilling a wish of Pope Francis to visit the islands to commemorate the thousands of lives lost at sea. He is also drawing attention to the Catholic Church’s biblically-mandated mantra to “welcome the stranger” amid anti-migrant sentiment in Europe and the Trump administration's mass deportation program in his native United States.
During an encounter with aid groups in Tenerife, Leo implored receiving communities to integrate people fleeing war, poverty and climate change and spare them from the “silent shipwreck” of abandonment when they are left on the streets with nothing after surviving perilous crossings.
“A human conscience, and even more so a Christian conscience, cannot remain indifferent in the face of these graveyards of the sea, to the victims of shipwrecks and the lack of aid,” Leo said. “Every life lost on these routes is a failure for the human family.”
The Canary Islands have long been a stepping stone for migrants trying to reach Europe from West Africa and Morocco.
While people smugglers and human traffickers operate the Atlantic route, there are also many self-organized boats of migrants, including many former fishermen from Senegal who were left without income due to overfishing in recent years.
Migrant arrivals in the Canary Islands peaked in 2024 at nearly 47,000. They have fallen dramatically, with over 3,000 people landing there in the first five months of 2026.
Because of the vastness of the ocean and scarcity of rescue ships or monitoring, some experts consider the Atlantic route more deadly than the more well-known central Mediterranean smuggling route from Libya and Tunisia to Italy. Since 2020, several West African boats have been found in the Caribbean and Latin America with only dead bodies on board after drifting across the Atlantic, pushed by trade winds and currents.
Leo directed his remarks Friday to the criminal organizations and individual smugglers who organize these “death routes” to Europe. Such smugglers charge thousands of euros a person and often force their passengers into prostitution or other forms of black market labor by withholding their documents to pay off the debt.
“Stop. Repent,” Leo said in his message to traffickers, emphasizing each word in Spanish and drawing a sustained applause from the crowd. “For every life lost, every family deceived, every body subjugated, every woman threatened, every worker exploited, you will have to appear before divine justice.”
“Repent while there is still time, for God’s mercy can reach even the most hardened sinner, but it enters only through the narrow gate of truth, justice and conversion,” he said.
With his two-day visit to the Canary Islands, Leo has confirmed himself as the heir of Francis’ migration preaching, which was a priority of Francis' 12-year pontificate and often caused friction with U.S. and European powers.
History’s first U.S.-born pope has not only echoed Francis’ message and gestures, he has expanded and amplified them during a deeply symbolic visit. Upon arrival on Thursday, Leo threw a bouquet of flowers into the sea from a port nicknamed the “Dock of Shame” in 2020, when migrants were forced to live in squalor during a spike in their arrivals.
Leo’s gesture mimicked the one Francis made in 2013 when he visited Lampedusa, Sicily, another flashpoint in Europe’s migration drama, and denounced the “globalization of indifference” that the world showed asylum seekers.
But in a sign Leo is making the papacy his own, the 70-year-old pope has added a new gesture: After a onetime migrant offered his testimony during Leo's encounter Friday, the pope did the viral “6-7” hand gesture that's popular with young people as he joked alongside him. That earned the pope cheers and applause from the crowd.
In the Canary Islands and in remarks on the Spanish mainland, Leo reaffirmed the right of migrants to flee but also to stay home, demanding their countries of origin provide the necessary economic and security conditions. He shamed European countries that turn their back on migrants' plights, and said Christian cannot remain indifferent.
On Friday, he noted that for the Catholic Church, the process of integrating migrants into a community can become a chance at spreading the faith, “without imposing” it and in respect of the migrants’ own beliefs.
Leo opened the final day of his trip by visiting the Las Raíces migrant camp and meeting with migrants. Leo drew a round of applause when he went off-script to tell them that he would speak in French and English, the language spoken by many of the people living in the camp.
One woman told him of the desperation that drove her to leave her homeland Senegal and family, the trauma of the crossings, and her gratitude at finding safety and a new life. The woman, identified as Bousso Diouf, asked for respect and dignity for all migrants.
Next month, on July 4, the American pope will spend U.S. Independence Day on the island of Lampedusa, where Francis in 2013 first denounced the “globalization of indifference” the world shows migrants.
Associated Press religion coverage receives support through the AP’s collaboration with The Conversation US, with funding from Lilly Endowment Inc. The AP is solely responsible for this content.
A girl plays as Pope Leo XIV arrives for a meeting with migrants at the Las Raíces reception center in San Cristóbal de La Laguna, Tenerife, Spain, Friday, June 12, 2026. (AP Photo/Arturo Rodriguez)
Pope Leo XIV holds a young assistant as he arrives for a meeting with migrants at the Las Raíces reception center in San Cristóbal de La Laguna, Tenerife, Spain, Friday, June 12, 2026. (AP Photo/Arturo Rodriguez)
Pope Leo XIV hug a child during a meeting with migrants at the 'Las Raices' center, in San Cristobal de la Laguna, Tenerife, Spain, Friday, June 12, 2026. (AP Photo/Alessandra Tarantino)
Pope Leo XIV attends a meeting with migrants at the 'Las Raices' center, in San Cristobal de la Laguna, Tenerife, Spain, Friday, June 12, 2026. (AP Photo/Alessandra Tarantino)
Pope Leo XIV meets a migrant at the 'Las Raices' center, in San Cristobal de la Laguna, Tenerife, Spain, Friday, June 12, 2026. (AP Photo/Alessandra Tarantino)
Pope Leo XIV meets migrants at the 'Las Raices' center, in San Cristobal de la Laguna, Tenerife, Spain, Friday, June 12, 2026. (AP Photo/Alessandra Tarantino)
