Elon Musk’s aerospace company SpaceX, which was founded in El Segundo two decades ago and was long headquartered in Hawthorne, submitted papers to the U.S. Securities and Exchange Commission Wednesday outlining its plans for a record-setting initial public offering, with shares expected to sell for $135.
According to the filing, the company plans to offer 555,555,555 shares. At $135 per share, that would equate to roughly $75 billion, far outpacing the 2019 IPO record of $29 billion, set by Saudi Aramco.
The SpaceX amount could climb even hire if underwriters exercise an option to purchase 83,333,333 shares, raising another $11.2 billion, according to the paperwork.
The proposed IPO would value SpaceX — officially known as Space Exploration Technologies Corp. — at about $1.77 trillion. The IPO is expected to begin June 12.
According to the SEC filing, Musk would maintain roughly 82% of the voting power following the stock sale.
SpaceX, founded by Musk in El Segundo in 2002, is known for its prolific rocket-launch business, propelling astronauts and equipment to the International Space Station and developing the Starlink space-based internet service. The company, also known for its pioneering cost-cutting work through the recovery and reuse of rocket boosters, is working with NASA on efforts to establish a base on the moon and send astronauts to Mars.
It is also the force behind the growing Starlink space-based internet service. Earlier this year, the company officially acquired Musk’s artificial intelligence company, xAI.
SpaceX was long headquartered at a campus in Hawthorne, on Crenshaw and El Segundo boulevards, where it continues to maintain a campus that includes a mission control center for space launches. Musk announced in 2024 he was shifting the company’s headquarters to Texas, expressing dismay at the business climate and liberal political policies in California.