SpaceX on Wednesday submitted documents to move forward with its highly anticipated initial public offering (IPO), as the revolutionary company that’s pursuing the eventual colonization of Mars and deploying space-based AI data centers.
The company, led by CEO Elon Musk, has grown into the world’s largest space business and is expected to become the first U.S. company to go public with a market value of more than $1 trillion at the time of its IPO.
SpaceX plans to offer its shares on the Nasdaq stock exchange using the ticker symbol “SPCX” and will also trade on the recently launched Nasdaq Texas exchange, as the company is headquartered in Starbase, Texas.
Founded by Musk in 2002, SpaceX has seen its business rise in recent years with the deployment of Starlink satellites that provide internet service to consumers, while it also pioneered the use of reusable rockets that can land and be relaunched to make space launches more commercially viable.
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Starlink has become a key driver of its business, accounting for most of its $18.67 billion in revenue last year.
SpaceX recently acquired another startup founded by Musk in xAI, which is focused on developing artificial intelligence (AI) technologies.
The company’s IPO filing notes that the xAI unit still loses money, though AI will be pivotal to the company’s future. SpaceX recently announced that it’s collaborating with another Musk firm, Tesla, on an advanced chip manufacturing facility.
Reuters contributed to this report.
This is a developing story. Please check back for updates.
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