Elon Musk's SpaceX files for IPO: A look at its mission, financials and use of issue proceeds

SpaceX IPO: SpaceX, which designs, manufactures and launches advanced rockets and spacecraft, has filed initial public offering papers, revealing details about the largest IPO on record.

In its prospectus, SpaceX said that it would trade under the symbol SPCX on Nasdaq. The successful market debut could make Elon Musk, the world's richest person, a trillionaire.

SpaceX IPO: The Mission

The company, according to IPO papers, stated that its mission is to build the systems and technologies needed to make life multiplanetary, to understand the universe's true nature and to extend the light of consciousness to the stars.

"To do this, we have formed the most ambitious, vertically integrated innovation engine on (and off) Earth with unmatched capabilities to rapidly manufacture and launch space-based communications that connect the world, to harness the Sun to power a truth-seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and cities on other planets," it said.

SpaceX IPO: Use of proceeds

The funds generated will be used to fund the company's growth strategy, including the expansion of its artificial intelligence (AI) compute infrastructure, enhancements to its launch infrastructure and launch vehicles, an increase in the scale and capacity of satellite constellations, and general corporate purposes.

Financials

SpaceX, which is officially known as Space Exploration Technologies Corp, brought in $18.7 billion in revenue last year with a net loss of $4.9 billion.

In the first three months of this year, the company had a revenue of $4.7 billion, but the net loss stood at $4.3 billion.

According to the prospectus, Musk controls 85% of the company's voting power with 849.5 million Class A shares and 5.57 billion Class B shares.