Elon Musk has revealed plans for a stock market flotation of SpaceX that looks set to raise a record sum and could make him the world's first trillionaire.
A prospectus for the upcoming initial public offering (IPO) says it is aimed at providing funding to put people on the moon and Mars as humans face existential threats that could wipe out civilisation.
The filing stated: "We do not want humans to have the same fate as dinosaurs".
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While the document did not state the exact amount SpaceX was looking to raise, such lofty ambitions do not come cheap.
Some reports suggest that Musk is looking for $75bn (£55.8bn) - well above the $26bn secured by oil firm Saudi Aramco in 2019.
He is asking for a leap of faith but his track record in turning Tesla from a loss-making electric car maker into the world's most valuable vehicle manufacturer will give many investors confidence.
Also in Musk's favour is that SpaceX has successfully developed the world's first fully reusable rocket and largest satellite network in Starlink.
The numbers divulged in the prospectus show, however, that the company still has a long way to go to achieve overall profitability amid significant AI-related and research and development spending despite growing revenue.
SpaceX lost $2.6bn from operations last year on $18.7bn in revenue.
Of SpaceX's three divisions, only Starlink was profitable in the first three months of the year.
Over the same period, SpaceX spent $10.1bn, with Musk's social media and AI firm xAI accounting for the bulk of that investment.
The Reuters news agency reported that a successful share sale, which could happen in June though it was yet to be priced, could value SpaceX at $1.75trn. SpaceX sees its potential future value at $28.5trn (£21.2trn).
Under the plans Musk - already worth well over $830bn - would retain 85.1% of the combined voting power of the company and his rewards would be dependent on hitting a set of targets, including on market value and technologically-driven goals related to Mars colonisation.
For example, SpaceX is yet to develop the solar-powered data centres needed for such a project.
The prospectus said that stock grants for him would only vest if a market capitalisation of $7.5trn was achieved.
The flotation is expected to go ahead during the second week of June following a series of presentations for potential investors.
Market experts expected demand to be high.
Susannah Streeter, chief investment strategist at Wealth Club, said Musk's ambitions were "firmly extra-terrestrial".
"Plans for the SpaceX IPO... are set to catapult one of the world's most closely watched private companies onto public markets, potentially handing investors a rare opportunity to buy into Musk's sprawling vision for satellites, artificial intelligence and autonomous robotics.
"The flotation, reportedly under the ticker SPCX, could become the biggest IPO Wall Street has ever seen and, if current valuations hold, may propel Musk into trillionaire territory."
She added: "Investors interested in the IPO still need to tread carefully, with the risk that gravity could pull valuations back down to earth. SpaceX's financials underline both the scale of the opportunity and the risks attached."
(c) Sky News 2026: SpaceX targets record flotation that could make Musk a trillionaire
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