Elon Musk

Elon Musk’s rocket company SpaceX is targeting a valuation of nearly $1.77 trillion in its blockbuster initial public offering (IPO), paving the way for the largest stock market debut in history.

In a filing with the US Securities and Exchange Commission on Wednesday, SpaceX said that it plans to sell 555.6 million shares at $135 apiece, raising approximately $75bn.

The eye-popping valuation would make SpaceX the world’s seventh-largest company by market capitalisation, ahead of Musk’s electric vehicle maker Tesla and social media giant Meta, and just behind Taiwanese chipmaker TSMC.

It would also eclipse energy giant Saudi Aramco’s 2019 debut, which raised $26bn at a valuation of $1.7 trillion.

Musk, who holds a roughly 42 percent stake in SpaceX, is poised to become the world’s first trillionaire upon the company’s debut on the New York-based Nasdaq stock exchange on June 12.

Despite the public listing, Musk will retain effective control of SpaceX with more than 82 percent of voting rights, the result of a dual-class stock structure that grants certain shares 10 votes instead of one.

The Texas-based firm’s decision to set a specific share price ahead of its IPO marks a break from usual practice.

Companies preparing for a public listing usually announce a preliminary price range that can be adjusted based on investor interest.

“The genuine surprise is that SpaceX fixed a price before the investor roadshow began,” Fabien Yip, a market analyst at online trading and investment company IG Group, told Al Jazeera.

“To me, this reflects Musk’s control over the deal terms and his confidence that the book will fill.”

Founded by Musk in 2002, SpaceX is best known for designing and launching rockets, spacecraft and reusable launch vehicles on behalf of NASA and private companies.

The company also provides internet services and artificial intelligence models through its Starlink and xAI divisions.

Musk has outlined lofty ambitions for SpaceX, including to establish a “self-sustaining” city on Mars, “make life multiplanetary,” and “extend the light of consciousness to the stars”.

SpaceX’s listing will be a test of investors’ confidence in Musk’s vision, which has yet to translate into profits at the company.

SpaceX reported a net loss of $4.9bn on revenue of 18.7bn in 2025, followed by a $4.3bn loss in the first quarter of this year.

Jay R Ritter, an emeritus professor at the University of Florida who specialises in IPOs, said the SpaceX IPO differs from Saudi Aramco’s blockbuster listing as the state-owned oil company had a track record of generating large revenues and profits.

“SpaceX, in contrast, has trailing annual revenue of less than $20bn, and is not profitable,” Ritter told Al Jazeera.

“So, one company’s valuation was – and is – based on its demonstrated profitability, while the other company’s valuation is based on potential.”

“With SpaceX, there is a risk that cash flows will be used to send hundreds of thousands of people to Mars, at a loss,” Ritter added.

Despite SpaceX’s lack of profitability, market sentiment is strong, said IG’s Yip, noting that buyers of investment products linked to the listing are pricing the company’s end-of-first-day market capitalisation at $2.2 trillion.

“The Tesla parallel is perhaps worth drawing: It debuted in 2010 as a loss-making company and largely tracked the S&P 500 for years, only breaking away decisively once it turned profitable for the first time in Q1 2013,” Yip said, referring to the benchmark stock index on Wall Street.

“SpaceX investors are making a similar bet on future growth, with the added complexity that SpaceX’s addressable market – rockets, satellite internet, AI – is considerably broader than Tesla’s was at listing.”

The incident is the latest setback for Jeff Bezos’s space venture as it seeks to narrow the gap with Elon Musk’s SpaceX.

Blue Origin’s New Glenn rocket has exploded on the launchpad during a test in the US state of Florida.

The incident on Thursday evening is the latest setback for Jeff Bezos’s space venture as it seeks to narrow the gap with Elon Musk’s SpaceX.

Footage of the incident shows smoke emerging from underneath the rocket before it erupts into a massive fireball that billows skyward, sending a towering plume of flames and smoke into the air.

Emergency crews remained at the scene more than an hour later, but officials said there was no threat from fumes or other potential hazards.

No injuries have been reported.

“We experienced an anomaly during today’s hotfire test,” Blue Origin said in a brief statement posted on X, adding that “all personnel have been accounted for”.

A hot-fire test is where a rocket engine is fired up while anchored to the ground.

In a separate X post, Bezos said it was “too early to know the root cause” of the incident.

“Very rough day, but we’ll rebuild whatever needs rebuilding and get back to flying. It’s worth it,” Bezos added.

US House Representative Mike Haridopolos, whose Florida district includes the launch site at Cape Canaveral, said in a statement on X that he has been in contact with NASA Administrator Jared Isaacman regarding the explosion.

“I am grateful there were no reported injuries and thankful for the first responders, engineers, and launch crews who acted quickly,” Haridopolos said.

Blue Origin is preparing the New Glenn rocket to launch 48 Amazon Leo satellites into low-Earth orbit, part of efforts to build a broadband constellation to rival Musk’s Starlink network.

Musk responded on X to a video of the New Glenn explosion, saying: “Most unfortunate. Rockets are hard.”

Last month, the New Glenn rocket failed a mission to deliver a communications satellite into the correct orbit, prompting an investigation.

May 26 (UPI) — Authorities in Laos were in a race against time and the weather Tuesday as day 7 of an operation to rescue seven people trapped in a flooded cave in a mineral-rich region north of the capital, Vientiane, came to a close.

The group, all locals, became trapped by landslides triggered by heavy rains on Wednesday after entering the remote cave, which is accessible only on foot, in the central province of Xaysomboun on a hunting and gold prospecting mission.

The landslides blocked the cave entrance and caused it to flood with muddy water.

The group have not been heard from since, but one person who managed to reach safety reported at least one area of the cave was not underwater and specialist cave rescue divers from neighboring Thailand who had joined the operation said they had found pockets of air.

“I’m confident that they are still alive because there is still air in the cave,” said Metta Tham Rescue head of operations Kengkard Bongkawong.

He said that with water levels still rising after torrential rain forced rescuers to retreat Sunday night, they were pumping water out 24 hours a day and placing fixed ropes inside for rescuers to follow.

“The route is not complicated but the problem is the space. It’s so narrow that we have to crawl and tilt to pass through; also the rocks are really sharp,” said Kengkard.

Kengkard took part in the dive operation in 2018 to rescue 12 members of a youth football team and their coach after they had been trapped for more than two weeks in a flooded cave in Thailand’s Chiang Rai province.

The Metta Tham Rescue team was joined at the site Monday by Finnish diver Mikko Paasi, and Thai cave diver Norrased Palasing, also both veterans of the Tham Luang cave rescue in 2018.

The rescue turned into a huge international operation involving 10,000 specialists, from cave rescue and medical experts to Elon Musk, who had his engineers develop a mini rescue. submersible.

The mini sub was never used but two divers, both former Thai Navy SEALS, were killed in the operation.