Space

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.”

June 3 (UPI) — Almost six months after NASA lost contact with the spacecraft, the agency has declared the Mars Atmosphere and Volatile Environment satellite unrecoverable and its mission concluded.

NASA’s Deep Space Network (radio antennas that connect Earth with spacecraft) last received a transmission from the MAVEN satellite on Dec. 6, just before its orbit passed behind Mars. When it emerged, communications did not resume, NASA said. The cause of this lapse was under investigation, but the agency said the satellite was rotating at an usually high rate, leading to drained batteries.

The MAVEN mission was the first successful one dedicated to observing Mars’ atmosphere and its evolution. It orbited the planet for more than 11 years, far longer than its planned one-year lifespan.

NASA hosted a media teleconference Wednesday about the end of the mission and issued a statement.

“The MAVEN mission has truly advanced our understanding of the Martian atmosphere and evolution,” said Shannon Curry, MAVEN principal investigator and a professor at the Laboratory for Atmospheric and Space Physics at the University of Colorado Boulder. “This dataset has had a tremendous impact onthe field. Our science team is exceptionally proud of all of these amazing discoveries.”

The mission launched in November 2013 on an Atlas V rocket from Cape Canaveral, Fla., and arrived in Mars orbit 10 months later, Space.com reported.

During its mission, MAVEN provided information about Mars’ atmosphere and how it became the planet it is today, changing from a planet with a more Earth-like atmosphere that could host liquid water on the surface. It discovered new types of auroras across the planet and studied Mars’ dust storms.

MAVEN also played a key role as a communications link to the Curiosity and Persistence rovers on Mars. The Mars Odyssey and Mars Reconnaissance Orbiter spacecraft remain in operation to play that role.

“The science MAVEN has given us is key to informing what kind of radiation protection and safety measures we must take before sending humans to Mars,” said Louise Prockter, director of the planetary science division at NASA. “The data collected from MAVEN will continue to provide valuable insight into Mars for decades to come.”

May 30 (UPI) — A meteor exploded just off the coast of Massachusetts, causing a loud boom, Saturday afternoon.

Locals reported on social media that they heard a loud blast at about 2 p.m. EDT, and meteorologists have said it was likely a meteor.

Officials at the National Weather Service told WBUR that it was up to NASA to confirm that it was a meteor, but it may require finding pieces of debris to confirm it, 1 Degree Outside meteorologist Danielle Noyes told the station.

The U.S. Geological Survey did not detect an earthquake, Noyes added.

Meteorologist Nick Stewart posted on X, showing images from the National Oceanic and Atmospheric Administration: “The flash density product really shows this anomalous ‘flash,’ which is pretty distinctive of a bolide/meteor reentry. East of Boston. This is the likely source of the loud boom/explosion.”

A NOAA data map shows the flash over the bay.

WBZTV in Boston posted on its Instagram account that meteors cause a sonic boom because, “They enter Earth’s atmosphere at anywhere from 25,000 to 160,000 miles per hour, and larger space rocks can travel deep enough to create pressure waves.”

The station’s meteorologist Eric Fisher posted about the blast on his Instagram account. “CONFIRMED: Meteor exploding on entry caused that big boom across the Boston area Saturday afternoon!”

Local residents told Boston 25 News what the blast was like.

“Yes, I did, thought it may have been an explosion from the power plant next door. It vibrated my apartment. Though it lasted about 3 to 4 seconds … longer than most explosions. Did not sound like thunder,” one viewer said.

Another said there were two explosions.

“I was outside in Framingham with my dog. Heard and felt two huge blasts. Felt the shockwave. Definitely not thunder. Was from the east/southeast from where I was standing. Scared the crap out of us,” another viewer told the TV station.

We visited Houston in Texas where a rodeo, baseball, space and delicious food were on the jam-packed agenda. Here’s why you need to get planning your trip to the Lone Star State…

I’ve always wanted to visit Texas and what better time than rodeo season? Rodeo is a year-round pastime for Texans, but Houston holds the largest event in the US in March, with even more cowboy boots and hats descending upon the city than usual, a buzz of excitement and yee-haw in the air. Add in a Space Center visit and a baseball game and this trip to the Lone Star State isn’t one that I’ll forget in a hurry.

RIP-ROARING RODEO

The Houston Livestock Show and Rodeo runs across 21 days, with a carnival atmosphere, shows, music, energy and excitement. Inside the NRG Stadium, rodeo competitions – bull riding, barrel racing, saddle-bronc riding and roping – take place, while outside there’s livestock shows, exhibitions and loads more fun.

The fried food creations on offer are endless – think funnel cakes, jumbo corn dogs and deep-fried Oreos. “When in Texas,” we thought, as we ordered (and surprisingly enjoyed) a deep-fried cheesecake.

The rodeo is a jam-packed day and each night a musical superstar takes to the stage in the stadium. We got to see Texas native Kelly Clarkson putting on an impressive show as she bounced energetically around the rotating stage and reminding the 70,000-strong crowd just how many hits she has – naturally she finished her set with Since U Been Gone.

COWBOY COOL

To take in the atmosphere like a local, we wanted to be properly kitted out, so we visited the Republic Boot Co. I’ve never seen so many tempting rows of cowboy boots – and it’s not just a tourist trap, either. Drake is among the clientele of this cool spot.

As well as footwear, there’s a dedicated Hat Bar, where you can choose from a range of styles and colours, customising your hat however you like. My plan for a simple, understated look quickly changed when I saw the leather trims, feathers, charms and badges on offer. I walked out with my initials branded on and a playing card tucked behind a giant feather.

BASEBALL & BEERS

Go Astros! We headed to Daikin Park, the baseball stadium which is home to the Houston Astros, to watch a quarter-final of the World Baseball Classic where the US took on – and beat – Canada. It was my first time at a game, but you don’t need to be an expert to be caught up in the thrill – it’s relentless. Soon

I was willing a home run so I could see the Home Run Train chuff round the track in celebration. We didn’t need to be told twice to order the stadium’s signature Crawford Dog and settled happily into our seats with giant beers, feeling like we were at the movies.

OUT OF THIS WORLD

Houston is known as Space City, so I couldn’t miss a visit to Space Center Houston, the official visitor centre of NASA, where astronauts train and Mission Control keeps everything on track. So soon after Artemis II’s moon mission, the place is still feeling the thrill of the historic exploration, and this is where you can really immerse yourself in all things astronautical.

The highlight was the tram tour to see the Astronaut Training Facility and Rocket Park, packed with actual rocket parts so you can see the incredible scale. It’s impossible not to get caught up in the excitement.

TASTE OF TEXAS

Texas is foodie heaven. Battling jet lag on our first night, we grabbed dinner at Agnes and Sherman, a short walk from our hotel, kicking things off on a real high. The cheeseburger fried rice has to be tasted to be believed.

For a great breakfast or brunch, head to Dandelion Cafe, where the generous-sized chicken waffles have been voted “best breakfast in the US” by Good Morning America. We were also told that Viet-Cajun crawfish was a must try, so we pulled on our bibs and gloves with enthusiasm at Crawfish & Noodles in Chinatown.

A little out of town in the seaside resort of Galveston, we discovered Gaido’s Seafood Restaurant, which has served seafood to hungry locals since 1911. We dined on delicious stuffed shrimp and gumbo, followed by the famous pecan pie, before a stroll on the waterfront.

But the most magical meal of our trip was at intimate indigenous restaurant Ishtia. Choctaw chef David Skinner is inspired by his heritage and ancestors and tells the story of each dish and its ingredients as they are served.

WHERE TO STAY

We stayed in Hotel Daphne, a stylish luxury boutique hotel in historic Houston Heights. The relaxed atmosphere was just our vibe, as was the bright, quirky decor and striped purple and blue bathrobes. Around this pretty neighbourhood we discovered cool shops and grand houses on tree-lined streets, but you don’t have to venture far for a cocktail. The hotel’s restaurant and bar, Hypsi, with a sun-filled courtyard that’s perfect for catching rays, is always there to welcome you at the end of a day of adventures.

HOW TO BOOK

BA and United Airlines offer direct flights to Houston from London Heathrow. Rooms at Hotel Daphne cost from £272 per night, see hyatt.com. Plan your trip with visithouston.com

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.