SpaceX

SpaceX founder Elon Musk announced plans on Wednesday for one of the biggest stock sales ever, by taking a space company public that is currently losing billions of dollars a year.

A filing shows that SpaceX lost $2.6 billion (€2.24bn) from operations last year on $18.7 billion in revenue, and the losses continued at the start of this year.

The prospectus did not put a dollar figure on the amount Musk hopes to raise, but various reports have estimated it at around $75bn (€64.5bn). An offering of that size would easily surpass the current title holder, Saudi Aramco, the oil giant that went public seven years ago and raised $26bn (€22.4bn).

SpaceX, formally known as Space Exploration Technologies Corp., said the money will help finance projects to put people on the Moon and Mars, as part of its goal to make humans an interplanetary species in the face of existential threats that could wipe out civilisation.

“We do not want humans to have the same fate as dinosaurs,” the filing states.

The prospectus reads, in part, like a Hollywood-style vision of the future, detailing in one section that part of Musk’s compensation will be granted only if he maintains “a permanent human colony on Mars with at least one million inhabitants.”

Short of that, the stock sale alone could make Musk — the founder and a major shareholder of SpaceX — the world’s first trillionaire. Forbes currently estimates his net worth at $839bn (€722bn), roughly equivalent to Poland’s annual GDP.

Losses mount despite strong revenue and Starlink growth

In addition to making reusable rockets to send astronauts into orbit, SpaceX has other businesses, some successful and others struggling, with plenty of question marks.

The document shows that Starlink, the world’s largest satellite communications company, is a major source of cash, generating $4.4bn (€3.8bn) in operating income last year. The business uses 10,000 satellites in low orbit to provide internet service to 10 million people in 150 countries and territories.

Among the struggling businesses are two Musk ventures recently acquired by SpaceX — his social media platform X, formerly Twitter, and his artificial intelligence firm xAI. Those purchases were criticised by some SpaceX investors as bailouts, as both are significant loss-makers.

The prospectus said its AI business lost $6.4bn (€5.5bn) from operations last year.

The original SpaceX business — building rockets and conducting launches — has benefited from major government contracts, raising questions that could come back to affect the company. Given Musk’s close ties to the Trump administration, government ethics lawyers and watchdogs have questioned whether he received preferential treatment in securing taxpayer-funded contracts, and whether that support will continue once Donald Trump leaves office.

SpaceX has won contracts worth $6bn (€5.2bn) from NASA, the Defence Department and other government agencies over the past five years, according to USAspending.gov. The company noted in its filing that one-fifth of its revenue last year came from the federal government.

Musk was the biggest donor to Trump’s presidential campaign and remains a major backer, despite a sometimes rocky relationship following his role in the government cost-cutting effort known as DOGE early last year.

Musk’s pay tied to ambitious targets as he retains firm control

Like many corporate CEOs, Musk’s compensation goes far beyond his annual salary, which was $54,080 (€46,538.5)in 2025 and has remained unchanged since 2019, according to the filing.

The prospectus says stock grants for him will be divided into 15 nearly equal tranches — 67 million shares each — and will vest only as the company reaches preset market capitalisation targets. In addition to the Mars colony milestone, SpaceX’s market value would need to reach $7.5 trillion (€6.45tr) for him to receive the full award.

He would receive additional stock awards if SpaceX succeeds in deploying giant data centres the size of football fields in space.

The document shows Musk will retain significant control over the business.

It states that he and certain other shareholders will receive shares in a special class of stock that gives them 10 votes per share. These shareholders will be able, among other things, to elect a majority of the company’s board of directors.

“This will limit or preclude your ability to influence corporate matters and the election of our directors,” SpaceX said in a warning to prospective investors.

SpaceX will be able to market the offering to investors — in what is known on Wall Street as a “roadshow” — 15 days after making its prospectus public. In this case, that would be 4 June.

May 14 (UPI) — Chinese President Xi Jinping hosted President Trump at a glittering state banquet in the Beijing’s Great Hall of the People on Thursday as the two leaders wrapped up the first day of a planned two-day summit.

The elegant dinner came after a day of discussions in which Xi warned Trump that mishandling the matter of Taiwan’s independence could push the two superpowers into “conflict,” but which also included moments of agreement and praise offered by both leaders.

The dinner menu included roast duck, pork buns and and beef ribs served by waiters in traditional red clothing, the Australian Broadcasting Corporation reported, while the entertainment program was highlighted by a performance of the American hit song “YMCA” by the People’s Liberation Army band.

During his speech at the elaborate dinner, Trump described U.S.-China relations as “one of the most important in history” and focused on the long-standing ties between Washington and Beijing.

Xi, meanwhile, drew parallels between the 250th anniversary of U.S. independence and the start of China’s 15th Five-Year Plan for economic and social development.

“The over 300 million American people are reinvigorating the spirit of patriotism, innovation and enterprise, and ushering in a new journey for the development of the United States,” he said, according to the Chinese Ministry of Foreign Affairs.

The peoples of both China and the United States are “great,” Xi added, saying, “Achieving the great rejuvenation of the Chinese nation and making America great again can go hand in hand. We can help each other succeed and advance the well-being of the whole world.”

Among the banquet attendees were administration officials such as Secretary of State Marco Rubio, Treasury Secretary Scott Bessent, Defense Secretary Pete Hegseth and White House Chief of Staff Stephen Miller, as well as U.S. business leaders including Tim Cook of Apple and Elon Musk of Tesla and SpaceX, the New York Times reported.

The dinner came during a day of talks held against the backdrop of the Iran conflict and mounting tensions over trade, technology and regional security.

Xi, however, placed Taiwan — a self-governing island of 23 million people that China claims as its territory and has vowed to bring under its control — at the top of the agenda.

“The Taiwan question is the most important issue in China-U.S. relations,” Xi told Trump, according to a readout from China’s Foreign Ministry.

“If it is handled properly, the bilateral relationship will enjoy overall stability,” Xi said. “Otherwise, the two countries will have clashes and even conflicts, putting the entire relationship in great jeopardy.”

Trump did not answer questions from reporters about Taiwan after the meeting.

“Great. Great place. Incredible. China’s beautiful,” Trump said when asked about the talks with Xi, according to a pool report.

Washington does not maintain formal diplomatic relations with Taipei but is Taiwan’s main international backer and arms supplier under the Taiwan Relations Act, a 1979 law that states threats to the island are “of grave concern” to the United States.

The Trump administration announced an $11 billion arms package for Taiwan in December, including rocket systems, drones and anti-tank missiles, though delivery has yet to move forward. Trump said in February that he discussed the sale with Xi and would make a determination “pretty soon.”

Trade also loomed large over the summit after years of tensions over tariffs, export controls and advanced technology restrictions. Trump traveled with a delegation of prominent U.S. executives as his administration seeks expanded Chinese purchases of American aircraft, agricultural goods and energy products.

Xi and Trump also discussed the Middle East, Ukraine and the Korean Peninsula during their meeting, according to the Foreign Ministry.

Trump arrived in Beijing on Wednesday evening for his first visit to China since 2017. Xi did not meet Trump at the airport, but welcomed him Thursday with a red carpet ceremony, troop review and 21-gun salute at the Great Hall of the People. Children waved flowers and American flags as the leaders entered the hall for talks.

In comments at the start of their meeting, Xi said the world was at a “new crossroads” amid mounting geopolitical instability and called on the two countries to work together.

“Currently, transformation not seen in a century is accelerating across the globe and the international situation is fluid and turbulent,” Xi said. “Can we meet global challenges together and provide more stability for the world?”

“We should be partners, not rivals,” he added.

Trump called the gathering “maybe the biggest summit ever” and praised Xi’s leadership.

“We’ve had a fantastic relationship,” Trump said. “We’re going to have a fantastic future together. Such respect for China, the job you’ve done. You’re a great leader.”

After talks lasting more than two hours, Trump and Xi traveled to the Temple of Heaven, a ceremonial complex dating to the Ming Dynasty where Chinese emperors once prayed for good harvests. A state banquet was scheduled for Thursday evening.

Lying horizontal on the pad, the SpaceX Falcon Heavy rocket is being prepared to launch the ViaSat-3 F3 Satellite from Launch Complex 39A at the Kennedy Space Center, Florida on Sunday. ViaSat-3 will be the third latest generation VisSat satellite to be lifted to a geosynchronous orbit. Photo by Joe Marino/UPI | License Photo

April 27 (UPI) — SpaceX‘s first Falcon Heavy rocket in 18 months was called off due to unfavorable weather Monday at NASA’s Kennedy Space Center in Florida.

The rocket, which was meant to carry a ViaSat-3 F3 communications satellite into orbit, was scheduled to launch during an 85-minute window beginning at 10:21 a.m. EDT.

SpaceX announced on social media that the launch would be rescheduled.

“Standing down from today’s Falcon Heavy launch of the @viasat-3 F3 mission due to unfavorable weather,” the company said on X. “Vehicle and payload remain healthy. A new target date will be shared once confirmed.”

The 45th Weather Squadron earlier said that Monday’s launch window had about a 70% chance of favorable weather conditions.

The Falcon Heavy, which last launched in October 2024, uses three modified versions of the SpaceX Falcon 9 rocket’s first stage, with an upper stage contained in the central booster. The Falcon Heavy features 5.1 million pounds of thrust at liftoff, making it the second most powerful rocket in current use, after NASA’s Space Launch System moon rocket, which boasts 8.8 million pounds of thrust.

The 6.6-ton ViaSat-3 F3 satellite will head to geostationary orbit 22,236 miles over the surface of the Earth. It will provide broadband coverage to ViaSat’s commercial, defense and consumer customers in the Asia-Pacific region.

The Falcon Heavy rocket made its first flight in 2018, and has since launched for 10 missions, including carrying previous ViaSat-3 satellites into orbit.

Dave Abrahamian, ViaSat’s vice president of satellite systems, said the newest satellite is expected to be ready for use faster than the most recent ViaSat-3 satellite, which was carried into orbit by United Launch Alliance’s Atlas 5 rocket.

“Falcon Heavy is a more powerful vehicle than Atlas 5 was, so they can put us in a more favorable transfer orbit for the electric propulsion,” Abrahamian told Spaceflight Now.