Financial documents released on Wednesday (20 May) ahead of SpaceX going public - in what is expected to be Wall Street’s biggest ever listing - revealed the firm made operating losses of $1.94 billion, despite Elon Musk being tipped to become the world’s first trillionaire.
Of SpaceX’s three divisions, only Starlink, its satellite internet arm, was profitable in the first three months of the year, making an operating profit of $1.19 billion.
Even SpaceX’s $4.69 billion in first-quarter revenue was not enough to prevent the company from posting an overall loss.
Worst hit was SpaceX’s AI division, which recorded an operating loss of $2.47 billion in the first quarter alone, driven largely by Musk’s acquisition of social media and AI firm xAI.
Musk’s purchase of xAI accounted for 76% of SpaceX’s $10.1 billion in capital spending during the quarter.
The space firm could be valued at a record-breaking $1.75 trillion when it lists on the Nasdaq and Nasdaq Texas as early as mid-June, potentially making the 54-year-old Musk the world’s first trillionaire.
The projected trillionaire status reflects investor expectations of SpaceX’s future dominance rather than its present financial performance. Musk’s fortune is based on the paper value of his holdings, not cash profits generated today.
Investors are valuing SpaceX on expectations of future technological dominance rather than current earnings.
The company’s plans rely heavily on technology that has not yet been built, including proposals to operate solar-powered data centres in space, targeting a potential market worth $28.5 trillion, according to the filing.
The documents also reveal Musk’s iron grip on the company. Filings showed he will retain 85.1% of the combined voting power.
SpaceX will use a dual-class share structure that gives Class B shareholders 10 votes each, concentrating control among Musk and a small group of insiders, while Class A shares sold to public investors will carry one vote each.
The filings also show Musk can effectively only be removed from the company by himself.
However, the board has tied much of his compensation to ambitious targets, including establishing a permanent human colony on Mars and building space-based data centres.
The disclosure comes during a critical week for the rocket maker, which is preparing to launch a test flight of its next-generation Starship rocket on Thursday (21 May).
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On 1 July, President of the European Commission Ursula von der Leyen arrived in Azerbaijan on a working visit.
A Swedish court has ordered Alphabet-owned Google to pay about $1.5 billion in antitrust damages to price comparison platform PriceRunner, in one of Europe's largest competition-related awards against a major technology company.
Estonia has released surveillance images showing machine guns and sandbagged defensive positions mounted on a Russian-flagged liquefied natural gas (LNG) carrier operating in the Baltic Sea, underscoring growing tensions between Russia and NATO in the strategically important waterway.
Iranian Foreign Minister Abbas Araghchi has confirmed neighbouring Iraq will hold a funeral procession next week for former Supreme Leader Ayatollah Seyed Ali Khamenei, as preparations intensify for week-long ceremonies after the 86-year-old was killed in Israeli–U.S. air raids in February.
Iranian and U.S. negotiating teams were due in Doha this week, but Iran said on Monday no meeting had been scheduled as weekend missile fire from both sides tested the interim ceasefire to end the four-month-old war.
The U.S. and Iran have agreed to 'stand down' and resume technical talks, allowing vessels allowed to move freely under the interim peace deal, a U.S. official said.
Mexico ended their 40-year wait for a World Cup knockout win, while Erling Haaland sent Norway through and Kylian Mbappé fired France into the last 16.
The wife and children of Argentine footballer Lucas Trejo were among around 1,700 people who died when two earthquakes struck northern Venezuela last week.
Iran has ruled out direct talks with senior U.S. envoys in the Gulf, saying any contact will take place through Qatari mediators. Meanwhile, Steve Witkoff and Jared Kushner have met in Doha with Qatar's PM Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani.
Estonia has released surveillance images showing machine guns and sandbagged defensive positions mounted on a Russian-flagged liquefied natural gas (LNG) carrier operating in the Baltic Sea, underscoring growing tensions between Russia and NATO in the strategically important waterway.
The Council of the European Union has formally adopted two regulations implementing tariff commitments agreed in the 2025 EU-U.S. Joint Statement, removing the remaining customs duties on American industrial goods and completing the legislative process.
Chinese manufacturers are working at full capacity as two very different global pressures fuel demand. Europe's record heatwave has triggered a rush for air conditioners, while U.S. retailers are accelerating imports to beat looming tariff increases.
Russia and Ukraine have reported fresh military successes as both sides intensify efforts to weaken each other's logistics, energy infrastructure and supply networks, extending the conflict far beyond the front line.
The European Union has introduced new fees on low-value e-commerce imports from China, marking its first major step to tackle what it says is unfair competition from online retailers such as Shein, Temu and AliExpress.
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