SpaceX, the aerospace corporations led by Elon Musk, disclosed its financials, governance, and future business plans ahead of an initial public offering (IPO).
According to Reuters and others, SpaceX on the 20th (local time) filed a prospectus with the U.S. Securities and Exchange Commission (SEC) and began the full-scale listing process.
The listing timeline is expected to start with an investor roadshow early next month, with the listing possibly taking place as early as mid-month. If SpaceX succeeds in listing, its corporate value is expected to reach about $1.75 trillion.
According to the prospectus, SpaceX will adopt a dual-class share structure. Class A shares sold to retail investors will carry one vote per share. By contrast, Class B shares held by Musk, the chief executive officer (CEO), and some insiders will carry 10 votes per share.
As a result, CEO Musk will hold 85.1% of the total voting rights. The company also created a structure that prevents anyone other than Musk from removing Musk from the CEO post. If shareholders bring legal claims, they must go through arbitration, and the venue for lawsuits is also restricted, according to reports.
SpaceX also plans to expand participation by individual investors in this IPO. Reuters reported that a substantial portion of the company's shares will be allocated to individual investors, and about 1,500 individual investors are expected to be invited to next month's investor presentation.
Financials were disclosed as well. SpaceX recorded $4.694 billion in revenue in the first quarter of this year. Of that, satellite communications, including Starlink, accounted for the largest share at $3.257 billion. Revenue related to artificial intelligence (AI) was $818 million, and revenue from the space business was $619 million. However, operating loss for the same period was tallied at $1.943 billion.
SpaceX presented asteroid mining, energy production on the moon and Mars, and interplanetary travel as future business goals. It also outlined long-term plans to build a permanent base on Mars and construct a space data center with a capacity of 100 TW (terawatts). The plan is structured so that Musk can receive substantial monetary compensation only if the company achieves the large-scale long-term goals it has set.