In the IPO markets, the highest hype is going to Elon Musk’s SpaceX which has the largest volume of satellites in the sky for communication purposes and has high hopes of doing other things in space.

In an article by Echo Wang of Reuters, SpaceX plans to cement Elon Musk’s control after its IPO, granting him and a small group of insiders super-voting shares that will outweigh other investors.

The prospectus says Mr. Musk will stay on as CEO and chief technology officer and will be the Chair of the 9 member Board of Directors.

SpaceX is targeting a listing valuation of $1.75 trillion with a $75 billion raise which would make it the largest IPO in history.

Mr. Musk bought $1.4 billion in the company’s stock last year and if SpaceX market value reaches $6.6 trillion and he is able to build a data center in space, he will receive another 60 million in shares.

The filing shows SpaceX will use a dual-class equity structure that gives Class B shareholders 10 votes each, while Class A of one vote each will be sold to investors.

The combined company of SpaceX and AI company xAI with end 2025 will about $24.8 billion cash on hand, with total assets of $92 billion and liabilities of $50.8 billion.

The satellite business generates $4.42 billion in operating profit, while xAI runs losses as it increases capital expenditures (capex) to $20.74 billion.

Linking to dividend paying stocks, SpaceX is a profitable company but will not be paying dividends, however IPOs are sexy part of the stock market and investment banks loves the fees it generates. Ever since people have looked upwards, there is great wonder and potential in the lower atmosphere. SpaceX has the potential to go beyond, and your imagination is as good as the next persons. Will it be profitable or just exciting to watch? you can decide.

There are more questions than answers, till the next time – to raising questions.