Elon Musk could become the first trillionaire in human history if SpaceX achieves the upper end of its targeted valuation range in its planned initial public offering (IPO).
On May 21, SpaceX, the aerospace company owned by Musk, submitted its IPO prospectus, disclosing financial details of the company, which combines rockets, satellite services and artificial intelligence businesses under one corporate structure.
According to the filing, SpaceX is targeting a valuation between US$1.75 trillion and US$2 trillion. If the company reaches the upper end of that range, Musk's personal net worth could surpass US$1 trillion, making him the world's first trillionaire.
According to a report by Beike Finance, Starlink generated revenue of US$11.387 billion in 2025, up 49.8% year-on-year. Operating profit rose 120.4% to US$4.423 billion, while EBITDA climbed 86.2% to US$7.168 billion.
The report said Starlink has become a major cash-generating business, with a profit margin of 38.8%. These figures have helped strengthen Starlink's competitive moat and establish it as the most stable cornerstone of the SpaceX empire.
At the same time, Musk's AI venture, xAI, has continued to burn cash at a rapid pace. In 2025, the AI division generated revenue of US$3.201 billion but posted an operating loss of US$6.355 billion.
This means xAI lost nearly US$2 for every US$1 in revenue, with spending far outpacing income generation capacity.
In 2025, SpaceX recorded capital expenditures of US$20.737 billion, of which the AI division accounted for US$12.727 billion, representing 61% of total spending.
The figures indicate that SpaceX is not only using Starlink's profits to offset xAI's operational losses, but is also continuing to invest heavily in computing infrastructure to support future AI capabilities.
SpaceX is currently using the stable cash flow generated by Starlink to finance xAI's broader artificial intelligence ambitions.
The company plans to raise US$75 billion through the IPO. The fundraising target is approximately 2.55 times larger than the US$29.4 billion raised by Saudi Aramco during its 2019 IPO, making it potentially the largest IPO fundraising effort in global history.
If SpaceX's valuation reaches the US$2 trillion ceiling, Musk's holdings in SpaceX, combined with his assets in Tesla and other ventures, are expected to push his personal net worth beyond the US$1 trillion mark.
(Video source: X)
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