Thursday 21 May 2026 13:21 BST Bookmark Support Now From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story. The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it. Your support makes all the difference. Read more SpaceX has revealed that it lost billions of dollars in recent years ahead of its planned initial public offering (IPO), which is expected to be the biggest in history. Elon Musk’s space company has recorded $13 billion worth of losses since 2023, according to a filing with the US Securities and Exchange Commission (SEC), including $4.3 billion loss since the start of the year. SpaceX‘s IPO is poised to become the first US market debut to surpass a trillion-dollar valuation, potentially paving the way for other significant IPOs in the coming months, including those from technology giants OpenAI and Anthropic. A successful offering would immediately position SpaceX as one of the world’s most valuable publicly traded companies, marking the second entity within Elon Musk's expansive business empire to exceed a $1 trillion market capitalization. Since its inception in 2002, SpaceX has ascended to become the globe’s largest space enterprise, primarily through the deployment of thousands of Starlink internet satellites. Its pioneering adoption of reusable rockets has fundamentally altered the economics of space travel, compelling rivals like Jeff Bezos' Blue Origin to accelerate their own advancements. While SpaceX initially gained prominence for its rocket manufacturing and satellite launches, the majority of its $18.67 billion revenue last year stemmed from its Starlink satellite internet service. Much of its projected future growth is now tied to artificial intelligence-related ventures, though its nascent xAI unit is currently operating at a loss, according to the recent filing. Should the sale achieve its target, the company could be valued at a record-setting $1.75 trillion. This valuation would place its founder on a trajectory to become the world's first trillionaire, validating years of challenging conventional wisdom through the development of rockets capable of landing and being reused. The company's regulatory disclosure arrives during a pivotal week for the rocket manufacturer, which is preparing for a test flight of its next-generation Starship rocket. Musk’s ambitious plans for lunar and Mars missions, alongside the expansion of its Starlink satellite internet business, are heavily reliant on the success of this new rocket. The test launch, initially slated for Tuesday, is now anticipated for Thursday evening. The success of the flight test, which will see the biggest rocket ever built lift off from SpaceX’s Starbase facility in Texas before splashing down in the Indian Ocean, could have a bearing on how well the IPO goes for Musk. SpaceX’s board has granted Musk extensive control over the company, with a significant portion of his compensation linked to audacious objectives such as establishing a permanent human colony on Mars and constructing space data centers with compute capacity equivalent to 100 terawatts, or 100,000 one-gigawatt nuclear reactors, as previously reported. The company aims to list its shares as early as 12 June, with a roadshow launch targeted for 4 June and the share sale expected by 11 June, according to recent reports. Additional reporting from agencies