Elon Musk Plans SpaceX IPO Despite Heavy Losses

Elon Musk is preparing to undertake one of the largest stock offerings in market history by planning to list SpaceX on the stock market. Documents filed on Wednesday showed the space company still recording large losses even as revenues continued to climb. SpaceX recorded a loss of $2.6 billion or around Rp 45.9 trillion in the previous year, at an exchange rate of Rp 17,687 per US dollar. The company’s revenue reached $18.7 billion or around Rp 330.7 trillion. The losses were said to be continuing into the early part of this year. Although not yet unveiling an official fundraising target, several reports estimated SpaceX aiming to raise around $75 billion or about Rp 1,326 trillion from the initial public offering (IPO). SpaceX, whose official name is Space Exploration Technologies Corp, stated that the funds from the IPO would be used to finance space-colonisation projects. The company said its primary objective was to bring humans to the Moon and Mars to sustain the human species. “We do not want humans to meet the same fate as the dinosaurs,” SpaceX wrote in its prospectus. Some of Musk’s stock-based compensation is directly linked to the target of developing a permanent human colony on Mars. The document says Musk would receive only part of the stock incentive if he succeeds in establishing a “permanent human colony on Mars with at least one million residents.” If the IPO is successful, Musk could become the world’s first trillionaire.