SpaceX is preparing for a massive public IPO, but the paperwork that the company has filed looks less like a traditional financial filing and more like a manifesto for a new era of human existence. At the heart of the proposal is a compensation package for Elon Musk that defies historical precedent. To secure 200 million super-voting shares, Musk must transform humanity into a multi-planetary species.

While it is not clear how much these shares will be worth, currently the share price of SpaceX is between $600 to $650 in the private market. If we go by the current rate, the $200 million share package could be worth around $120 billion. Currently, Musk takes nominal salary of around $54,000 per year so a $120 billion compensation package would be a big change for him.
But the requirements for this equity are staggering. Musk must lead the company to a market valuation of $7.5 trillion, a figure that would make it the most valuable entity on Earth. And the financial milestones are secondary to the physical ones. The proposal also stipulates the establishment of a permanent settlement on Mars with a population of at least one million residents.
Beyond the Red planet plan, the proposal mandates the creation of an orbital computing network. This system must deliver 100 terawatts of space-based power. For perspective, the entire electricity generation capacity of the United States hovers around 1.2 terawatts. This plan requires SpaceX to build an energy infrastructure in orbit that is eighty times larger than the current American power grid.In other words, technically the requirements that Musk must fulfil to get his super-voting 200 million shares are near impossible. Establishing a city on Mars involves overcoming extreme radiation, low gravity, and the need for complex life-support systems. The documents submitted to the SEC admit these initiatives are in early stages and involve technologies that lack proof of commercial viability.

As the SpaceX vision focuses on the stars, the financial foundation too has raised eyebrows among Wall Street veterans. SpaceX is seeking an initial public offering with a valuation of nearly around $1.7 trillion despite its current annual revenue of roughly $15.5 billion.

While the launch business and Starlink are performing well, much of the high valuation rests on the promise of artificial intelligence. But the AI division, known as xAI, currently functions as a significant financial drain on the company. In the first nine months of 2025, the venture lost $9.5 billion while generating only $210 million in revenue. Analysts from major firms suggest the fundamental value of the core operations sits closer to $400 billion. This leaves a gap of $1.3 trillion built entirely on future expectations and narrative.
Governance structures within the filing also signal a shift. By moving its legal headquarters to Texas and seeking controlled-company status, SpaceX can bypass requirements for an independent board. This move reduces the fiduciary protections typically found in other jurisdictions. It also grants Musk nearly total authority over the company’s direction and capital.Historical records show the company has previously functioned as a source of liquidity for its founder. The business has also been used to stabilise other parts of