SpaceX's IPO is set to be the biggest ever and could make Elon Musk a trillionaire

NEW YORK (AP) — SpaceX says it plans to raise up to $75 billion when it goes public this month, setting the stage for the largest-ever stock market debut and putting Elon Musk on course to becoming the world's first trillionaire.

The company, formally known as Space Exploration Technologies Corp., said Wednesday it will sell 555.6 million shares at $135 a piece. The offering would give SpaceX a market value of $1.77 trillion. Only six companies in the S&P 500 are currently worth more, with Nvidia tops at $5.2 trillion.

Musk isn’t selling any of his shares in the offering, and he would have 82.4% of the voting power in SpaceX.

Forbes currently values Musk's net worth at $825 billion and his stake in SpaceX at $542 billion.

The estimated proceeds from the SpaceX IPO would easily top the $26 billion raised by oil giant Saudi Aramco in 2019.