Elon Musk's SpaceX raises $75bn ahead of record stock market debut

SpaceX has raised $75bn (£56bn) from financial firms ahead of it becoming a publicly traded company on Friday, in what is expected to be the highest-value stock listing in history.

In a filing with the US Securities and Exchange Commission, the space exploration and artificial intelligence (AI) company said it had sold $75bn in shares priced at $135 each.

The share price matches the estimate SpaceX gave last week, leaving the firm's expected initial stock market value to be nearly $1.8tn.

At that value, chief executive Elon Musk - already the richest man in the world - is set to become the world's first trillionaire.

Once shares start trading, their value could rise or fall depending on how many shares are made available for sale, and how strong the demand is for those shares.

If the company's shares sell at or above $135 when trading opens on Friday, SpaceX will immediately become one of the most valuable public companies in the world.

However, it is up to investors to decide if they think the shares are worth that much.

Interest in acquiring a stake in SpaceX among investment funds and individuals, often referred to as "retail investors," is increasingly expected to be high.

Certain financial analysts have already set target prices for the shares above SpaceX's $135 estimate, including the global brokerage Oppenheimer which said on Thursday it expects the company to hit $190 a share.

The public price for a share in the company is ultimately decided through what is essentially an auction on the open stock market.

Tom Mueller, who was the first official employee of SpaceX and is now the founder of Impulse Space, told the BBC's Michelle Fleury that "it's unbelievable" to see what the company has become.

Mueller left SpaceX in 2020 and maintains a considerable financial interest in the firm.