SpaceX has raised approximately Ksh12 trillion 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 company said it had sold shares worth approximately Ksh12 trillion priced at about Ksh21,600 each.

The share price matches the estimate SpaceX gave last week, leaving the firm’s expected initial stock market value at nearly Ksh288 trillion.

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

Share pricing and investor demand

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

If the company’s shares trade at or above about Ksh21,600 when trading opens on Friday, SpaceX will immediately become one of the most valuable public companies in the world.

However, investors will ultimately determine whether the shares are worth that price.

Interest in acquiring stakes in SpaceX among investment funds and retail investors is expected to remain high.

Several financial analysts have already set target prices above the estimated Ksh21,600 level, including global brokerage Oppenheimer, which expects the company to reach about Ksh30,400 per share.

The public price is ultimately determined through trading activity on the open stock market.

The listing on the technology focused Nasdaq index is being viewed as a test case for other companies with private valuations nearing Ksh160 trillion and above, including Anthropic and OpenAI.

Both companies have recently indicated plans to go public, likely within the year.

Ownership structure and investor risk

Despite becoming a public company, SpaceX is expected to remain under near total control of Musk.

Through his combined holdings of different share classes, Musk will retain roughly 40 percent equity and more than 84 percent voting power.

Mark Zuckerberg, chief executive of Meta, also holds a dual class share structure, though his voting control is significantly lower than Musk’s at about 60 percent.

With such concentrated control, SpaceX will not be required to appoint independent directors with no personal or financial ties to the company.

Corporate governance and future acquisitions

Even if Musk sells part of his equity in future, he is expected to retain control due to his Class B shares, according to analysis from Harvard Law School.

This level of control raises governance concerns because company insiders may influence decisions on acquisitions, compensation, and strategic direction.

SpaceX has already acquired Musk’s startup xAI, which in turn acquired the social media platform X in 2025. Musk originally purchased the platform formerly known as Twitter in 2022.