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Musk’s empire as SpaceX heads to Wall Street liftoff

By AFP
June 12, 2026
Elon Musk, Chief Executive Officer of Tesla and owner of X, formerly known as Twitter, attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre in Paris, France, June 16, 2023. — Reuters
Elon Musk, Chief Executive Officer of Tesla and owner of X, formerly known as Twitter, attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre in Paris, France, June 16, 2023. — Reuters

NEW YORK: Elon Musk defines himself as an engineer trying to save humanity, while his critics call him a far-right showman who overpromises and underdelivers.

Either way, he is the world´s richest person and the founder of some of the most high-profile companies on the planet.

Here is a look at his business empire as his space and AI company SpaceX prepares to sell shares to the public for the first time.

SpaceX builds rockets and spacecraft, and has become the dominant force in commercial space launches -- regularly sending astronauts to the International Space Station and satellites into orbit.

Its Starlink division beams high-speed internet from space to users around the world.

Starlink now boasts more than nine million subscribers -- a real commercial success, although critics have raised concerns about Musk´s willingness to restrict access for political reasons, including during the war in Ukraine.

SpaceX also absorbed Musk´s artificial intelligence company xAI -- which makes the Grok chatbot -- in an all-stock deal in February 2026, creating what was described as the largest corporate merger in history, with the combined entity valued at approximately $1.25 trillion.

The filing to take SpaceX public with the Securities and Exchange Commission revealed that the company generated $18.7 billion in revenue in 2025 and posted a net loss of $4.9 billion as it poured money into next-generation rocket development and AI.

Tesla popularized electric vehicles and remains one of the world´s most recognised car brands.

It also develops solar panels and home battery storage systems, and is working on self-driving technology and humanoid robots -- projects Musk has repeatedly promised are just around the corner, though timelines have often slipped by years.

One of Tesla´s most hyped products, the stainless-steel Cybertruck, has proven to be a commercial disappointment and the broader company has also hit turbulence.

Last year brought a sales slump that stemmed from increased competition globally and a consumer backlash against Musk´s political activities, including his financial support for US President Donald Trump and his endorsement of Germany´s far-right AfD party.

Tesla is publicly traded and its stock is down around 20 per cent in the past year.

Musk ownership of Tesla peaked at around 20 per cent of the company in 2021 before he sold shares to buy Twitter, but he still firmly controls the company.

X -- the platform formerly known as Twitter -- is a social media site where users post short messages and videos, share news and debate politics.