Elon Musk's SpaceX has officially filed to go public, potentially making him a trillionaire and turning Wall Street heads. The company, valued at $1.25tn, is known for its rockets, Starlink internet service, and Musk’s controversial AI firm xAI.

The filing reveals SpaceX was loss-making last year but still brought in $18.6bn in revenue. Its balance sheet shows assets worth $102bn but also carries significant debt of $60.5bn. Legal battles over deepfakes and patent infringements loom large as the company braces for an IPO expected to be the largest in history.

Musk's ambitious plans include dissolving xAI into SpaceX, with a deal struck with rival AI firm Anthropic worth $15bn annually. Despite these moves, SpaceX’s rocket business and Starlink remain strong industry leaders. However, they face scrutiny for worker safety and Musk's polarising political views.

While the IPO could make history, it also highlights the risks and controversies in a tech landscape driven by bold visions and significant financial stakes.