Elon Musk Boosts SpaceX Stake Amidst Ambitious Market Expansion Plans

Elon Musk has significantly increased his stake in SpaceX, acquiring $1.4 billion worth of shares from current and former employees, according to a Tuesday report by The Information.

The acquisition was made through Musk's trust and was revealed in SpaceX's confidential IPO prospectus. As part of an ambitious growth plan, SpaceX aims to escalate its market capitalization to $6.6 trillion, a move that could earn Musk 60 million additional shares if successful, according to the report.

This potential increase hinges on SpaceX building data centers in space to provide computing power for AI developers. A dual-class equity structure has also been proposed, granting Class B shareholders more voting power, thereby consolidating control with Musk and a few insiders.

(With inputs from agencies.)