Elon Musk’s SpaceX unveiled plans Wednesday to raise $75 billion in an initial public offering of its stock that would value the company at roughly $1.77 trillion. The blockbuster debut could make Musk – already the world’s richest person – the first trillionaire.
Musk, who currently owns half of SpaceX, would still control nearly half of the company’s shares after the offering. However, some of those are special shares with greater voting power, meaning he will retain overwhelming control of SpaceX.
SpaceX plans to sell 555.6 million shares at an initial price of $135 a share, the company said in a filing with the Securities and Exchange Commission. The decision to dictate one price target, as opposed to offering a range, is a unique move that reflects the hot IPO market around the AI craze and Musk’s own tendency for mega-scale goals.
SpaceX’s debut will be the biggest public offering in history, topping the previous record $29.4 billion raised by oil giant Saudi Aramco in 2019. The eye-popping figures come as the artificial intelligence race has sent startups to startling valuations even before they go public.
SpaceX, besides its rocket and satellite business, has become a major player in artificial intelligence, a sector that’s recently powered a Wall Street rally as tech companies announce developments in rapid succession. But those companies are still figuring out many practical applications for the technology – and how to turn a profit.
