SpaceX hopes to raise $75B when world’s biggest-ever IPO lifts off next week
Elon Musk’s Space Exploration Technologies Corp. said today it’s hoping to raise a staggering $75 billion when it goes public later this month, setting the stage for what would be the largest stock market debut in history. It puts Musk on course to become the world’s first trillionaire, based on the estimated value of his assets.
The rocket company plans to sell 555.6 million shares at a price of $135 through its initial public offering. The proceeds of the sale would easily surpass the current IPO world record of $26 billion, which was raised by the Saudi Arabian oil giant Saudi Aramco in 2019. SpaceX would have a market value of $1.77 trillion following the IPO, putting it well into the top ten most valuable companies. Only six companies in the S&P 500 index currently have a larger value, led by Nvidia Corp. at $5.2 trillion.
In an amended prospectus filed with the Securities and Exchange Commission today, SpaceX also explained exactly how much control Musk will have over the company. As its Chief Executive, Chief Technical Officer and Chairman, his voting power will come from his ownership of 5.22 billion Class B shares. That gives him 10 votes for every share he holds, which amounts of 82.4% of the total voting power in the company. In other words, Musk will always have the final say.
