Elon Musk has long courted retail investors, and he’s giving them a chance to buy SpaceX stock when the company issues shares for the initial public offering.
The rocket and satellite company plans to raise at least $75 billion in its IPO by selling over 555 million shares at $135 a piece, valuing the company at more than $1.75 trillion. If underwriters exercise options for additional allotments to meet high demand, proceeds could grow to $85.7 billion.
The IPO is expected to price Thursday evening, with shares trading Friday on the Nasdaq under the ticker SPCX.
As much as 30% of the offering will be earmarked for retail investors, meaning they will scoop up more than $20 billion worth of shares, with institutional investors grabbing the rest.
That’s well above the 5%-10% that’s typical set aside for retail investors, who have emerged in recent years as a major force in the stock market, especially as they doggedly “buy the dip” whenever there’s a selloff.
