SpaceX officially prices shares at $135 in the largest IPO ever
SpaceX priced its initial public offering at $135 per share, selling 555.6 million shares to raise roughly $75 billion. That makes it the largest IPO in history, far surpassing the $24.9 billion Saudi Aramco raised in 2019. The space and AI company, formally Space Exploration Technologies Corp., trades on Nasdaq under the ticker SPCX at a valuation near $1.77 trillion, and the deal positions Elon Musk to become the world's first trillionaire.
Key Takeaways
- Wits its official share pricing announcement, SpaceX's IPO has begun.
For once, SpaceX is ahead of schedule: Elon Musk's space and AI conglomerate officially confirmed that it has raised $75 billion from the sale of its shares to its underwriters, who are set to begin marketing the company on the Nasdaq stock exchange Friday.
- While IPO pricing typically works itself out as markets open, SpaceX took an unusual approach in setting the price well in advance.
The company was testing its $ target with investors before its official roadshow started, the Financial Times reported .
- Hyperliquid, a crypto betting market that attempts to offer synthetic exposure to SpaceX stock, currently prices the shares at $167, suggesting that market participants expect a classic 20% IPO pop on the first day of trading.
In the longer term, there are big open questions about how SpaceX will be able to justify its eye-popping valuation.
- The listing will deliver Antonio Gracias, founder and CEO of Valor Management, 503.4 million shares, putting the value of his position at nearly $68 billion at the IPO price.
Other major shareholders poised to gain from the historic offering include SpaceX board member and investor Luke Nosek, who owns 33 million shares, and COO Gwynne Shotwell, who holds nearly 12.6 million shares.
- He has closely covered the rise of the private space industry and is the author of Rocket Billionaires: Elon Musk, Jeff Bezos and the New Space Race.
Stats & Key Facts
- #SpaceX priced its initial public offering at $135 per share, selling 555.6 million shares to raise roughly $75 billion.
- #That makes it the largest IPO in history, far surpassing the $24.9 billion Saudi Aramco raised in 2019.
- #The space and AI company, formally Space Exploration Technologies Corp., trades on Nasdaq under the ticker SPCX at a valuation near $1.77 trillion, and the deal positions Elon Musk to become the world's first trillionaire.
- #For once, SpaceX is ahead of schedule: Elon Musk's space and AI conglomerate officially confirmed that it has raised $75 billion from the sale of its shares to its underwriters, who are set to begin marketing the company on the Nasdaq stock exchange Friday.
Wits its official share pricing announcement, SpaceX's IPO has begun. For once, SpaceX is ahead of schedule: Elon Musk's space and AI conglomerate officially confirmed that it has raised $75 billion from the sale of its shares to its underwriters, who are set to begin marketing the company on the Nasdaq stock exchange Friday. SpaceX priced its 555.6 million shares at $135 each, the company said in an update on its website .
That makes SpaceX officially the largest IPO in history, easily eclipsing the $24.9 billion in funds raised by Saudi Aramco during its 2019 public markets debut. At this price, the deal also looks set to make Musk the world's first trillionaire. The company, officially known as Space Exploration Technologies Corp., will trade under the SPCX ticker symbol.
While IPO pricing typically works itself out as markets open, SpaceX took an unusual approach in setting the price well in advance. The company was testing its $ target with investors before its official roadshow started, the Financial Times reported . And that offering, which eschewed traditional IPO pricing practices, attracted four times the available shares, per Bloomberg .
For more details please read the original article at TechCrunch AI.
Continue Learning
Comments
Comments appear only after moderation. Your email identifies your submission to the moderator and is never displayed here.
No approved comments yet.