SpaceX, Elon Musk’s rocket, space, and artificial intelligence company, is seeking to raise an unprecedented US$75 billion in an initial public offering, poised to become the largest IPO ever recorded. The company filed details with the US Securities and Exchange Commission, targeting a historic market debut. SpaceX is an aerospace manufacturer and space transportation services company, renowned for pioneering reusable rockets and developing its Starlink satellite internet constellation.
The proposed listing involves marketing approximately 555.6 million shares at US$135 each, which would value SpaceX at almost US$1.77 trillion based on outstanding shares. This colossal offering would comfortably surpass Aramco’s 2019 record of US$29.4 billion and could pave the way for other significant tech listings, including OpenAI and Anthropic. Proceeds from the offering are earmarked for funding the expansion of SpaceX’s AI, rocket launch, and satellite infrastructure, alongside repaying a substantial portion of a US$20 billion bridge loan.
The IPO structure is set to cement Mr. Musk’s extensive control over SpaceX, with his special class of shares granting him 84.4 per cent of the voting power post-listing. Critics, including the Alliance to Protect Shareholder Value, have raised concerns over governance policies and potential impacts on shareholder protections. SpaceX plans to leverage the capital for ambitious ventures such as orbital AI compute, direct-to-cell wireless services, and AI semiconductor production. The formal marketing process is expected to commence shortly, with pricing anticipated as early as June 11. A syndicate of leading financial institutions including Goldman Sachs and Morgan Stanley are leading the deal, with SpaceX intending to list on Nasdaq under the symbol SPCX.
