Elon Musk’s SpaceX has set a fixed price of $135 U.S. per share for its upcoming initial public offering (IPO).
The commercial space company plans to sell 555.6 million shares, which would raise $75 billion U.S. based on the IPO price.
At the $135 U.S. per share price, SpaceX will be valued at $1.77 trillion U.S., making it the biggest market debut for a company in Wall Street’s history.
Musk, who founded SpaceX and remains its CEO, will own 82% voting control of the company and the IPO is expected to push his net worth past $1 trillion U.S.
Underwriters on the deal, which includes Wall Street investment banks Goldman Sachs (GS) and Morgan Stanley (MS), have an option to purchase an additional 83.33 million shares at the IPO price, amounting to $11.20 billion U.S.
The valuation of $1.77 trillion U.S. will make SpaceX the seventh-biggest company in the U.S. by market capitalization upon its market debut.
SpaceX will be bigger and more valuable than Elon Musk’s other publicly traded company, electric vehicle maker Tesla (TSLA), which is valued at $1.33 trillion U.S.
SpaceX is planning to debut on the Nasdaq (NDAQ) stock exchange on June 12 under the ticker symbol “SPCX.”
Tech Insider
