Elon Musk’s SpaceX eyes $1.77tn valuation ahead of historic IPO

Elon Musk’s rocket company SpaceX is targeting a valuation of nearly $1.8 trillion in its blockbuster initial public offering (IPO), paving the way for the largest stock market debut in history. In a filing with the US Securities and Exchange Commission on Wednesday, SpaceX said that it plans to sell 555.6 million shares at $135 apiece, raising approximately $75bn. Recommended Stories list of 4 items end of list The eye-popping valuation would make SpaceX the world’s seventh-largest company by market capitalisation, ahead of Musk’s electric vehicle maker Tesla and social media giant Meta, and just behind Taiwanese chipmaker TSMC. It would also eclipse energy giant Saudi Aramco’s 2019 debut, which raised $26bn at a valuation of $1.7 trillion. Musk, who holds a roughly 42 percent stake in SpaceX, is poised to become the world’s first trillionaire upon the company’s debut on the New York-based Nasdaq stock exchange on June 12. Despite the public listing, Musk will retain effective control of SpaceX with more than 82 percent of voting rights, the result of a dual-class stock structure that grants certain shares 10 votes instead of one. The Texas-based firm’s decision to set a specific share price ahead of its IPO marks a break from usual practice. Companies preparing for a public listing usually announce a preliminary price range that can be adjusted based on investor interest. …