New York (AP) — SpaceX is gearing up for a record-breaking stock market entry this month, targeting up to $75 billion. This move sets up a historic debut and positions Elon Musk as potentially the world’s first trillionaire.
SpaceX, officially known as Space Exploration Technologies Corp., announced it will issue 555.6 million shares at $135 each. The sale targets a market valuation of $1.77 trillion, making SpaceX one of the top companies in the S&P 500, alongside giants like Nvidia, currently valued at $5.2 trillion.
Beyond the IPO size, SpaceX updated its prospectus to explain Elon Musk’s control over the company. As CEO, chief technical officer, and chairman, Musk’s influence derives from his 5.22 billion Class B shares. Each share grants 10 votes, accounting for 82.4% of the company’s voting power.
Forbes estimates Musk’s net worth at $826 billion, with his SpaceX stake valued at $542 billion. The anticipated proceeds from the IPO surpass the $26 billion raised by Saudi Aramco in 2019.
SpaceX’s prospectus stands out from typical IPO documents. It vividly outlines plans to use the capital for ambitious projects. The company aims to establish a human presence on the moon and potentially Mars. It envisions a colony of one million people on Mars, driven by concerns over existential threats facing humanity.
This significant public offering comes as the market anticipates other major entries. Earlier this week, Anthropic filed confidential IPO documents with the U.S. Securities and Exchange Commission. Meanwhile, an IPO from OpenAI, known for ChatGPT, is widely anticipated, though no formal SEC filing has been reported yet.
Report by Matt O’Brien contributed.