SpaceX prices 555.6 million shares at $135, marking the largest IPO in history
SpaceX set the price of its 555.6 million shares at $135 each, raising $75 billion and becoming the biggest initial public offering on record.
Space Exploration Technologies Corp. announced that it has priced 555.6 million shares at $135 each, generating $75 billion in proceeds from underwriters. The company will list on the Nasdaq under the ticker SPCX, and the offering is expected to be the largest IPO ever, surpassing the $24.9 billion raised by Saudi Aramco in 2019.
The pricing was determined before the formal roadshow, with the firm testing the $135 target with investors in advance, according to the Financial Times. Bloomberg reported that demand for the shares reached four times the amount offered.
If the offering is fully subscribed, underwriters may issue an additional 83.3 million shares, potentially adding $11 billion to the proceeds at the same price.
Elon Musk holds just under 850 million Class A shares and is entitled to 5.6 billion Class B shares, which carry ten votes each. Antonio Gracias, founder and CEO of Valor Management, will receive 503.4 million shares valued at about $68 billion at the IPO price. Other notable shareholders include board member Luke Nosek, with 33 million shares, and COO Gwynne Shotwell, with roughly 12.6 million shares.
The IPO also benefits the roughly 400 venture-capital firms that have invested in SpaceX over two decades, as well as smaller investors who participated through special-purpose vehicles, though the exact size of their gains may not be known immediately.
