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SpaceX has officially confirmed that it has raised $75 billion from the sale of its shares. Thus, Elon Musk’s space and AI conglomerate has outpaced even its own schedule of preparations for the public market. The company announced on its website that it had valued 555.6 million shares at $135 per share. This officially makes SpaceX the record holder among IPOs, as the figure significantly surpassed the results of the previous leader, Saudi Aramco, which raised $24.9 billion during its public market debut in 2019.
At this valuation, the deal could also bring Elon Musk closer to becoming the world’s first trillionaire. The company, officially called Space Exploration Technologies Corp. will trade under the ticker symbol SPCX.
Although the share price during an IPO is usually finalized after the market opens, SpaceX took an unusual approach and determined the share price long before the start of trading. According to the Financial Times, the company tested the level of $135 per share among investors even before the start of the official roadshow. According to Bloomberg, demand was four times higher than the number of available shares.
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After active trading begins, SpaceX ‘s share price may either decline or rise. At the same time, unofficial data indicate significant interest in buying shares in the 24-year-old technology company from both large institutional investors and private buyers. If the demand is as high as bankers claim, the company will be able to bring an additional 83.3 million shares to the market. With this starting price, it will raise about $11 billion more.
In the long run, the question remains how SpaceX will be able to justify its extremely high market valuation. The company is implementing a number of large-scale engineering projects, from the world’s largest reusable rocket to a new American chip manufacturing facility, which creates an extremely ambitious list of tasks.
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Elon Musk himself will be the biggest beneficiary of the offering. He owns just under 850 million Class A shares, each of which carries one vote. In addition, he owns another 5.6 billion Class B shares, which provide ten votes per share. This number includes a billion shares, which are contingent on the realization of an ambitious scenario in which a million people will live in a SpaceX colony on Mars.
After the IPO, Valor Management founder and CEO Antonio Gracias will receive 503.4 million shares, which at the offering price values his stake at almost $68 billion. Other major shareholders who will benefit from the historic offering include SpaceX board member and investor Luke Nosek, who owns 33 million shares, and COO Gwynne Shotwell, who has about 12.6 million shares.
The IPO will also bring significant returns to many of the approximately 400 venture capitalists who have supported the company during its two decades as a private business. During this period, SpaceX has raised about $40 billion in private capital. In addition, numerous small investors who have invested in SpaceX through specialized SPV investment structures will receive substantial returns.
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