SpaceX says it plans to raise up to $75 billion when it goes public this month, paving the way for the biggest stock market debut ever and putting Elon Musk on track to become the world’s first trillionaire.
New York — SpaceX says it plans to raise up to $75 billion when it goes public this month, paving the way for the biggest stock market debut ever and putting Elon Musk on track to become the world’s first trillionaire.
The company, formally known as Space Exploration Technologies Corp, said Wednesday it would sell 555.6 million shares at $135 apiece. The bid would give SpaceX a market value of $1.77 trillion. Only six companies in S&The P 500 is currently worth more than that, with Nvidia worth $5.2 trillion.
Musk will not sell any of his shares in the offering, and will receive 82.4% of the voting power in SpaceX.
Forbes currently estimates Musk’s net worth at $825 billion and his stake in SpaceX at $542 billion.
The estimated proceeds from SpaceX’s IPO will easily exceed the $26 billion raised by oil giant Saudi Aramco in 2019.