Key facts
- SpaceX priced its record-breaking IPO at $135 per share, raising $75 billion.
- The company's valuation reached $1.77 trillion, the largest for a U.S. IPO.
- Elon Musk will retain 82% ownership of SpaceX after the offering.
- SpaceX shares are set to begin trading on the Nasdaq on Friday.
- BlackRock sought to invest at least $5 billion in the IPO.
- SpaceX's $75 billion IPO is the largest in history, surpassing Saudi Aramco's 2019 listing.
- OpenAI and Anthropic have also filed confidentially for U.S. IPOs.
SpaceX priced its initial public offering at $135 per share, raising a record $75 billion and valuing the company at $1.77 trillion. The IPO, scheduled to begin trading on the Nasdaq on Friday, is the largest in U.S. history. Elon Musk will retain 82% control of the company following the offering.
BlackRock reportedly sought to purchase at least $5 billion in shares for the IPO. The offering's structure includes allocating 30% of shares to retail buyers and setting the price before traditional roadshow negotiations. SpaceX has also entered into a multiyear cloud services agreement with Alphabet's Google.
Analysts question the justification for SpaceX's lofty valuation, which surpasses that of major companies like JPMorgan Chase, Berkshire Hathaway, Meta Platforms, and Tesla. The company's revenue is significantly outpaced by other mega-cap firms, and it reported a loss last year. The previous largest IPO was Saudi Aramco in 2019.
Elon Musk is also slated to speak virtually at an ASML technology event regarding his chipmaking plans, amidst discussions about his financial status and engagement in online culture wars.