JAKARTA - SpaceX has set a new record in the global capital market. Citing TechCrunch, Friday, June 12, Elon Musk's space and technology company set the initial share price at US$135 per share and raised US$75 billion.
The value makes SpaceX's IPO the largest in history. The figure far exceeds the Saudi Aramco IPO in 2019 which reaped US$24.9 billion.
SpaceX, whose official name is Space Exploration Technologies Corp., will trade on the Nasdaq under the stock code SPCX. The company issued 555.6 million shares in the initial offering.
SpaceX's move is unusual. Usually, the IPO price is set close to the opening of trading. SpaceX actually set a price earlier. The Financial Times reported that the target of US$135 per share had been tested on investors before the official roadshow began.
The market response was huge. Bloomberg said investor demand was four times the number of shares available. If the interest persists, the underwriters still have the option to release an additional 83.3 million shares. It is worth about US$11 billion at the opening price.
Market expectations are also seen from Hyperliquid, a crypto market that offers synthetic exposure to SpaceX shares. Simply put, investors can bet on the price movement of SpaceX shares without actually holding the shares.
On the platform, SpaceX shares are valued at around US$167. The figure signals the market is forecasting a surge of around 20 percent on the first day of trading.
However, expensive prices always bring expensive questions. After entering the stock exchange, SpaceX is no longer judged only by its Mars dreams, rockets, and technological sophistication. The company must prove that its fantastic valuation has a strong business footing.
According to TechCrunch, SpaceX is still carrying a list of major projects. From the development of the world's largest reusable rocket to a new chip production facility in the United States. The ambition is high. The risk of execution is also not small.
The biggest beneficiary of this IPO is Elon Musk. He owns nearly 850 million Class A shares with one vote per share. Musk is also entitled to about 5.6 billion Class B shares with 10 votes per share.
Inside the package is one billion shares that depend on a very ambitious target: one million people living on a SpaceX colony on Mars. This target sounds like a science fiction story. But the market still gives a very expensive price on that opportunity.
In addition to Musk, Antonio Gracias, founder and CEO of Valor Management, will hold 503.4 million shares. At the IPO price, it is worth almost US$68 billion. Other names that benefited from the surge in value are Luke Nosek, a board member and SpaceX investor, with 33 million shares, and COO Gwynne Shotwell with almost 12.6 million shares.
This IPO is also big news for the approximately 400 venture capitalists who have supported SpaceX for two decades as a private company. During that time, SpaceX is said to have raised around US$40 billion in private capital.
Small investors who enter through special purpose vehicles or SPVs also have the opportunity to enjoy an increase in investment value. SPV is a special investment vehicle that is usually used to collect funds from many investors to one asset or company.
However, the structure is not simple. Some investors may only know the exact value of their profits after the lock-up period for shares ends.
At that price, SpaceX now bears the burden of proving that its ambitions for rockets, satellites, chips, and Mars colonies are not just a big story, but a business worth that much.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
