JAKARTA - SpaceX, the space company owned by Elon Musk, is targeting a debut on the stock exchange with a valuation of US$1.77 trillion. If it goes according to plan, this initial public offering could be the largest IPO in history.
Quoted from NBC News, Thursday, June 4, SpaceX stated in a document to the Securities and Exchange Commission (SEC) that the company wants to sell more than 555 million shares at a price of US$135 per share.
From the offering, SpaceX has the potential to raise fresh funds of US$75 billion. The funds will be used to support various business activities of the company.
Valuation is the estimated value of a company. With a valuation of US$1.77 trillion, SpaceX will immediately enter the ranks of the largest public companies in the world if it is officially listed on the exchange.
Musk currently serves as CEO, Chief Technical Officer, and chairman of SpaceX. After the IPO, he is said to still control about 82.4 percent of the company's ordinary share voting rights. Voting rights are the authority of shareholders to determine important company decisions.
If the price of US$135 per share holds when it starts trading on the Nasdaq, Musk has the opportunity to become the first person in the world with a fortune of US$1 trillion. However, the final price of SpaceX shares has not been set.
In recent months, SpaceX has also expanded its business beyond the space sector. The company acquired xAI, Musk's artificial intelligence company which also owns the social media platform X.
According to NBC News, SpaceX's way of marketing this IPO is unusual. Generally, companies offer a price range first before setting the final price before trading begins. SpaceX instead immediately listed a fixed price of US$135 per share.
Musk's big name makes this offering expected to not require as much marketing as a general IPO.
SpaceX is also opening up the opportunity for retail investors to buy shares at the debut through platforms such as Schwab, Fidelity, Robinhood, SoFi, and E*Trade. Retail investors are individual investors, not large institutions.
If this debut is realized according to the valuation targeted, SpaceX will become Musk's second public company valued at over US$1 trillion after Tesla. At Wednesday's closing, Tesla was valued at around US$1.6 trillion.
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