SpaceX targets biggest ever stock market debut, putting Musk on course to be trillionaire
Summary
SpaceX plans to raise about $75 billion by selling shares in a stock market debut next week, which would be the largest ever initial public offering (IPO). If successful, the company would be valued at $1.77 trillion, and Elon Musk could become the first trillionaire.Key Facts
- SpaceX will sell 555.6 million shares at $135 each in its IPO.
- The company's market value would reach $1.77 trillion after the IPO.
- Elon Musk will keep 82.4% of the voting power and is not selling his shares.
- SpaceX was founded in 2002 and works on rockets, satellites, and artificial intelligence.
- NASA relies on SpaceX rockets for most of its launches.
- SpaceX recently acquired Musk’s AI company xAI to support solar-powered infrastructure for AI.
- The IPO involves 23 banks, including Goldman Sachs as lead bank and others like JP Morgan and Morgan Stanley.
- Investors and pension funds are expected to be exposed to SpaceX stock due to its large size in the S&P 500 index.
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