SpaceX (NASDAQ:SPCX) has secured $75 billion (£56 billion) from investors ahead of its highly anticipated stock market debut, paving the way for what is expected to be the largest public listing ever completed.
Regulatory filings submitted to the US Securities and Exchange Commission show the company sold shares at $135 each, generating $75 billion in fresh capital. The pricing aligns with guidance provided last week and places SpaceX’s valuation at nearly $1.8 trillion before trading begins.
That valuation could make Elon Musk the world’s first trillionaire on paper, further extending his lead as the richest individual globally. The company’s ultimate market value, however, will be determined once investors begin actively trading the stock.
Should shares hold at or above the IPO price when markets open on Friday, SpaceX would immediately join the ranks of the world’s most valuable listed corporations.
Analysts See Further Upside
Investor enthusiasm for the offering remains strong, with demand expected from both major institutions and retail traders. Some Wall Street analysts have already projected prices well above the IPO level.
Oppenheimer said this week that it believes SpaceX shares could climb to $190, reflecting confidence in the company’s long-term growth prospects.
A Journey from Rocket Failures to Industry Leader
Tom Mueller, SpaceX’s first employee and now chief executive of Impulse Space, reflected on the company’s transformation in comments to the BBC.
“It’s unbelievable” to see how far the company has come, Mueller said, recalling the early days of engine tests, launch setbacks and eventual success.
“It’s just been an incredible ride,” he said.
Mueller left SpaceX in 2020 but remains financially invested in the company.
Public Listing Closely Watched Across Tech Sector
The IPO is expected to provide a valuable benchmark for other high-profile private companies considering public offerings, particularly in the artificial intelligence sector.
Anthropic and OpenAI have both indicated they are preparing for potential stock market debuts, making SpaceX’s performance a closely watched indicator of investor appetite for large-scale technology listings.
Musk’s Voting Power Remains Intact
Although SpaceX is entering public markets, Musk will retain firm control through the company’s dual-class share structure. His holdings represent roughly 40% of the equity while giving him more than 84% of shareholder voting rights.
The arrangement exceeds the level of control maintained by many other technology founders, including Meta chief executive Mark Zuckerberg.
Legal experts note that Musk’s voting influence would remain largely unchanged even if he reduced his economic stake in the company, thanks to the enhanced rights attached to his Class B shares.
Governance Concerns Draw Attention
The concentration of voting power has raised governance concerns among some analysts, who argue that minority shareholders will have limited influence over major corporate decisions.
Those concerns include the potential for transactions involving Musk’s other businesses. SpaceX has already acquired xAI, Musk’s artificial intelligence venture, which had previously taken ownership of social media platform X following its evolution from Twitter.
More about SpaceX
SpaceX is a US aerospace and technology company founded by Elon Musk in 2002. The company develops reusable rockets, satellite communications systems and advanced artificial intelligence technologies. Its flagship programmes include the Falcon launch vehicles, Starship spacecraft and the Starlink satellite network, with the long-term goal of enabling human settlement beyond Earth.
Leave a Reply