SpaceX blasts past records with $74.4B IPO
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SpaceX has set the price of its initial public offering at $135 per share, valuing the aerospace and artificial intelligence company at $1.77 trillion and positioning it for the largest IPO in history.
At the offering price, the company is expected to raise $74.4 billion, surpassing the previous IPO record held by Saudi Aramco, which raised more than $29 billion when it went public in 2019. The valuation is also more than 40 percent higher than the $1.25 trillion valuation SpaceX assigned itself earlier this year. The company is expected to begin trading on the Nasdaq next week under the ticker symbol SPCX.
The offering could further cement the fortune of Elon Musk, who controls roughly half of SpaceX. At the IPO price, his stake would be worth more than $752 billion, potentially putting him on track to become the world's first trillionaire if the company's share price rises significantly after listing. SpaceX reported revenue of $18.7 billion last year, up 33 percent from the previous year, although it posted a $4.9 billion loss due largely to increased investments in artificial intelligence. Analysts say the blockbuster IPO could pave the way for other major public offerings from AI companies including OpenAI and Anthropic.