SpaceX shares have begun trading at $135

SpaceX has confirmed the raising of $75 billion from the sale of shares to underwriters — trading on the Nasdaq exchange will begin this Friday, June 12. Elon Musk’s company placed 555.6 million shares at $135 each, officially making this IPO the largest in history — Saudi Aramco raised $24.9 billion in 2019, and this record has been broken by a wide margin. At this valuation, Musk could become the world’s first trillionaire.

The company, officially known as Space Exploration Technologies Corp., will trade under the ticker SPCX.

SpaceX took an unconventional step by fixing the offering price in advance — even before the start of the official roadshow, the company tested the $135 mark among investors.

With the start of active trading, the share price may rise or fall. According to available data, large institutional investors and private buyers are lining up for the securities of the 24-year-old company.

If the oversubscription turns out to be as expected, underwriters will be able to issue an additional 83.3 million shares — that’s another $11 billion at the opening price.

The crypto platform Hyperliquid values the shares at $167 — market participants are pricing in a classic 20% increase on the first day of trading.

In the long term, the question remains open: will SpaceX be able to justify its valuation. The company’s list of ambitious engineering projects — from the world’s largest reusable rocket to a new chip manufacturing facility — looks quite impressive.

The main beneficiary of the offering will be Musk himself. He owns nearly 850 million Class A shares, each with one vote, as well as 5.6 billion Class B shares with 10 votes each — including one billion shares tied to the condition that one million people will one day settle in a SpaceX colony on Mars.

Antonio Gracias, founder and CEO of Valor Management, will receive 503.4 million shares — his stake is valued at nearly $68 billion at the IPO price. Among other major shareholders are board member Luke Nosek with 33 million shares and COO Gwynne Shotwell with nearly 12.6 million shares.

Significant benefits will also accrue to about 400 venture investors who have supported the company over two decades — during this time, SpaceX has attracted approximately $40 billion in private capital.

Small investors who invested in SpaceX through special investment vehicles may also expect to multiply their investments. However, due to the complexity of such structures, some of them will not learn the exact size of their profits until the end of the phased lock-up period.

Source: content.spacex.com