SpaceX が株式を 135 ドルに設定、史上最大規模の IPO を実施

For once, SpaceX is ahead of schedule: Elon Musk’s space and AI conglomerate officially confirmed that it has raised $75 billion from the sale of its shares to its underwriters, who are set to begin marketing the company on the Nasdaq stock exchange Friday.

SpaceX priced its 555.6 million shares at $135 each, the company said in an update on its website. That makes SpaceX officially the largest IPO in history, easily eclipsing the $24.9 billion in funds raised by Saudi Aramco during its 2019 public markets debut. At this price, the deal also looks set to make Musk the world’s first trillionaire.

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

While IPO pricing typically works itself out as markets open, SpaceX took an unusual approach in setting the price well in advance. The company was testing its $135 share target with investors before its official roadshow started, the Financial Times reported. And that offering, which eschewed traditional IPO pricing practices, attracted four times the available shares, per Bloomberg.

As active trading gets underway tomorrow, SpaceX’s share price may sink or rise. But anecdotal reports suggest that big institutional investors and individual buyers are lining up to purchase shares in the 24-year-old technology company.

If the sale is as oversubscribed as the talkative bankers make it out to be, they have an option to bring an additional 83.3 million shares to market, which would raise another $11 billion at the company’s opening price.

Hyperliquid, a crypto betting market that attempts to offer synthetic exposure to SpaceX stock, currently prices the shares at $167, suggesting that market participants expect a classic 20% IPO pop on the first day of trading.

In the longer term, there are big open questions about how SpaceX will be able to justify its eye-popping valuation. The company’s outstanding engineering projects, from the world’s largest reusable rocket to a new American chip fab, fill up a daunting to-do list.

The biggest beneficiary of the offering is Musk himself. He owns just under 850 million Class A shares entitled to 1 vote per share. He is also entitled to another 5.6 billion Class B shares, which comes with 10 votes per share and includes the billion shares contingent on a long-shot bet that a million people will end up living in a SpaceX colony on Mars.

The listing will deliver Antonio Gracias, founder and CEO of Valor Management, 503.4 million shares, putting the value of his position at nearly $68 billion at the IPO price. Other major shareholders poised to gain from the historic offering include SpaceX board member and investor Luke Nosek, who owns 33 million shares, and COO Gwynne Shotwell, who holds nearly 12.6 million shares.

The IPO will also deliver significant windfalls to many of the roughly 400 venture capitalists who backed the company during its two decades as a private entity, a period in which it raised about $40 billion in private capital.

Additionally, a massive pool of smaller investors who backed SpaceX via special purpose vehicles (SPVs) are also set to see their initial capital multiply. However, due to the complexities of these vehicles, some may not know the exact magnitude of their gains for months after SpaceX make its public market debut.

Additionally, an uncountable number of smaller investors who invested in SpaceX via special purpose vehicles (SPVs) may also see their original money multiplied. However, some of these investors won’t know the magnitude of their gains or whether they are entitled to them until after the company’s staggered lock-up period expires.

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Tim Fernholz is a journalist who writes about technology, finance and public policy. He has closely covered the rise of the private space industry and is the author of * Rocket Billionaires: Elon Musk, Jeff Bezos and the New Space Race.* Formerly, he was a senior reporter at Quartz, the global business news site, for more than a decade, and began his career as a political reporter in Washington, D.C.

You can contact or verify outreach from Tim by emailing tim.fernholz@techcrunch.com or via an encrypted message to tim_fernholz.21 on Signal.

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Marina Temkin is a venture capital and startups reporter at TechCrunch. Prior to joining TechCrunch, she wrote about VC for PitchBook and Venture Capital Journal. Earlier in her career, Marina was a financial analyst and earned a CFA charterholder designation.

You can contact or verify outreach from Marina by emailing marina.temkin@techcrunch.com or via encrypted message at +1 347-683-3909 on Signal.

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