SpaceX, owned by American businessman Elon Musk, confirmed the pricing of its initial public offering (IPO) at $135 per share, raising approximately $75 billion and setting the stage for the company's stock market debut on Friday.
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SpaceX stated that it sold around 555.6 million shares at the offering price, giving the company a market capitalization of approximately $1.77 trillion.
This valuation will make Musk the first person to surpass a net worth of $1 trillion, based on the value of his stakes in SpaceX and the electric vehicle manufacturer Tesla.
SpaceX's financial results stand in sharp contrast to its market capitalization, highlighting investor expectations for future growth; the company reported a net loss of nearly $5 billion last year on revenues of $18.67 billion.
A significant portion of the spending was directed toward the development of the company's giant "Starship" rocket. The primary source of revenue for SpaceX is its "Starlink" satellite internet business, and the company has also promoted artificial intelligence and space-based data infrastructure as future growth opportunities.
Musk will retain control of SpaceX after the listing through shares carrying enhanced voting rights, leaving him with more than 80 percent of the voting power.
In contrast to most initial public offerings, SpaceX determined the offering price itself in advance. Typically, companies market shares within a price range and determine the final price based on investor demand. — (News Agencies)
