Space Exploration Technologies Corp. (SpaceX), led by Elon Musk, has set the price for its initial public offering (IPO), boosting Musk’s net worth to nearly $970 billion. The IPO, priced at $135 per share, raised about $75 billion, making it the largest in history and valuing SpaceX at around $1.77 trillion. The company is set to trade on Nasdaq under the symbol ‘SPCX’.
The IPO is expected to increase Musk’s wealth by approximately $275 billion, bringing his net worth close to $970 billion. Musk’s SpaceX holdings, including options, are valued at around $688 billion at the IPO price. Musk beneficially owns 849.49 million Class A shares and 5.57 billion Class B shares, totaling about 6.42 billion shares across both classes as of May 1.
Before the offering’s completion, Musk controls roughly 85% of the company’s voting power through SpaceX’s dual-class structure, where Class B shares hold ten votes each compared to one vote for each Class A share. Regulatory filings also revealed significant insider holdings within the company’s leadership and board.
Established by Musk in 2002, SpaceX has emerged as a leading aerospace firm globally with its Falcon 9 and Falcon Heavy reusable rockets, Dragon spacecraft, and Starship launch program. The company’s expansion into satellite internet with Starlink has further solidified its position in the industry. The IPO listing is anticipated to be a pivotal moment for public markets, potentially sparking a new wave of large technology IPOs in the near future.
