SpaceX Is Said to Target $75 Billion in IPO at $135 Per Share

(Bloomberg) — SpaceX is planning to offer shares ​at $135 apiece to raise $75 ​billion in its ⁠initial public ​offering, according to people familiar with the matter, departing from expectations by setting a fixed price more than a week before the expected trading.

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Elon Musk’s rocket, satellite and artificial intelligence company aims to sell 555.6 million shares in the offering, the people said. Deliberations are ongoing and details of the IPO could still change before the terms are disclosed as soon as Wednesday, or even during the marketing process, they said, asking not to be identified as the information isn’t public.

The move adds to the unconventional aspects of a deal that’s set to be the biggest ever listing. Most companies listing in the US typically announce a price range before marketing shares during investor presentations, with only a handful of tiny firms opting for a fixed price. Such offerings are more common in Europe and Asia. The Hut Group raised $2.5 billion in a London IPO in 2020.

Reuters reported the details of SpaceX’s terms on Tuesday. A representative for SpaceX didn’t respond to a request for comment.

SpaceX’s IPO is among the most closely watched public listings globally. Its rapid march to market after confidentially filing in March — and then publicly last month — comes as investors closely monitor a pipeline of potential offerings from other high-profile technology companies.

The company is targeting a valuation of at least $1.8 trillion in the offering, Bloomberg has reported.

“From a valuation perspective, it’s definitely not cheap,” said Fabien Yip, market analyst at IG International. “Investors are buying into hopes of the company’s exponential growth in the future given it’s not yet profitable.”

AI rivals OpenAI and Anthropic PBC look to forge ahead with listings of their own, while Alphabet Inc. — which has its own large language models and AI infrastructure businesses — revealed plans for a record $80 billion equity offering on Monday.

The SpaceX deal would more than double the $29.4 billion record for the largest ever IPO set by Saudi Aramco in 2019.

SpaceX is expected to start formal marketing on June 4 and price as early as June 11, Bloomberg News has reported. The timetable could still slip by a matter of days.

“It may be a stretch to achieve the valuation they want even with very generous multiples,” said Vey-Sern Ling, managing director at Union Bancaire Privee. “But the current environment is supportive of all things tech-related and the market has always given Elon Musk the benefit of the doubt.”

The fundraising comes as SpaceX negotiates to pay razor-thin fees to the Wall Street firms, though banks are still likely to rake in about $500 million.

More than 1,000 current and former SpaceX employees have also joined forces to negotiate better pricing and access to sophisticated tax-saving financial products ahead of the IPO, which is poised to turn many of them into multimillionaires, Bloomberg has reported.

The group has considered more than 20 financial advisers and private banks, according to a May document reviewed by Bloomberg. The document said they were “leveraging collective power” to secure significantly lower fees for financial advice, paying less than 0.5% on all assets under management, rather than the traditional 1% fee.

Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. are leading the SpaceX IPO along with 18 other banks. The company, known formally as Space Exploration Technologies Corp., expects to make its debut on Nasdaq and Nasdaq Texas under the symbol SPCX.

–With assistance from Jeanny Yu, Winnie Hsu, Karen Leigh, Bre Bradham and Young-Sam Cho.

(Updates to cite people familiar throughout.)

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