SpaceX confirms historic IPO, eyes record $75 billion raise

Elon Musk's SpaceX is set to make history with its initial public offering on the Nasdaq exchange, a debut poised to be the largest in history and potentially elevate the entrepreneur to trillionaire status. The company priced over 555 million shares at $135 each, valuing SpaceX at just under $1.8 trillion, surpassing even Musk's Tesla car company, Meta, and Walmart in market capitalization.

The blockbuster offering aims to raise a record $75 billion, significantly outranking Saudi Aramco's previous record of $29.4 billion. Underwriters have an option to purchase nearly 83 million additional shares, which could push the total raised to over $86 billion. SpaceX, co-founded by Musk in 2002, will trade under the ticker symbol "SPCX," with a parallel listing on Nasdaq Texas.

This IPO marks Musk's most significant financial gamble, as it incorporates his xAI company and the X social media platform (formerly Twitter) into the offering. The success hinges on investor confidence in Musk's vision, with the tech billionaire serving as CEO, CTO, and board chairman. The offering is expected to create thousands of new millionaires and billionaires among current and former employees and investors.

Goldman Sachs, Morgan Stanley, and Bank of America are leading a syndicate of over 20 banks managing the deal. The offering was reportedly more than four times oversubscribed by major institutions, with high interest from retail investors, who will receive over 20 percent of the shares, a larger proportion than typical for IPOs. This allocation offers Musk's fans a chance to invest in the company.