New York: The SpaceX IPO raised a record $75 billion after the company priced 555.56 million shares at $135 each, valuing Elon Musk’s rocket and satellite firm at about $1.77 trillion.
Axios reported that SpaceX is set to begin trading on the Nasdaq under the ticker “SPCX.” MarketWatch also reported the $135 price, the 555.56 million-share offering, and the $1.77 trillion valuation.
The offering would make SpaceX one of the largest US-listed companies by market value. The company would rank seventh among US-listed firms when trading begins.
Forbes Wealth Deputy Editor Matt Durot said Musk’s wealth stood near $780 billion before the share sale.
A Reuters source said his net worth would exceed $1.1 trillion once SpaceX stock begins trading.
Most of Musk’s wealth is now tied to SpaceX, where his stake is valued at about $866 billion. Musk also controls major holdings linked to Tesla and other ventures.
Read: SpaceX IPO Set At $135 With $1.77 Trillion Value
Renaissance Capital Senior Strategist Matt Kennedy said SpaceX’s market value would push traditional valuation models aside and reflect what investors call the “Elon Musk premium.”
SpaceX lost money last year, though investor demand remained strong because of its rocket, satellite and artificial intelligence businesses. It said analysts still questioned whether the valuation was justified.
