SpaceX aims to make its stock market debut at $1.77 trillion value

Elon Musk’s SpaceX announced Wednesday that it intends to make its stock market debut next week at a $1.77 trillion valuation.

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The highly-anticipated initial public offering is expected to be the largest ever and will raise $75 billion in fresh cash for the company. SpaceX said in an SEC filing that it hopes to sell more than 555 million shares at $135 each.

Musk is the chief executive officer, chief technical officer and chairman of the company, After the IPO he “will hold approximately 82.4% of the voting power of our common stock,” SpaceX said in the filing.

If that $135 share price holds up through the company’s debut on the Nasdaq, likely in about a week, it could make Musk the world’s first trillionaire.

The final price at which SpaceX’s shares will begin trading has not yet been set yet, however.

The company plans to use the funds raised through the offering to invest in its many businesses. In recent months, SpaceX expanded into a number of non-space industries when it acquired Musk’s xAI artificial intelligence company, which also owns the social media network X.

SpaceX will also instantly become one of the largest public companies in the world when it begins trading. At the $1.77 trillion value, it would rank it as the seventh-largest publicly traded company in the world.

SpaceX will also be Musk’s second trillion-dollar public company. His first, Tesla, was worth $1.6 trillion at the close of trading on Wednesday.

The particular way that Musk and SpaceX are beginning to shop around the IPO is very unusual.

Typically, a company proposes a price range at which it wants to sell its shares. Then, the evening before trading commences, the company nails down a final price around that range.

But in Wednesday’s filing, SpaceX offered only the fixed $135 price.

Given Musk’s global name recognition, the offering may require very little in the way of marketing it to prospective investors, unlike many other IPOs.

The company says it anticipates offering individual retail investors the chance to buy shares when it debuts through trading platforms, including Schwab, Fidelity, Robinhood, SoFi and E*Trade.