SpaceX prices record IPO that could make Musk a trillionaire

Elon Musk’s SpaceX on Thursday confirmed it will begin trading on the Nasdaq exchange Friday in the biggest initial public offering in history, a blockbuster market debut that could propel the entrepreneur to trillionaire status.

In a filing with the US markets regulator, the company priced more than 555 million shares at US$135 each, placing SpaceX in the top 10 of Wall Street’s biggest companies with a valuation of just under US$1.8 trillion.

It will be valued more than Musk’s own Tesla car company, Facebook-owner Meta and Walmart.

The offering will raise a record US$75 billion, easily outranking Saudi Aramco’s US$29.4 billion debut in 2019, until now the biggest ever.

Underwriters hold an option to buy nearly 83 million additional shares, which would push the total above US$86 billion if exercised in full.

The space and rocket company, co-founded by Musk in 2002, will trade under the ticker symbol “SPCX”, with a parallel listing on Nasdaq Texas. All eyes will be on how Wall Street absorbs the offering, which could send tremors across global markets.