New Delhi, June 12: Elon Musk’s aerospace and satellite company, Space Exploration Technologies Corp (SpaceX), has made history with its largest initial public offering (IPO) to date. This move has catapulted the company into the ranks of the largest public firms. According to various reports, Musk’s net worth has now exceeded $970 billion, bringing him closer to becoming the world’s first trillionaire.
Reports indicate that SpaceX has set its share price at $135 each. Through this IPO, the company has raised approximately $75 billion, marking it as the largest IPO in history, with a total valuation of around $1.77 trillion.
On June 12, SpaceX shares will begin trading on the NASDAQ stock exchange under the ticker symbol ‘SPCEX’.
Following the IPO pricing, Musk’s wealth is projected to increase by about $275 billion, bringing his total net worth to approximately $971 billion, according to the Bloomberg Billionaires Index.
Based on the IPO valuation, Musk’s stake and stock options in SpaceX are valued at around $688 billion.
Regulatory documents reveal that as of May 1, Musk owned 849.4 million Class A shares and 5.57 billion Class B shares, totaling nearly 6.42 billion shares.
Due to SpaceX’s dual-class share structure, Musk controls about 85% of the company’s voting power prior to the IPO. Under this structure, Class B shares carry ten votes, while Class A shares have only one vote each.
The regulatory filings also provide details on the stakes held by other senior executives and board members of the company.
Founded in 2002 by Elon Musk, SpaceX has become one of the world’s leading aerospace companies. The firm has gained global recognition through its reusable Falcon 9 and Falcon Heavy rockets, Dragon spacecraft, and the Starship launch program.
Additionally, SpaceX has rapidly expanded its satellite internet business, Starlink, which has bolstered the company’s revenue and global reach.
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