SpaceX will officially go public on June 12th, issuing 555.6 million shares and raising $75 billion.
According to documents submitted to the US Securities and Exchange Commission on Wednesday, SpaceX plans to issue approximately 555.6 million shares at a price of $135 per share, corresponding to a market value of nearly $1.77 trillion.
The stock is expected to start issuing on June 11th and will be traded on NASDAQ and NASDAQ Texas Stock Exchange the next day; SPCX" Listing and trading for the code.
After the completion of this IPO, Musk will hold approximately 84.4% of the voting rights and maintain absolute control over the company.
According to the Bloomberg Billionaires Index, calculated at an issue price of $135, Musk's net worth will reach $988 billion, ranking first in the world; Trillion Rich "; Just one step away. The stock price only needs to rise another 2.2% to $138, and this historic moment will come.
However, SpaceX's listing is not without controversy. Analysis firm Morningstar believes that the company; Severely Overrated "; Based on the discounted cash flow model, its valuation is approximately $780 billion, which is less than half of the IPO target valuation.
The largest IPO in history: surpassing Saudi Aramco in scale
The financing scale of 75 billion US dollars will easily surpass Saudi Aramco's IPO record of 29.9 billion US dollars set in 2019, becoming the largest IPO in global history.
SpaceX has adopted a fixed issue price method for pricing this time, instead of the usual practice of first announcing the price range and then conducting roadshows for inquiries in large IPOs in the United States. This is a rare precedent in the US market, but more common in the Asian and European markets.
Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase serve as joint lead underwriters, with 18 other banks participating in underwriting, almost including major global investment banks.
SpaceX's IPO is expected to pave the way for OpenAI and Anthropic's IPO plans. Both companies mentioned above intend to go public this year, with a target financing scale of tens of billions of dollars.
Goldman Sachs Group's Christina Minnis recently stated at Bloomberg Global Credit Forum that the prosperity of AI investment is; Fundamentally, for a generation; The phenomenon is driving the market and permeating into the overall economy.
High revenue growth but expanding net loss, business logic to be verified
SpaceX's financial data presents a distinct duality, posing certain challenges for investors.
According to the prospectus, the company achieved a revenue of $18.7 billion last year, a significant increase from $14 billion in 2024, but the net loss during the same period changed from a profit of $791 million in 2024 to a loss of $4.94 billion.
The company plans to use the funds raised from the IPO to expand its AI business, rocket launches, and satellite infrastructure.
According to the prospectus, SpaceX is also required to use partial debt financing and proceeds from this IPO to repay at least a portion of the $20 billion bridge loan within six months after going public. The loan was previously mainly used to replace Musk's high interest junk bonds on social media and AI companies.
In terms of cash flow pressure, the document disclosed that SpaceX has signed a contract with Anthropic to provide AI computing services to the latter, with a contract amount of $1.25 billion per month, which is expected to alleviate the funding needs of its AI business to some extent.
Both parties can terminate the agreement with 90 days' prior notice. Musk stated on the X platform on May 28th that SpaceX has not yet committed to a multi-year lease, but; It is possible; Continuation.
The prospectus also shows that SpaceX positions its potential market size at $28.5 trillion, with AI infrastructure being the core opportunity, including the construction of space data centers.
Controversy over governance structure, Musk firmly holds control
SpaceX's equity structure gives Musk almost absolute control.
Musk controls 84.4% of the voting rights and 93.6% of the B-class shares by holding 10 voting rights per share and 1 vote per A-class share, which is enough to determine 51% of the board seats and prevent any resolution to dismiss his leadership position.
The Alliance to Protect Shareholder Value, a non-profit organization consortium, issued a statement on May 26th criticizing SpaceX's governance policies; Attempting to severely weaken shareholder protection in a novel and reckless manner, while granting SpaceX leadership almost all administrative power;.
In terms of shareholder structure, Valor Equity Partners will maintain its position as the second largest disclosed shareholder, holding 6.7% of Class A shares.
Antonio Gracias, the founder of Valor and a long-time ally of Musk, is a member of SpaceX's board of directors and has supported the rocket company for over a decade.
Morning Star Warning: Overvaluation carries downside risks
Despite the high enthusiasm in the market for SpaceX's IPO, analysts at Morningstar have made a more cautious judgment.
Morningstar believes that there are multiple possible scenarios for the potential profitability of SpaceX's xAI division, and that; The economic moat is unclear; Consider it as constituting a part of the company; Threat of substantial value destruction; The hidden danger.
Based on the discounted cash flow model, Morningstar's valuation is $780 billion, which is about 48% lower than SpaceX's IPO target valuation of approximately $1.75 trillion.
However, Morningstar also acknowledges that multiple factors may support SpaceX's stock price to remain strong in the short term after going public, including low initial liquidity, involvement of almost every major investment bank in underwriting, and high investor demand for AI infrastructure.
In addition, SpaceX is expected to be included in the Nasdaq 100 index within just 15 trading days after going public, a speed unprecedented in history.
Morningstar stated that even so, investors may have the opportunity to enter at a more attractive price after the IPO.
