SpaceX IPO raises $75bn in world’s biggest stock debut 

SpaceX said it priced its initial public offering at $135 a share, raising $75 billion in what has been described as the largest stock market debut in US history.

The Elon Musk-led rocket and satellite manufacturer sold 555.56 million shares, according to a statement Thursday, valuing the company at about $1.77 trillion based on 13.08 billion shares outstanding.

The valuation would rank among the highest ever achieved through an IPO and place SpaceX among the largest companies listed in the US when trading begins on Nasdaq on Friday. The share count could increase if underwriters exercise an option to purchase additional shares, a decision that is typically made within 30 days of an offering.

At the stated valuation, SpaceX would be worth more than JPMorgan Chase & Co., Berkshire Hathaway Inc., Eli Lilly & Co., Meta Platforms Inc. and Tesla Inc., another company led by Musk. The pricing comes despite the company reporting a loss last year and generating revenue that trails many of the largest publicly traded corporations.

SpaceX said the offering surpassed the previous IPO record set by Saudi Aramco, which raised $25.6 billion in its 2019 listing. Adjusted for inflation, Aramco’s offering would equate to about $33.2 billion.

Founded in 2002, SpaceX has grown into the world’s dominant commercial launch provider. The company said its launch operations accounted for more than four-fifths of the mass sent into orbit over the past three years. Its Starlink satellite internet network serves customers in 164 countries and territories and generates the majority of the company’s revenue.

The company said it reserved 30% of the shares sold in the offering for retail investors and set the final price before conducting a traditional investor roadshow, a process typically used to gauge demand and determine valuation.