Elon Musk is set to become the world’s first trillionaire when SpaceX (Space Exploration Technologies Corp.) stock launches next week, with the company’s target IPO price valuing his stake at an impressive $866.5 billion on paper.
On Wednesday, SpaceX stated in a filing that it plans to raise $75 billion from its initial public offering, a record figure for any IPO.
The filing indicated that the company will offer 555,555,555 shares at $135 each.
Musk owns 42% of SpaceX’s equity through a dual-class share structure that gives him roughly 82% of voting control via Class B stock. At the $135 IPO price, the updated prospectus values that equity stake at $866.5 billion.
The final IPO price is expected to be announced on the evening of Thursday, June 11, with trading starting the following day on the Nasdaq.
SpaceX will list under the ticker SPCX.
By CEO NA Editorial Staff
