New york: Elon Musk's SpaceX has successfully raised USD75 billion in its blockbuster initial public offering (IPO) with the sale of 555.56 million shares. This monumental event has valued the space, satellite, and AI provider at USD1.77 trillion, setting a new record for an initial offering.
According to Bahrain News Agency, the rocket and satellite manufacturer is set to make its debut on the stock market on Friday. This listing is anticipated to pave the way for a surge of mega IPOs in the industry. SpaceX has priced its IPO at USD135 per share, positioning it as one of the most valuable companies globally.
The previous record for the largest IPO was held by Saudi Aramco, which in December 2019 raised USD25.6 billion at a USD1.71 trillion valuation. In inflation-adjusted terms, Aramco's offering amounted to USD33.2 billion at a USD2.21 trillion valuation.
SpaceX's impressive USD1.77 trillion valuation, calculated based on 13.08 billion shares outstanding, has the potential to increase further. This could occur if the underwriters choose to exercise their option to sell additional shares, a decision usually made within 30 days following the offering.