Elon Musk’s SpaceX is planning to set a fixed price of $135 per share ahead of officially marketing its initial public offering, the company said in a filing with the Securities and Exchange Commission on Wednesday.
SpaceX said it plans to sell 555.6 million shares, which would amount to a $75 billion fundraise.
Typically, at this stage of the process, new issuers will offer a price range that allows a company and its advisers to gauge demand sensitivity at different levels. In this case, SpaceX took a more unique approach after a slew of testing-the-waters meetings leading up to the roadshow launch.
At the $135 per share price tag, SpaceX would be valued at $1.77 trillion, which assumes the EchoStar spectrum and Cursor transactions close. The valuation would make SpaceX the seventh-biggest company in the U.S. by market cap, and put it above Tesla, which is valued at about $1.6 trillion.
Musk’s company is planning to debut at the Nasdaq on June 12.
SpaceX, which will go public under the ticker symbol SPCX, is set to be the biggest IPO ever, more than triple the size of Alibaba, which is the largest U.S. IPO to date.
The hotly anticipated debut also comes as AI companies Anthropic and OpenAI are racing to go public.
Anthropic got out ahead of its primary rival on Monday when it confidentially filed its IPO prospectus with the Securities and Exchange Commission. OpenAI is preparing to file its confidential IPO prospectus in the coming weeks, CNBC previously reported.
SpaceX filed its prospectus with the SEC late last month, revealing billions in losses and Musk’s massive ownership. It submitted an amended filing on Monday that showed SpaceX plans to reserve up to 5% of stock in its IPO for purchase by “certain employees and persons” in a direct share program.
As SpaceX heads toward the public market, chatter is building that Musk’s ultimate goal is to combine the company with Tesla, CNBC previously reported.
Musk has discussed with colleagues the possibility of folding the companies together, and a current Tesla employee told CNBC that the topic is openly discussed internally. Tesla and SpaceX have also spent years pooling resources and sharing personnel.
— CNBC’s Lora Kolodny contributed reporting.
