Elon Musk's SpaceX has confirmed the pricing of its initial public offering (IPO) at $135 per share, raising about $75 billion and paving the way for the company's stock market debut on Friday.
SpaceX said it sold about 555.6 million shares at the offering price, giving the company a market valuation of roughly $1.77 trillion. The fundraising surpasses the previous IPO record set by Saudi Aramco, which raised more than $29 billion in 2019.
Shares start trading at 9:30am (1330 GMT).
The valuation would make Musk the first person with a net worth exceeding $1 trillion, based on the value of his stakes in SpaceX and electric vehicle maker Tesla.
SpaceX's financial results stand in sharp contrast to its market value, highlighting investors' expectations for future growth. The company reported a net loss of almost $5 billion last year on revenue of $18.67 billion.
Much of the spending has been driven by development of the company's giant Starship rocket. SpaceX's main source of revenue is its Starlink satellite internet business. The company has also promoted artificial intelligence and space-based data infrastructure as future growth opportunities.
Musk will retain control of SpaceX after the listing through shares carrying enhanced voting rights, leaving him with more than 80% of voting power.
Unlike most IPOs, SpaceX set the offering price itself in advance. Companies typically market shares within a price range and determine the final price based on investor demand.
