Elon Musk’s SpaceX eyes $1.77tn valuation ahead of blockbuster IPO

Key points

• Elon Musk’s rocket company SpaceX is targeting a valuation of nearly $1.77 trillion in its blockbuster initial public offering (IPO), paving the way for the largest stock market debut in history.
• In a filing with the US Securities and Exchange Commission on Wednesday, SpaceX said that it plans to sell 555.6 million shares at $135 apiece, raising approximately $75bn.
• The eye-popping valuation would make SpaceX the world’s seventh-largest company by market capitalisation, ahead of Musk’s electric vehicle maker Tesla and social media giant Meta, and just behind Taiwanese chipmaker TSMC.
• It would also eclipse energy giant Saudi Aramco’s 2019 debut, which raised $26bn at a valuation of $1.7 trillion.
• Musk, who holds a roughly 42 percent stake in SpaceX, is poised to become the world’s first trillionaire upon the public offering next week.