SpaceX is accelerating plans for what could become the largest initial public offering in history. According to Bloomberg, citing individuals familiar with the matter, Elon Musk's SpaceX may confidentially submit a draft registration statement to the U.S. Securities and Exchange Commission as soon as March, with the goal of completing its public listing by June this year. The company is reportedly aiming to raise up to $50 billion, which would set a new global record for IPO fundraising. A confidential filing allows a company to receive feedback from regulators and make adjustments before public disclosure, thereby reducing uncertainties during the listing process. Bloomberg's report also indicates that SpaceX is targeting a valuation exceeding $1.75 trillion for the offering. In February, SpaceX completed the acquisition of artificial intelligence startup xAI, with the combined entity's valuation already reaching $1.25 trillion post-transaction.
The news of SpaceX's potential IPO holds significant implications for the market. A $50 billion fundraising target would surpass the $29 billion record set by Saudi Aramco in 2019, making it the largest IPO ever. Concurrently, other firms like OpenAI and Anthropic PBC are also reportedly considering public listings. A successful SpaceX debut could potentially trigger a wave of IPOs from major technology unicorns.
SpaceX has reportedly assembled a roster of top-tier investment banks for the offering, with Bank of America, Goldman Sachs, JPMorgan, and Morgan Stanley taking senior roles in the underwriting syndicate. In terms of equity structure, SpaceX is considering implementing a dual-class share structure for its IPO. This arrangement would grant super-voting rights to insiders like Musk, enabling them to maintain control over major corporate decisions after the company goes public. Such structures are common among technology IPOs, with companies like Meta and Alphabet employing similar frameworks. Proponents often frame these structures as a way to allow founders to focus on long-term vision, typically granting founders and insiders 10 or even 20 votes per share, compared to one vote for common stock. Critics, however, argue that this reduces accountability. For Musk, super-voting shares would create a defense against pressure from activist shareholders, allowing him to steer the company according to his vision. This is particularly important for SpaceX as it expands from its core rocket and satellite businesses into higher-risk areas like artificial intelligence.
On the business front, SpaceX is currently the world's most active rocket launch provider. Its Falcon 9 rocket is responsible for deploying satellites and astronauts into orbit, giving it a dominant position in the commercial space market. In the satellite internet sector, its Starlink system has deployed thousands of low-Earth orbit satellites, providing internet access to millions of users globally and establishing itself as the industry leader. Regarding deep space exploration, Musk has stated that SpaceX's current strategic focus has shifted to establishing a base on the Moon before advancing its long-term goal of sending humans to Mars.
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