SpaceX CEO Elon Musk has rubbished reports of the commercial space flight giant targeting a $2 trillion valuation ahead of the company’s awaited IPO.
Don’t Believe Everything You Read
On Thursday, influencer Mario Nawfal posted on X, sharing that the company had boosted its IPO target to a “valuation above $2 trillion,” citing a report by financial media outlet Bloomberg.
Responding to the influencer’s post, Musk denied the reports of a possible $2 trillion valuation. “Don't believe everything you read,” Musk said.
SpaceX’s IPO
The company had confidentially filed a draft for its IPO with the Securities and Exchange Commission (SEC). The company is targeting a June listing for its IPO. Musk had earlier confirmed a $1.75 trillion valuation for SpaceX in the runup to the listing. The company was also reportedly aiming to raise $75 billion via the IPO.
Nasdaq, S&P 500 Rule Changes
Meanwhile, Nasdaq announced it was adopting a series of rule changes that could help SpaceX enter the index within 15 trading days, as well as saying that calculations for a company’s market capitalization would include both listed and unlisted shares. The rule changes were criticized by investor Gary Black of The Future Fund LLC, who said that such a move would put fund managers under immense pressure to participate in the IPO.
In addition to the Nasdaq, the S&P 500 Index, which is managed by S&P Global Dow Jones Indices, was also reportedly mulling changing its rules for entry into the index. However, responding to a request for comment by Benzinga, the index said that it did not “comment on speculation regarding potential index or methodology changes."
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