Elon Musk's rocket and satellite company SpaceX is seeking to raise about $75 billion in what would be the largest initial public offering (IPO) on record, according to an updated prospectus filed with the US Securities and Exchange Commission (SEC)on Wednesday. At an offering price of $135 per share, the company would be valued at around $1.8 trillion. Musk is expected to retain effective control of SpaceX after the listing through shares carrying enhanced voting rights, leaving him with more than 80% of voting power.
The planned fundraising would far exceed the previous IPO record set by Saudi oil giant Saudi Aramco, which raised about $29 billion in2019.
SpaceX's current financial performance stands in contrast to its targeted valuation. The company reported a net loss of about $4.9billion last year on revenue of $18.7 billion, with heavy investment in developing its Starship rocket system contributing to the losses. Investors are being asked to back Musk's broader vision for thecompany, much as they did with electric vehicle maker Tesla.
Musk has promoted ambitions including missions to Mars, a permanent presence on the moon and artificial-intelligence data centres in space.
SpaceX plays a central role in the US space programme and operates the Starlink satellite internet network.
The company also incorporated Musk's AI venture xAI and social media platform X, which were valued together at $1.25 trillion in a recent merger, according to media reports.
Oman Observer is now on the WhatsApp channel. Click here
