SpaceX (SPCX.O), publicly set a $135 price for shares in its initial public offering on Wednesday, upending the longstanding Wall Street price-discovery apparatus and underscoring Elon Musk’s determination to raise record sums his way.
Musk’s choice to post a price a week before its IPO is unique among large U.S. IPOs, highlighting his reputation as an expert in finance. The capital raise will value SpaceX at high multiples.
SpaceX’s updated IPO $135 price report from this week. As the largest IPO ever, the company aims to raise $75 billion, valuing it at $1.75 trillion and placing it among the top 10 most valuable U.S.-listed firms.
The company will hold an investor roadshow on Thursday, with pricing likely on June 11 and Nasdaq trading starting the following day.
Musk has changed the IPO playbook for SpaceX by involving retail investors, promoting early index inclusion, and maintaining strong founder control.