SpaceX on Thursday priced the biggest-ever U.S. initial public offering at $135 per share, making Elon Musk's rocket and spacecraft manufacturer one of the world's most valuable companies.
The IPO raised a record $75 billion on the sale of 555.56 million shares, valuing the space, satellite and AI provider at $1.77 trillion, a record for an initial offering. SpaceX will rank seventh among U.S.-listed firms when its shares begin trading on the Nasdaq on Friday, though it lost money last year and other mega-caps outpace its revenue by several magnitudes. Thursday's pricing culminates a months-long effort that realized Musk's most ambitious project yet even as he stood a handful of financial traditions on their head, and as some analysts question whether its lofty valuation is justified.
