Lates News

Elon Musk's aerospace company, SpaceX, plans to seek a valuation of $1.75 trillion in its highly anticipated IPO, with a target price of $135 per share. According to sources familiar with the matter, this IPO will involve the issuance of all new shares, and existing shareholders will not be able to sell their holdings in this listing. Reports have indicated that due to lock-up restrictions, shareholders will have to wait until the company releases its first quarterly earnings report before having the opportunity to reduce their stakes. The sources, who requested anonymity due to the sensitive nature of the information, revealed that after multiple rounds of investor introductions, the company disclosed plans to raise at least $75 billion through the IPO. One source mentioned that there is a 15% overallotment option, allowing underwriters to sell additional shares if market demand exceeds expectations. While new share issuances are not uncommon, they are not typically seen in large IPOs. Most large IPOs involve a mix of new and existing shares being sold concurrently, allowing early investors to cash out.