GoKawiilElon Musk's SpaceX set a fixed price of $135 per share ahead of officially marketing its initial public offering, according to a filing with the Securities and Exchange Commission on Wednesday.
SpaceX said it plans to sell 555.6 million shares, which would amount to a $75 billion fundraise. The underwriters have an option to purchase an additional 83.33 million shares at the IPO price, amounting to $11.2 billion. Musk will own over 82% voting control after the offering, the filing said.
Goldman Sachs is the lead banker for the offering, followed by Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase.
Typically, at this stage of the process, new issuers will offer a price range that allows a company and its advisers to gauge demand sensitivity at different levels. In this case, SpaceX took a more unique approach after a slew of testing-the-waters meetings leading up to the roadshow launch.
At the $135 per share price tag, SpaceX would be valued at $1.77 trillion, which assumes the EchoStar spectrum and Cursor transactions close. The valuation would make SpaceX the seventh-biggest company in the U.S. by market cap, and put it above Tesla , which is valued at about $1.6 trillion.
Musk's company is planning to debut at the Nasdaq on June 12.
In the updated filing on Wednesday, SpaceX also noted that its xAI unit purchased $269 million worth of Tesla megapacks in April. Tesla previously disclosed that it sold $430 million worth of its giant backup batteries to xAI last year.
Musk merged SpaceX with xAI in February in a deal that valued the combined entity at $1.25 trillion. Musk's companies have a number of financial overlaps, including Tesla's ownership of 18.99 million SpaceX shares, valued at $2.56 billion at the IPO price.
"We have historically collaborated with Tesla through commercial, licensing, and support agreements," the filing says.