Elon Musk's SpaceX has announced the pricing of its initial public offering at $135 per share, raising approximately $75 billion and paving the way for the company's stock market debut on Friday.
SpaceX revealed that it sold about 555.6 million shares at the offering price, granting the company a market valuation of approximately $1.77 trillion.
This valuation marks Musk as the first person to see his net worth surpass one trillion dollars, based on his stakes in SpaceX and electric vehicle manufacturer Tesla.
SpaceX's financial results stand in stark contrast to its market valuation, highlighting investor expectations for future growth. The company reported a net loss of nearly $5 billion last year, with revenues of $18.67 billion.
A significant portion of spending has gone towards the development of the company's colossal Starship rocket. The primary source of SpaceX's revenue is its satellite internet business, Starlink, and the company has also promoted space-based AI and data infrastructure as future growth opportunities.
Musk will retain control over SpaceX post-listing through shares with enhanced voting rights, giving him more than 80 percent of the voting power.
In a departure from most initial public offerings, SpaceX set its offering price independently ahead of time, as companies typically market shares within a price range and determine the final price based on investor demand.