SpaceX to debut on Nasdaq at $1.77t valuation

Space Exploration Technologies Corp, known as SpaceX, has priced its initial public offering (IPO) at $135 per share and raised $75 billion through the sale of about 555.56 million shares, U.S. media reported Thursday. 

The IPO values the company at about $1.77 trillion, according to reports. SpaceX shares are expected to begin trading on the Nasdaq on Friday. In terms of fundraising size, the IPO would set a record for an initial public offering. Based on the valuation, SpaceX would rank among the top 10 most valuable U.S.-listed companies.

Founded by U.S. entrepreneur Elon Musk in 2002, SpaceX has businesses in space launch services, satellite internet and artificial intelligence. The IPO has drawn strong market attention, while the company's high valuation has also prompted discussion among market watchers about its profit outlook and the sustainability of its future growth.

Reports said SpaceX's listing arrangement breaks with some Wall Street conventions, including setting the IPO price in advance and reserving a relatively high proportion of shares for retail investors. Musk will retain strong voting control over the company after the IPO.

Given Musk's large stake in SpaceX, the valuation could significantly increase the value of his holdings and make him the world's first trillionaire.