SpaceX disclosed on Wednesday that it intends to offer 555,555,555 shares in an initial public offering priced at $135.00 per share, and to list the stock on the Nasdaq exchange under the symbol SPCX.
The filing specifies that, assuming the offering size and the $135.00 per-share price, Elon Musk - identified in the filing as the company's founder, Chief Executive Officer, Chief Technical Officer and Chairman of the board - would hold approximately 82.4% of the voting power of SpaceX common stock immediately after the offering is completed.
The filing notes a narrow variation in that figure should the underwriters exercise their option to purchase additional shares of Class A common stock in full: in that scenario Mr. Musk's voting power would be approximately 82.3%.
Within the voting-power totals disclosed, about 81.1% is attributable specifically to Mr. Musk's ownership of the company's Class B common stock, according to the registration. The filing states that, given these ownership percentages, Mr. Musk would be positioned to control the outcome of matters that require shareholder approval.
The registration sets out the offer size and the proposed per-share price but does not provide additional details beyond the share count, price, Nasdaq ticker and the post-offering voting-power estimates tied to Mr. Musk's holdings across Class A and Class B common stock.
Context and mechanics described in the filing
- The offering is set at 555,555,555 shares.
- The proposed IPO price is $135.00 per share.
- SpaceX intends to list on Nasdaq using the ticker SPCX.
- Elon Musk would hold roughly 82.4% of voting power after the offering, or about 82.3% if underwriters fully exercise their purchase option.
- Approximately 81.1% of voting power is tied to Mr. Musk's Class B common stock ownership.
Implications stated in the filing
The filing explicitly links the disclosed ownership percentages to Mr. Musk's ability to determine the outcome of shareholder votes. No further projections, valuation figures, use of proceeds or timetable for the offering were provided in the disclosure beyond the share count, tentative price and ticker.