SpaceX sets price of US$ 135 per share for debut on the American stock exchange

SpaceX's Starship during its 12th flight
Reuters/Steve Nesius
SpaceX publicly announced, on Wednesday (3), the price of US$ 135 per share for its initial public offering (IPO) on the New York Stock Exchange, breaking with the traditional Wall Street pricing model and highlighting Elon Musk's intention to raise record amounts in his own way.
An IPO (Initial Public Offering) is the first public offering of shares by a company. The operation marks the company's entry into the stock exchange and allows investors to start trading their shares on the market.
The company's decision to disclose the price a week before the offering, something rare among large IPOs in the United States, reinforces Musk's image in the financial market as a bold and successful entrepreneur.
The company intends to raise US$75 billion, the highest amount ever obtained in an IPO, which would value it at US$1.75 trillion and immediately place it among the ten most valuable companies from the United States.
The company will begin its presentation to investors on Thursday next week (10), with the final price definition scheduled for June 11; trading of the shares on the Nasdaq is expected to begin the following day.
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Musk has also been changing common practices in SpaceX IPOs in several ways, such as proposing greater participation by individual investors in the distribution of shares, advocating for faster inclusion in indices, and organizing governance to maintain strong founder control. offer.
Taking it to the road
The roadshow is the stage in which companies and banks consult investors to define a price range for the sale of shares. This process values both the banks' relationship with potential investors and their reading of the market for the offering.
After a series of preliminary meetings with investors before the roadshow, SpaceX indicated seeking a valuation of around US$1.75 trillion, while part of the market pointed to US$1.5 trillion or less.
The company's plans, including the amount to be raised, could change as a new round of conversations with investors begins, according to sources heard by Reuters.
On Wall Street, there was a race to secure participation in the operation, driven by Musk's reputation and the potential to generate millions of dollars in fees. One investor stated that there is a perception that large institutions are "positioning themselves in advance" by saying they invested early - which reflects and reinforces Musk's power of influence over the market.
Other aspects of SpaceX's offer also draw attention. Large international banks, such as Mizuho, Deutsche Bank, UBS and Barclays, were encouraged to focus on attracting high-net-worth individual investors in their countries.
In the past, this audience received less attention, as banks prioritized the returns of large asset managers, such as Fidelity Investments, and hedge funds, such as Citadel.

Source: G1