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SpaceX will set IPO price at $135 a share, eyes $75 billion raise

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Elon Musk’s SpaceX is expected to price its IPO at $135 a share, raising a record $75 billion, in a surprise announcement ahead of its investor roadshow, a source familiar with the issue said.

The rocket and satellite communications corporation aims to sell 555.6 million shares, the person added.

It is eyeing a $1.75 trillion valuation, claimed the two other persons.

The listing starts a wave of high-profile private companies looking to test public markets following years of quiet large-cap IPO activity, with SpaceX seen as leading into artificial intelligence giants OpenAI and Anthropic.

With the IPO, SpaceX is trying to break the mould and set records.

It’s rare to set a fixed price before presentations to investors and bookbuilding.

Companies that are looking to go public may often specify a price range to provide valuation guidance and to give room to move pricing up or down depending on demand from investors.

Strong demand can drive the final price to the top of the range — or beyond it — before the market launch.

SpaceX’s display kicks off Thursday. It’d already had some “testing the waters” meetings with investors.

Mission: Data centres for Mars and space

In many other respects, Musk has reinvented the IPO playbook for SpaceX, from proposing to offer retail investors a bigger role in allocations to fighting for early index inclusion and structuring governance to keep strong founder control.

The company’s worth is based on SpaceX owning technology and businesses that do not even exist — from Mars missions to AI data centres in space.

Reuters reported earlier this week that the business is considering giving up to 30% of the sale to individual investors, a substantial retail tranche meant to tap into Musk’s cult-like following and expand ownership of the company.

The IPO is planned to be all primary, meaning that all proceeds will go to the firm, and existing SpaceX shareholders will not be able to sell any of their shares in the IPO, the sources added.

One of the individuals claimed Musk will have to hold his SpaceX shares for 366 days following the IPO, a statement to investors of his commitment to the company.

Proceeds from the IPO will be utilised for reasons including boosting AI computing capacity and SpaceX’s satellite network, the source said.

SpaceX combined with Musk’s AI startup xAI earlier this year in a deal that valued the rocket company at $1 trillion and the maker of the Grok AI chatbot at $250 billion.

The company has no direct counterparts, making the valuation of the company subjective.

In a June 1 research note, Morningstar put SpaceX’s value at $780 billion, 48% below its current private-market estimate.

The vast majority of that comes from its Starlink satellite communications sector, which produced most of its sales, profits and growth last year.

But SpaceX has pegged much of its future development on AI and its plans depend on unbuilt technologies for a large part of its future revenue, including solar-powered data centres in space, as it looks to a possible $28.5 trillion market, Reuters previously reported.

At a $1.75 trillion value and the firm earning revenue of $18.67 billion in 2025, SpaceX would trade at a trailing price to revenue multiple of 93.7x.

Space company Rocket Lab is trading on a multiple of 118, data analytics firm Palantir Technologies at 81 and Tesla at around 17 on the same basis.

SpaceX cannot be valued using price-to-earnings as it showed a net loss in the last year .

A mega-IPO tsunami

The listing is likely to trigger a wave of giant IPOs, with SpaceX, OpenAI and ⁠Anthropic set to together bring over $4 trillion in market capitalisation to the public markets and heighten the race for investor money.

For many investors, the stake is as much on Musk as it is on SpaceX.

His track record at electric-vehicle startup Tesla and his ability to galvanise regular traders might also fuel robust demand for shares, as his reputation has done for earlier enterprises.

Still, two of SpaceX’s three operations are losing money, with only its connection division, home to the Starlink satellite constellation, making money, and broadly seen as the ⁠company’s cash cow.

SpaceX’s revenue grew to $4.69 billion in the three months ending March 31 from $4.07 billion a year earlier. Losses narrowed to $1.27 a share from 18 cents a share in the same period.

It swung to a net loss of $4.94 billion in 2025 from a profit of $791 million.

Experts have said that a big part of SpaceX’s presentation to investors rests on Musk, which could give investors pause about some corporate governance concerns.

The IPO prospectus details a dual-class share structure, a measure that concentrates voting power with Musk and a few of insiders.

SpaceX is looking to list on the Nasdaq under the name “SPCX.” Two of the individuals indicated the premiere is scheduled on June 12.

Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are acting as the joint book-running managers for the offering which is being made through a syndicate of companies

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Maryam inaugurates 5 road projects under Punjab PPP Authority

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– Punjab Chief Minister Maryam Nawaz Sharif has digitally inaugurated five road projects under the Punjab Public-Private Partnership Authority, with the management and operation of the five roads handed over to the private sector.

The transfer of the projects under the Punjab Public-Private Partnership Authority is expected to generate Rs22 billion in revenue for the Punjab government. Modern electronic toll plazas will also be established on roads shifted to the PPP model.

The projects include the 80-kilometre Muridke-Narowal Road, 33-kilometre Shakargarh-Narowal Road and 97-kilometre Faisalabad Ring Road. The 52-kilometre Faisalabad-Sahianwala Road and 56-kilometre Faisalabad-Samundri-Rajana Road are also part of the PPP projects.

Under the arrangement, private contractors will collect tolls linked with the National Highway Authority for seven years, while the private companies will also be responsible for maintenance, construction and repair of the respective roads.

Vice Chairperson of the Punjab Public-Private Partnership Authority and Senior Minister Marriyum Aurangzeb briefed the meeting on the projects. She said projects involving hostels, hospitals, parks, sports grounds, waste-to-energy facilities, parking plazas, tourism, water supply and recycling were also in the pipeline under the PPP authority.

Effluent treatment plants for filtering toxic industrial wastewater, as well as Zarrar Cafe, tourism and food street projects, will also be completed under the PPP model.

The processing time for projects under the Punjab Public-Private Partnership Authority has been reduced from less than two years to six months.

Four more roads in Punjab will be shifted to the PPP model, including the 42-kilometre Bahawalpur-Yazman Road, 43-kilometre Yazman-Ahmadpur East Road, 28-kilometre Raiwind-Changa Manga Road and 26-kilometre Gajjumata-Kasur Road.

Water and sanitation services projects in Chakwal and Kasur will also be completed under public-private partnerships. In Lahore, the Tourism Department will develop a Time Travel Park under the PPP model.

For the first time, an FMD vaccine protection plant will be established to combat foot-and-mouth disease among livestock. A parking plaza and multimodal commercial facility will also be developed at Badami Bagh bus terminal, while a bridge will be constructed at Sahuka Pattan over the River Sutlej under the PPP model.

Black soldier fly larvae facilities will be established for solid waste management at vegetable and fruit markets across Punjab. The management of 100 sports grounds and other facilities will also be carried out under the PPP framework.

A modern truck terminal will be developed in Faisalabad under the PPP model. Girls’ and boys’ hostels will be constructed at Punjab University and 28 other public-sector universities, while hostels at three medical colleges will also be developed through public-private partnerships.

Fourteen hostels will be established across the province for working women under the PPP model. The operation and development of the Nursing Hostel at Sahiwal Teaching Hospital and Faridia Park Sahiwal will also be undertaken through public-private partnerships.

Projects worth up to Rs500 million can be approved and implemented through the divisional PPP working party headed by the commissioner.

Chief Minister Maryam Nawaz Sharif appreciated Finance Secretary Mujahid Sher Dil, Communications Secretary Raja Jahangir Anwar, PPP Authority CEO Dr Zeeshan Hanif and their team for their efforts. Provincial Communications Minister Sohaib Ahmed Bharth, Finance Secretary Mujahid Sher Dil and Communications Secretary Raja Jahangir Anwar also addressed the ceremony.

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Jet fuel price rises by Rs9.05 per litre in Pakistan

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 Jet fuel prices have once again increased in the country, along with the price of kerosene oil.

The price of jet fuel has been increased by Rs9.05 per litre, while kerosene oil has become Rs7.68 per litre more expensive.

Following the increase, the new price of jet fuel has been fixed at Rs355.52 per litre, while kerosene oil will now cost Rs329.54 per litre.

Meanwhile, according to a notification issued by the Petroleum Division, the price of petrol has also been increased by Rs2.10 per litre, taking its new price to Rs392.76 per litre.

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Govt sets deadline of 20th Oct for pilgrims to pay 2nd Hajj installment

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The religious affairs ministry stated late Friday that the federal government has fixed October 20 as the deadline for intending pilgrims selected under the government Hajj system to deposit the second installment of their pilgrimage dues.

ISLAMABAD: Pakistan has set aside 107,526 slots for the government plan, including 30,000 for a shorter package, and another 71,696 slots have been granted to the private scheme for next year’s Hajj.

The country on Aug. 25 completed online booking of all tickets in the government Hajj scheme, the first time the whole quota has been filled through a digital reservation system.

The ministry of religious affairs said in a statement on Friday that the applications of pilgrims for next year’s Hajj will be cancelled if they did not pay by the deadline.

“The dates for depositing the second installment of dues for Hajj pilgrims under the government scheme have been fixed from 5 October to 20 October, 2026,” the ministry said.

“If the second installment is not deposited within the deadline, then the Ministry said the pilgrim’s application will be cancelled and the amount deposited earlier will be refunded to the pilgrim’s account,” the Ministry said.

Under the government arrangement, pilgrims can pay the second payment of Hajj dues through the ‘Pak Hajj App’ or digital Hajj site within the stipulated deadline.

The government said that submitting the Hajj medical fitness certificate on the ‘Pak Hajj’ app or the digital Hajj portal was essential before depositing the second installment.

This year the government announced that pilgrims will pay Rs1.2 million ($4,334) for a 40-day Hajj package and Rs1.3 million ($4,695) for a shorter, 20- to 25-day package under the government system.

The first installment of dues for seats under the shorter government package was paid within 24 hours of the process starting on Aug 18 and the rest of the seats under the plan were booked by Aug 25.

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