Elon Musk is on course to become the world’s first trillionaire after SpaceX said it plans to raise up to $75bn when it goes public this month, setting the stage for the largest-ever stock market debut.
The company, formally known as Space Exploration Technologies Corp, said on Wednesday it will sell 555.6m shares at $135 apiece.
The offering would give SpaceX a market value of $1.77tn. Only six companies in the S&P 500 are currently worth more, with Nvidia topping the list at $5.2tn.
Musk – one of the world’s richest people – also leads Tesla, the electric carmaker. He isn’t selling any of his shares in the SpaceX offering, and would have 82.4% of the voting power in the company.
Forbes currently values Musk’s net worth at $825bn, and his stake in SpaceX at $542bn.
The Associated Press contributed reporting. More details soon …
