SpaceX announces IPO plans with 555.5 million shares at $135 each

Space Exploration Technologies Corp., commonly known as SpaceX, filed for an initial public offering of 555,555,555 shares of Class A common stock at an expected price of $135.00 per share, according to a company statement.

The Texas-based space exploration company has applied to list its Class A common stock on both The Nasdaq Stock Market and Nasdaq Texas under the ticker symbol "SPCX" (NASDAQ: SPCX). No public market currently exists for the company's shares.

Following the offering, SpaceX will maintain a dual-class structure with Class A and Class B common stock. Class A shares will carry one vote per share, while Class B shares will provide 10 votes per share. Both classes will vote together on most matters, though Class B shareholders will elect a majority of the board of directors.

Elon Musk, the company's founder, Chief Executive Officer, Chief Technical Officer and Chairman, will retain approximately 82.4% of voting power after the offering through his ownership of both share classes. About 81.1% of his voting control stems from Class B common stock ownership. This concentration will allow Musk to control shareholder approval matters and board elections.

The dual-class structure will make SpaceX a "controlled company" under Nasdaq corporate governance rules, enabling the company to use exemptions from certain governance requirements.

The offering represents SpaceX's transition from private to public ownership, though the company has not disclosed the total proceeds expected from the share sale or the intended use of funds raised.

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