SpaceX to debut on Nasdaq in world’s largest ever IPO

SpaceX to debut on Nasdaq today

SpaceX set a global record for the world’s largest ever initial public offering (IPO) after the 24-year-old company raised $75 billion through the sale of 555.6 million shares at a fixed price of $135 per share.

SpaceX shares are scheduled to begin trading on Nasdaq on Friday under the ticker symbol SPCX. The offering values SpaceX at about $1.77 trillion, making it the seventh-most valuable company in the US and surpassing the market capitalization of Elon Musk's electric vehicle maker Tesla, CNBC reported.

According to the prospectus filed with the US Securities and Exchange Commission, SpaceX's revenue rose 33% last year to $18.67 billion. Capital expenditures totaled $10.1 billion in the first quarter of this year, with the bulk of the spending directed toward the development of artificial intelligence technologies.