SpaceX holders sign off on 5-for-1 stock split ahead of IPO

[NEW YORK] SpaceX notified investors that it is executing a 5-for-1 stock split, a move that will reduce the price investors will pay for each share offered in its impending initial public offering.

Shareholders were notified in an e-mail that the current fair market value per share has been adjusted to about US$105.32 from US$526.59 as a result of the split, according to sources familiar with the matter.

The stock split will be processed the week of May 18 and is expected to be completed by May 22, said the sources, who asked not to be identified because the information is not public.

Representatives for SpaceX did not immediately respond to an e-mailed request for comment.

SpaceX is seeking to file publicly for its long-awaited IPO as soon as Wednesday, Bloomberg reported earlier Friday. The stock is expected to be highly sought after by retail investors, a constituency CEO Elon Musk has long courted via Tesla. The electric-car maker split its shares in August 2022 and two years earlier.

Musk’s rocket, satellite and artificial intelligence company aims to kick off formal marketing for the stock sale as soon as Jun 4, price its initial public offering as early as Jun 11 and list on Jun 12, Bloomberg reported earlier.

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SpaceX has filed confidentially to go public and is seeking to raise as much as US$75 billion at a valuation of more than US$2 trillion, which would be the largest IPO of all time. Details of the IPO, including the size and timing could still change. BLOOMBERG