SpaceX IPO: Shares priced at $135 as Elon Musk's rocket giant eyes record $74.4 billion fundraising

SpaceX IPO: Vertically integrated aerospace and artificial intelligence conglomerate SpaceX is looking to raise $74.4 billion from the world's largest ever initial public offering.

In a filing with the United States Securities and Exchange Commission (SEC), the Elon Musk-led company said that it is targeting a $135 per share price and selling around 555.55 million shares.

SpaceX IPO: Use of proceeds

The Texas-based firm said that it intends to use the net proceeds from the issue to fund its growth strategy, including the expansion of its artificial intelligence compute infrastructure, enhancements to its launch infrastructure and launch vehicles, increasing the scale and capacity of satellite constellations and general corporate purposes.

Musk would control nearly half of SpaceX's total share after the IPO. Regulatory filings show that he cannot sells some shares until the firm hits specific operational milestones. Musk would control over 82% of the vote power after the offering.

Previously, oil giant Saudi Aramco held the record for the largest IPO by raising $29.4 billion in 2019.

The company, according to offer papers, stated that its goal is to develop systems and technologies to make life multiplanetary, to understand the true nature of the universe and to extend the light of consciousness to the stars.

"To do this, we have formed the most ambitious, vertically integrated innovation engine on (and off) Earth with unmatched capabilities to rapidly manufacture and launch space-based communications that connect the world, to harness the Sun to power a truth-seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and cities on other planets," it said.

SpaceX had posted a revenue of $18.7 billion last year with a net loss of $4.9 billion.

The company, in the first three months of this year, brought in a revenue of $4.7 billion with a net loss of $4.3 billion.