SpaceX shareholders have approved a 5-for-1 stock split recommended by the company’s board, according to a Bloomberg News report published Friday. The move comes as Elon Musk’s rocket and satellite company reportedly prepares for one of the biggest stock market debuts in history.
According to the report, shareholders were informed through email that the fair market value of SpaceX shares had been adjusted to $105.32 per share from $526.59 following the split. The stock split is expected to be processed during the week of May 18 and completed by May 22.
The decision arrives at a crucial moment for the private aerospace giant. Reuters reported earlier that SpaceX is targeting a public listing as early as June 12 and has selected the Nasdaq as its preferred trading venue.
If the IPO moves forward as expected, SpaceX could seek to raise nearly $75 billion at an estimated valuation of around $1.75 trillion. That would make it the largest stock market flotation ever recorded, surpassing previous global IPO records.
The company, founded by Elon Musk, has become one of the world’s most influential private space firms through its reusable rocket technology, Starlink satellite internet business, and multiple NASA partnerships. Investor interest in the company has continued to grow as the commercial space industry expands rapidly.
SpaceX did not immediately respond to requests for comment outside regular business hours.