Elon Musk's SpaceX aiming to raise $75bn in record IPO

SpaceX, the aerospace and satellite communications company headed by Elon Musk, is set to have the largest stock-market debut in history when it goes public later in June.

The company is aiming to raise $75 billion in the initial public offering, more than twice the previous record holder.

The IPO is expected to be a market spectacle as investors get a chance to buy into Musk ’ s vision to create a combined space and ai powerhouse. His long list of growth plans, including putting data centers in space, are hugely ambitious but also come with high costs, significant risks and could take many years to come to fruition.

The company plans to sell about 555.6 million shares at $135 apiece, according to a filing with the US Securities and Exchange Commission.

If completed, the IPO would surpass the current fundraising record set by Saudi Arabian oil producer Aramco, which raised $25.6 billion during its 2019 public debut.

SpaceX CEO Elon Musk owns a stake in his reusable rocket maker that's worth $866.5 billion on paper, according to the company's updated IPO prospectus published on Wednesday.

The IPO comes 16 years after he took Tesla public.

Now he owns stock in the electric vehicle maker that's worth about $355 billion, and has options that could add over $100 billion to that number.

Reference Sources

1. bloomberg - What to Know About the SpaceX IPO
2. cnbc - SpaceX targets fixed $135 IPO roadshow price at $1.75 trillion valuation, source says
3. cnbc - Elon Musk's net worth poised to sail past $1 trillion in SpaceX IPO
4. dwen - Elon Musk's SpaceX aiming to raise $75bn in record IPO
5. theguardian - SpaceX targets biggest ever stock market debut, putting Musk on course to be trillionaire

US House approves war powers resolution to halt Iran conflict

The U.S. House of Representatives has approved a Democratic-led resolution calling for an end to military operations against Iran unless Congress formally authorizes the hostilities.

The measure passed by a vote of 215 to 208 after four Republican lawmakers joined Democrats in supporting the war powers resolution.

The vote marked another legislative setback for U.S. President Donald Trump despite his party holding narrow majorities in both chambers of Congress.

The resolution is largely symbolic at this stage. Any resolution would also have to pass the Senate before taking effect and would require two-thirds majorities in both the House and Senate to override a presidential veto, which Trump is widely expected to issue if the measure reaches his desk.

The war has entered a fourth month with no end in sight and after three previous war powers resolutions had failed in the house.

Meanwhile, the Republican-Led Senate is moving forward with legislation to fund immigration enforcement agencies after forcing the Trump administration to say it will drop its settlement fund for political allies and stripping a separate proposal for White House security from the bill.

Trump said Wednesday that he'll nominate Todd Blanche to serve as Attorney General, tapping his former personal lawyer who's aggressively pursued the Republican President's agenda while leading the Justice Department in an acting role.

Reference Sources

1. usnews - The Latest: House Approves War Powers Resolution to Halt Military Action Against Iran
2. sana - U.S. House backs measure to halt Iran war amid congressional concerns
3. nbc - House rebukes Iran war and Trump names attorney general nomination: Morning Rundown
4. cnbc - House votes for measure that would end Iran war, in blow to Trump
5. nikkei - US House approves war powers resolution to halt Iran conflict

Honeywell's Quantinuum raises $1.68 billion in U.S. IPO as quantum computing heats up, Reuters reports

Honeywell's Quantinuum has raised $1.68 billion in an initial public offering (IPO) after pricing shares at $60 apiece.

The Broomfield, Colorado-based company sold 28 million shares in the offering, which is the latest test of investor appetite for quantum computing companies, as breakthroughs in the technology spur bets that quantum machines could eventually outperform conventional computers on certain complex tasks.

The IPO comes as the US government announced a $2Bn initiative to take equity stakes in nine quantum computing companies, including a planned $100M investment in Quantinuum.

The investment case is centered on the long-term potential of Quantum computing and its potential role in future computing infrastructure. The support is meaningful because quantum computing is increasingly viewed as a strategic technology with implications for national security, ai, communications and advanced computing.

Quantinuum is set to make its US market debut later on Thursday.

The company did not immediately respond to a Reuters request for comment.

Reference Sources

1. barrons - Quantinuum IPO Pricing Is Hours Away. What to Know About Quantum’s Rising Star.
2. thestarmy - Exclusive-Honeywell's Quantinuum raises $1.68 billion in US IPO as quantum computing heats up, source says
3. cnbc - Honeywell's Quantinuum raises $1.68 billion in U.S. IPO as quantum computing heats up, Reuters reports
4. thestarmy - Honeywell's Quantinuum heads for Nasdaq debut as quantum computing gains momentum

The CommonWealth English daily news digest is a service curated by CommonWealth English team with the help of AI tools.  

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