SpaceX shareholders approve 5-for-1 stock split ahead of IPO; Investors vow to 'never bet against Elon' as confidence grows

A majority of SpaceX shareholders have approved a 5-for-1 stock split, as reported by Bloomberg News. This decision reduces the fair market value per share to $105.32 from $526.59. The split is set to be processed during the week of May 18, with completion expected by May 22.

SpaceX, which aims to raise up to $75 billion at a valuation of $1.75 trillion, is on track for an initial public offering. This valuation would surpass the current record held for the largest IPO of $29 billion raised at a $1.7 trillion valuation in 2019.

Despite revenue growth of more than 30% last year, bringing in $18.7 billion, SpaceX reported a net loss of $4.9 billion. The company’s Starlink division saw profits double to $4.4 billion. An enthusiastic venture capitalist noted the investment adage, 'never bet against Elon', underscoring the confidence in Musk and the company’s unique business model.

In addition to its IPO plans, SpaceX is in competition for a NASA contract to land humans on the moon later this decade, demonstrating its significant role in future space endeavors.

SpaceX shareholders approved a 5-for-1 stock split, lowering the fair market value per share to $105.32 from $526.59. The IPO-bound company, which reported a decline to a $4.9 billion loss despite a revenue growth of over 30%, is expected to raise up to $75 billion at a valuation of $1.75 trillion.