BlackRock eyes $5–10B SpaceX stake

BlackRock has discussed investing $5 billion to $10 billion in SpaceX’s planned initial public offering next month, Reuters reported on May 16, citing an Information report and people familiar with the matter. The talks, if completed, would make the world’s largest asset manager one of the biggest named institutional participants in what Reuters and Bloomberg have described as a potentially record-setting U.S. listing. SpaceX is aiming to list on Nasdaq as early as June 12, Reuters reported on May 15, and the company has already filed confidentially for an IPO, according to Reuters and CNBC. A separate Reuters report on May 15 said SpaceX shareholders had approved a 5-for-1 stock split ahead of the offering, reducing the indicated fair-market value per share to $105.32 from $526.59. ### Did BlackRock actually commit capital, or is this still preliminary? Reuters said on May 16 that BlackRock had discussed investing $5 billion to $10 billion in the IPO, citing The Information and people familiar with the matter. The report did not say BlackRock had signed a binding commitment, and BlackRock had not publicly confirmed an investment as of that report. The Information’s reported range matters because anchor orders are typically used to help a large deal establish demand before a roadshow. Reuters separately reported on April 2 that SpaceX had also held talks with Saudi Arabia’s Public Investment Fund about a roughly $5 billion anchor stake, showing the company has been sounding out very large investors for months. (finance.yahoo.com) ### What is verified about the IPO itself? Reuters reported on May 15 that SpaceX was targeting a Nasdaq listing as early as June 12. CNBC reported on April 1 that SpaceX had confidentially filed for an IPO with the U.S. Securities and Exchange Commission, citing sources, and said Bloomberg had first reported the filing. (investing.com) Earlier Reuters reporting, republished by CNBC on April 7, said SpaceX planned to launch its roadshow the week of June 8. That report said the company was seeking to raise $75 billion at a valuation of as much as $1.75 trillion, though terms could still change. Bloomberg has separately reported targets ranging from more than $1.5 trillion to more than $2 trillion at different stages of the process. (newsbreak.com) ### What about the 5-for-1 stock split and the $105 share price? Reuters reported on May 15 that a majority of SpaceX shareholders approved a 5-for-1 stock split recommended by the board, citing Bloomberg News. The report said shareholders were told by email that the stock’s fair-market value was adjusted to $105.32 per share from $526.59 after the split. (cnbc.com) That figure is not the same thing as a final IPO price. The $105.32 number reflects the post-split fair-market value communicated to existing shareholders, while the eventual public offering price would be set later in the IPO process by the company and its underwriters. That distinction is consistent with Reuters’ reporting that SpaceX was still targeting pricing closer to the listing date. (finance.yahoo.com) ### Did Elon Musk say he would not sell shares? A social-media claim that Musk said he would not sell SpaceX shares could not be independently verified from the primary reporting reviewed here. Reuters’ May 16 item on BlackRock’s talks did not include such a statement, and Reuters’ May 15 report on the split did not include it either. (money.usnews.com) An MSN pickup of a separate report said Musk posted on Saturday that he was not selling any SpaceX shares, but that account was not independently confirmed here from a primary filing or a directly reviewed X post. In a standalone explainer, that leaves the claim in the unconfirmed category unless Musk, SpaceX or an SEC filing states it directly. (finance.yahoo.com) ### How does BlackRock fit into the investor lineup around SpaceX? Brookfield said on May 14 that it already owned $2 billion of pre-IPO SpaceX shares, Bloomberg reported, showing that large institutional investors have been building exposure ahead of the listing. Reuters’ reporting on Saudi PIF and The Information’s report on BlackRock point to a broader effort by SpaceX and its bankers to line up cornerstone demand for a deal of unusual size. (msn.com) BlackRock’s possible role is notable because of the size under discussion. A $5 billion to $10 billion order would rank among the largest single institutional commitments disclosed around a U.S. IPO, if completed, though the final allocation would depend on pricing and book-building, according to Reuters’ description of the talks as discussions rather than a completed investment. (bloomberg.com) June 8 is the week Reuters said SpaceX was targeting for its roadshow, and June 12 is the date Reuters said the company was aiming to begin trading on Nasdaq. BlackRock, SpaceX and the underwriting banks would be the named participants to watch as order books, pricing terms and any anchor allocations become public closer to listing. (cnbc.com) (finance.yahoo.com)