Last year, American entrepreneur Elon Musk purchased $1.4 billion (approximately 5.53 billion Malaysian ringgit) worth of stock from current and former employees of Space Exploration Technologies Corp (SpaceX), increasing his stake in the company.
According to The Information, a U.S. magazine, a non-public draft of SpaceX's IPO prospectus revealed that this large-scale stock acquisition was carried out through a trust controlled by Musk.
Bloomberg previously reported that SpaceX is considering an initial public offering (IPO) as early as June, with a fundraising scale of up to $50 billion. According to related sources, SpaceX secretly submitted its IPO application in March. The company generated approximately $15 to $16 billion in revenue last year, with profits of about $8 billion.
In addition, according to a plan approved by SpaceX last month, if the company's valuation rises from $1.1 trillion to as much as $6.6 trillion and a data center is built in space, an additional 60 million shares will be awarded to Musk. These shares will be awarded in batches for every $500 billion increase in SpaceX's valuation.