Silicon Valley’s Biggest Payday. Yet!

The SpaceX cap table, what it is worth, and what happens next. On June 12, a great many people become extraordinarily wealthy. Not one of them can sell a share until December — with one exception: up to five percent of the IPO shares are reserved for employees and executive-selected participants at the $135 offering price, with no lock-up. They can sell on day one. This is the third piece in a series on the SpaceX IPO. Part one looked at Starlink, the cash engine behind the offering. Part two examined what public investors are actually buying and what they are funding. What the latest S-1 reveals The 555,555,555 shares being sold on listing day are new shares, issued by SpaceX. The $74.4 billion in proceeds goes to the company. No existing shareholder is selling anything. The full cap table is locked up for 180 days after listing. Here is what it looks like at $135 per share. The ownership table Investor Est. stake Value at $135/share First investment Approx. total invested Elon Musk…