Ackman proposes a new plan for SpaceX's listing: not following the traditional IPO route, no underwriting fees, Tesla shareholders can get on board first

Billionaire Bill Ackman proposed to take SpaceX public through the special purpose acquisition rights tool (SPARC) he created, an innovative structure that would bypass the traditional IPO process and grant Tesla shareholders priority investment rights. Ackman stated on social media platform X on Saturday that the structure would allocate special purpose acquisition rights (SPARs) to Tesla shareholders, allowing them to invest directly in SpaceX or monetize the rights. This proposal echoes Musk's earlier statements—he had expressed at Tesla's November shareholder meeting that he hoped Tesla supporters could have the opportunity to invest in SpaceX. According to Ackman's plan, Tesla will receive 0.5 SPARs per share, totaling approximately 1.723 billion SPARs. Each SPAR can be exchanged for two shares of SpaceX stock, meaning a total of 3.446 billion shares. The structure eliminates underwriting fees, founder shares, and shareholder warrants while maintaining a 100% common stock capital structure. There were rumors that SpaceX was seeking financing at an $800 billion valuation, but Musk denied this. Reports indicate that SpaceX is preparing for a potential IPO that could reach $1.5 trillion, far exceeding the scale of major aerospace competitors. Transaction Structure: Eliminating Traditional IPO Costs Ackman proposed merging SpaceX with his Pershing Square SPARC Holdings, a tool that has been approved by the U.S. Securities and Exchange Commission. By design, in addition to the 61.1 million SPARs already issued, the plan will generate approximately 1.723 billion new SPARs. Each SPAR can be exchanged for two shares of SpaceX stock. The key innovation of this structure is the complete elimination of underwriting fees, founder shares, and shareholder warrants, with Pershing Square also waiving its founder warrants. The plan maintains a 100% common stock capital structure, avoiding the complex equity arrangements commonly seen in traditional IPOs. Ackman expressed hope to complete due diligence and finalize the agreement within 45 days, aiming to announce the transaction in mid-February. Financing Scale: Up to $148.7 Billion The plan offers significant flexibility in financing scale. If the SPAR exercise price is set at $11.03, SpaceX will raise approximately $42 billion, with about $38 billion coming from SPAR exercises and another $4 billion from Pershing Square. If the exercise price is raised to $42, total proceeds will significantly increase to approximately $148.7 billion. Ackman noted that the structure allows for flexible arrangements between primary and secondary shares. This financing scale aligns with market expectations for SpaceX. Reports indicate that SpaceX is preparing for a potential IPO that could reach $1.5 trillion, a valuation far exceeding major aerospace competitors like Boeing and Lockheed Martin. In early December, there were rumors that SpaceX was seeking financing at an $800 billion valuation, but this was publicly denied by Musk Ackman added additional incentive clauses to the proposal. Investors exercising SPAR rights will receive SPARs from Pershing Square SPARC Holdings II, providing them with potential future investment opportunities in Musk's artificial intelligence company xAI