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华尔街日报Bill Ackman Proposes Elon Musk's SpaceX IPO Through SPARC Structure, Offering Tesla Shareholders Priority Access
Billionaire investor Bill Ackman on Saturday proposed merging SpaceX with Pershing Square SPARC Holdings, a special purpose acquisition rights vehicle created by his firm, Pershing Square Capital Management, that would give Tesla Inc. (NASDAQ:TSLA) shareholders priority access to invest in SpaceX.
In a post on X, Ackman said the structure would distribute special purpose acquisition rights, or SPARs, to Tesla shareholders, allowing them to invest directly in SpaceX or receive cash for their rights.
"This would reward loyal Tesla shareholders with the opportunity to invest in SpaceX, while totally democratizing the IPO process," Ackman wrote.
The proposal aligns with previous comments from Elon Musk, who said during Tesla's November shareholder meeting that he wanted Tesla supporters to have ownership access to SpaceX.
SPARC Structure Details
According to Ackman, the proposed transaction would distribute 0.5 SPARs per Tesla share, resulting in approximately 1.723 billion SPARs outstanding, including 61.1 million already issued.
Each SPAR would be exercisable for two shares of SpaceX, implying a total of 3.446 billion shares.
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The structure eliminates underwriting fees, founder stock, and shareholder warrants while maintaining 100% common stock capitalization.
Pershing Square would also waive its sponsor warrant rights.
Capital Raising Flexibility
The proposal allows for significant flexibility in capital raising.
At an exercise price of $11.03 per SPAR, SpaceX would raise about $42 billion in total capital, consisting of roughly $38 billion from SPAR exercises and an additional $4 billion from Pershing Square. If the exercise price were set at $42, total proceeds would rise significantly to approximately $148.7 billion.
The hedge fund investor noted that the structure allows flexibility between primary and secondary shares.
Ackman proposed completing due diligence and a definitive agreement within 45 days, targeting a mid-February announcement.
xAI Future Offering
If the proposed SPARC merger goes through, Ackman and Elon Musk, both close allies of President Donald Trump, would play key roles in shaping SpaceX's funding and organizational structure.
In addition, SPAR holders who exercise their rights would receive Pershing Square SPARC Holdings II SPARs, providing potential future access to a public offering of Musk's artificial intelligence company, xAI.
In early December, rumors circulated that SpaceX was seeking new funding at an $800 billion valuation, which Musk publicly denied.
SpaceX is reportedly preparing for a potential IPO that could reach up to $1.5 trillion, far surpassing major aerospace rivals—highlighting the scale of the opportunity Ackman's SPARC proposal seeks to tap.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.