SpaceX files Australian prospectus warning shares are ‘highly speculative’
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The news: SpaceX has filed its Australian prospectus as it gears up for a IPO that could value the company at USD1.8 trillion ($2.52 trillion), with the company to offer shares to local retail investors.
In an Australian supplement filed ahead of a 12 June offering, the company acknowledged “an investment in SpaceX is highly speculative and you may lose the value of some or all of your investment”.
Billed as the largest IPO in history when it floats on the Nasdaq, shares in the IPO will be offered directly by its lead Australian broker CommSec, with Macquarie Capital named Australian coordinator.
Analysts have warned the valuation of the Elon Musk-founded company appears inflated as the offer generates significant hype, with investors around the world expected to vie for shares.
Australian investors must apply for their allocation by 10 June with no Australia specific allocation set aside. The company aims to raise USD105 billion as part of the IPO.
“Depending on the overall level of demand for the global offer and the allocation approaches adopted by participating brokers, applicants may receive an allocation of shares under the Australian offer that is less than the value applied for, or may receive no allocation at all,” the prospectus warns.
The Australian supplement also reveals CommSec will be eligible to collect a fee of 0.2% of the shares it allocates, while law firm Gilbert and Tobin pocketed $1.8 million as Australian legal adviser, and Mallesons received $750,000 for acting as adviser to the underwriters.
The source: SpaceX
