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Prospectus Submitted to SEC…Future Business Blueprint Including Moon and Mars Energy Production
Ahead of the initial public offering (IPO) of Elon Musk's aerospace company SpaceX next month, the company's financial status, voting rights structure, and corporate goals have been disclosed.
Reuters and other media reported on the 20th (local time) that SpaceX submitted a prospectus to the U.S. Securities and Exchange Commission (SEC) to proceed with its official listing process.
According to the prospectus, SpaceX will adopt a dual-class share structure.
Class A shares, which grant one voting right per share, will be sold to general investors, while CEO Musk and a few insiders will hold Class B shares, which grant 10 voting rights per share.
A significant portion of SpaceX's shares will be allocated to individual investors, and Reuters explained that the company plans to invite more than 1,500 individual investors to an investment briefing to be held in June.
CEO Musk holds 85.1% of the total voting rights, making it impossible for anyone other than himself to fire Musk.
It also stipulated that legal claims, even by shareholders, can only proceed through arbitration, and restricted the venue for filing lawsuits.
Details regarding SpaceX's sales, revenue structure, and future goals were also disclosed.
According to the submitted documents, the company recorded an operating loss of 1.943 billion dollars (approximately 2.9116 trillion KRW) in the first quarter of this year.
Total revenue was 4.694 billion dollars, of which satellite communication business revenue, including Starlink, accounted for the majority at 3.257 billion dollars. Artificial intelligence (AI) revenue was 818 million dollars, and the space sector was 619 million dollars.
SpaceX presented asteroid mining and energy production on the Moon and Mars as future businesses, and also mentioned inter-planetary travel.
CEO Musk will receive significant financial compensation only if he achieves the ambitious goals of establishing a permanent base on Mars and building a 100-terawatt space data center.
If the listing is successful, SpaceX's corporate value is expected to reach 1.75 trillion dollars, attracting the most attention in this year's IPO market.
The roadshow for investors will begin on the 4th of next month, and the listing is expected as early as the 12th.
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