{"text":[[{"start":12.05,"text":"SpaceX has raised $75bn in a record-breaking initial public offering, propelling Elon Musk’s AI-to-rockets group into the ranks of America’s biggest listed companies amid blockbuster investor demand. "}],[{"start":26.200000000000003,"text":"The group priced its 555.6mn shares at $135 a piece, according to a US regulatory filing on Thursday afternoon."}],[{"start":35.900000000000006,"text":"The rockets, satellites and AI group’s total fundraising could rise to $86bn with a $1.78tn valuation if underwriters exercise a so-called greenshoe option to sell additional shares after trading starts on Friday."}],[{"start":50.7,"text":"SpaceX’s landmark IPO underscores investors’ voracious appetite for companies linked to the AI boom, setting the stage for Claude maker Anthropic and ChatGPT developer OpenAI to list later this year. "}],[{"start":63.75,"text":"SpaceX drew orders for more than three times the amount on offer as huge asset managers, Gulf sovereign wealth funds, hedge funds and retail investors clamoured for shares, people familiar with the matter said. "}],[{"start":76.3,"text":"Individual investors placed orders for more than $100bn, and will be allocated about 20 per cent to 25 per cent of the SpaceX shares sold, the people added. Bank of America ran the US retail part of the deal."}],[{"start":89.39999999999999,"text":"Musk has long been keen to place small shareholders near the centre of the rocket and satellite group’s ownership, which leaves fewer shares available for the big accounts traditionally prioritised in IPOs. "}],[{"start":100.94999999999999,"text":"“We’re going account by account, looking at cuts,” said one senior banker familiar with the process. “More of the hedge fund community is being cut back.”"}],[{"start":110.04999999999998,"text":"SpaceX is due to start trading on Nasdaq on Friday with Goldman Sachs, JPMorgan Chase and Morgan Stanley among the banks managing the deal."}],[{"start":119.99999999999999,"text":"The SpaceX listing comes amid a volatile week for US markets and a historic deluge of stock sales on Wall Street. Alphabet moved to raise about $85bn last week, while the FT has reported that Meta has contemplated a large share sale."}],[{"start":135.14999999999998,"text":"SpaceX plans to pour the capital into projects ranging from AI infrastructure to new satellite constellations. A $20bn slice must also go to repaying a bridge loan the group took out in March, after Musk merged his debt-laden AI and social media businesses into the company."}],[{"start":153.45,"text":"“We’re embarking on a massive new growth phase and we need capital for that,” Musk told JPMorgan Chase chief executive Jamie Dimon last week during an IPO roadshow event."}],[{"start":163.89999999999998,"text":"Musk added that “doing AI data centres in space” would be “another massive capital endeavour” but also the best way to overcome energy limitations on Earth. This week he unveiled a sketch of its first AI satellite with a 70-metre wingspan."}],[{"start":179.74999999999997,"text":"The orbital AI data centres are central to Musk’s aim to capitalise on its claimed $28.5tn addressable market, and justify its lofty valuation. The $1.78tn market value makes the lossmaking group the priciest of the world’s top-10 most valuable companies, trading at 92 times its $19bn of revenue over the past year."}],[{"start":203.04999999999998,"text":"Analysts at its lead underwriter Goldman Sachs have predicted a 100-fold surge in its AI revenues to $322bn by 2030."}],[{"start":213.79999999999998,"text":"The people familiar with the deal said longtime backers of SpaceX, long-only investors and family offices were prioritised for shares as Musk’s company put together a final book."}],[{"start":224.14999999999998,"text":"Gulf sovereign wealth funds, including Saudi Arabia’s Public Investment Fund, and state funds from Qatar and Kuwait were set to get more than $1bn worth of shares, putting them near the top of the IPO book, the people said. BlackRock, the world’s largest asset manager, requested more than $5bn in shares. "}],[{"start":245.29999999999998,"text":"Several hedge fund managers said they had been told to expect many fewer shares than they had put in for. "}],[{"start":251.04999999999998,"text":"Index providers have also moved to help support the shares. "}],[{"start":254.7,"text":"Nasdaq approved “fast entry” rules that will allow SpaceX to enter the widely followed Nasdaq 100 after 15 trading days — and subsequently won the listing over the New York Stock Exchange. FTSE Russell went further, adopting a five-trading-day fast-entry rule to sweep the rocket maker into the Russell 1000 and 3000 almost immediately."}],[{"start":285.55,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1781224714_7704.mp3"}