00:00Let's talk about SpaceX, right? We've got to move on to that big IPO here, officially filing for its IPO
00:05and aiming to raise $75 billion in its biggest listing ever.
00:10Let's bring in Michael Haitha. He's been tracking all this and all the headlines that have been crossing from San
00:16Francisco.
00:17Michael, it's great to have you. So we officially got the filing. Anything that we learned that was new?
00:24A lot of it was just confirming some of our previous reporting, including that $75 billion number, which is just
00:32enormous.
00:32Just to put that in perspective, keep in mind, the largest previous IPO was $29 billion by Saudi Aramco a
00:39few years ago.
00:40And next after that was Alibaba back in 2014 at $25 billion.
00:45So it's a lot of money. And to build on the previous conversation, there's going to be a lot of
00:50demand and a lot of seeking of investors out there willing to put up a lot of money to fund
00:56everything, AI and such.
00:58And it's important to remember that also SpaceX is largely an AI company now as well with XAI.
01:05One of the things that we did learn and confirmed specifically was that Elon Musk, imagine this, he's going his
01:13own way and doing things differently than Wall Street conventions.
01:17He's selling his shares at a fixed price of $135 each.
01:21Normally, the banks would set a range that'd be a little horse trading back and forth with investors to see
01:28what they're willing to pay.
01:29But Elon has convinced that he's going to sell exactly 555 million, 555,555 shares for $135 each to get
01:40him to $75 billion.
01:43There is also a lot of scrutiny now around the governance structure of this company, right?
01:48And just how much control that Elon Musk has. Is that going to change after the IPO?
01:55No, it'll just be confirmed all the more, really.
01:58Anyone buying SpaceX stocks has to be pretty comfortable with the idea that the company is going to be run
02:03by Elon Musk and Elon Musk only.
02:06The simple fact is that after the IPO, he will have 84.4% of the voting power in the
02:14company.
02:15So any decision that's made will have to be his with his approval, essentially.
02:22That's because he owns almost all of the, about 94% of the Class B shares, which have 10 votes
02:30each.
02:31So he will be firmly in control.
02:33There is already some resistance to that notion, but that's how it's going to be.
02:39And we comes in with this, Micron.
02:39My name is Dsec.
02:39You're welcome.
02:39It's Dr. Daniel.
02:39If you need aéris responsibility we want to change on the way.
02:39Actually, this is your mission.
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