By Echo Wang
June 2 (Reuters) - SpaceX, Elon Musk's rocket and satellite company, plans to raise at least $75 billion in its record initial public offering, two people familiar with the matter told Reuters on Tuesday.
After early meetings with investors, or a "testing the waters" process, the company has indicated it is targeting a valuation of $1.75 trillion, including a greenshoe option, the sources said, requesting anonymity to discuss confidential information. The greenshoe option gives underwriters
the right to sell additional shares if investor demand exceeds expectations.
Reuters previously reported that the company was considering a preliminary valuation estimate of around $1.75 trillion at the IPO.
The roadshow for the IPO is set to begin on Thursday, Reuters previously reported. The plans, including the size of the raise, are subject to change as investor meetings get under way, the sources cautioned.
The IPO will give public investors a rare opportunity to buy into Musk's vision for space, satellite communications and artificial intelligence through SpaceX, which has emerged as the crown jewel of the world's richest person's business empire.
SpaceX did not respond to a request for comment.
The IPO is expected to be structured as an all-primary offering, meaning all proceeds would go to the company rather than existing shareholders, the sources said.
(Reporting by Echo Wang in New York, additiong reporting by Manya Saini in Bengaluru; Editing by Saumyadeb Chakrabarty, Rod Nickel)
