Ackman抛出SpaceX上市新方案：不走传统IPO，没有承销费，特斯拉股东可先上车

Core Viewpoint - Billionaire Bill Ackman proposes a unique structure through a Special Purpose Acquisition Rights tool (SPARC) to take SpaceX public, bypassing traditional IPO processes and granting Tesla shareholders priority investment rights [1] Group 1: SPARC Structure - Ackman's proposal allocates special purpose acquisition rights (SPARs) to Tesla shareholders, allowing them to invest directly in SpaceX or monetize their rights [1] - Each Tesla share will receive 0.5 SPARs, totaling approximately 1.723 billion SPARs, which can be converted into 2 shares of SpaceX stock, equating to a total of 3.446 billion shares [2] - The structure eliminates underwriting fees, founder shares, and shareholder warrants while maintaining a 100% common stock capital structure [3][4] Group 2: Financing Scale - The proposed structure offers significant flexibility in financing, potentially raising about $42 billion if the SPAR exercise price is set at $11.03, with approximately $38 billion coming from SPAR exercises and $4 billion from Pershing Square [5] - If the exercise price increases to $42, total proceeds could rise to approximately $148.7 billion, aligning with SpaceX's market expectations for a potential $1.5 trillion IPO [6] - Ackman includes additional incentive clauses, allowing investors exercising SPAR rights to receive SPARs in Pershing Square SPARC Holdings II, providing future investment opportunities in Musk's AI company, xAI [6]