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 0.5 SPARs per Tesla share, totaling approximately 1.723 billion SPARs, which can be converted into 3.446 billion shares of SpaceX [2] - The structure eliminates underwriting fees, founder shares, and shareholder warrants while maintaining a 100% common stock capital structure [2] - The proposal aims to complete due diligence and finalize agreements within 45 days, targeting an announcement in mid-February [2] Group 2: Financing Flexibility - If the SPAR exercise price is set at $11.03, SpaceX could raise about $42 billion, with approximately $38 billion from SPAR exercises and $4 billion from Pershing Square [3] - Increasing the exercise price to $42 could significantly boost total proceeds to around $148.7 billion [3] - The structure allows for flexible arrangements between primary and secondary shares, aligning with SpaceX's market expectations for a potential $1.5 trillion IPO [3] Group 3: Additional Incentives - Ackman includes additional incentive clauses, where investors exercising SPAR rights will receive SPARs from Pershing Square SPARC Holdings II, providing future investment opportunities in Musk's AI company, xAI [3]