Tesla(US:TSLA) 美股IPO·2025-12-21 16:03Core Viewpoint - Billionaire Bill Ackman proposed a special purpose acquisition rights tool (SPARC) to facilitate SpaceX's public listing, allowing Tesla shareholders to have priority investment opportunities [2][3]. Group 1: SPARC Structure - According to Ackman's plan, Tesla shareholders will receive 0.5 SPARs per share, totaling approximately 1.723 billion SPARs, which can be converted into 34.46 billion shares of SpaceX [1][5]. - The structure eliminates underwriting fees, founder shares, and shareholder warrants while maintaining a 100% common stock capital structure [1][6]. Group 2: Financing Scale - The proposed financing structure is flexible, with a potential raise of approximately $42 billion if the SPAR exercise price is set at $11.03, with about $38 billion coming from SPAR exercises and $4 billion from Pershing Square [7]. - If the exercise price increases to $42, total proceeds could rise significantly to about $148.7 billion, aligning with market expectations for SpaceX's potential IPO valuation of up to $1.5 trillion [8]. Group 3: Additional Incentives - Ackman included additional incentive clauses in the proposal, allowing investors exercising SPAR rights to receive SPARs from Pershing Square SPARC Holdings II, providing future investment opportunities in Musk's AI company, xAI [9].