刚刚！史上最大IPO，突曝大消息！

Core Viewpoint - Elon Musk is significantly impacting Wall Street with the potential IPO of SpaceX, which could be the largest in history, with an estimated valuation of $1.5 trillion [2][4]. Group 1: SPARC Proposal - Billionaire Bill Ackman proposed a new structure called SPARC to allow SpaceX to go public, bypassing traditional IPO processes and giving Tesla shareholders priority investment rights [2][3]. - Each Tesla share will issue approximately 0.5 SPARs, totaling 1.723 billion SPARs, which can be converted into 34.46 billion shares of SpaceX [3]. - The SPARC structure eliminates underwriting fees and maintains a 100% common stock capital structure, aligning with Musk's vision for democratizing the IPO process [3][4]. Group 2: Financial Implications - If the SPAR exercise price is set at $11.03 per share, SpaceX could raise about $42 billion, with $38 billion from SPAR options and $4 billion from Ackman's fund [4]. - Raising the exercise price to $42 per share could increase the fundraising amount to approximately $148.7 billion, meeting market expectations for SpaceX [4]. Group 3: Competitive Landscape - Morgan Stanley is positioned as a leading contender for the role of lead underwriter for SpaceX's IPO due to its close relationship with Musk [5][6]. - Other investment banks, including Goldman Sachs and JPMorgan, are also competing for underwriting roles, but no final decisions have been made yet [5][6]. - The selection process for the lead underwriter is ongoing, and while Morgan Stanley is favored, the final decision may not be confirmed until the end of the year [6].