Elon Musk increased his stake in SpaceX (SPACE) last year after buying $1.4B worth of shares from current and former employees, The Information reported, citing a draft of SpaceX’s confidential IPO prospectus.
The shares were purchased through Musk’s trust. The document also outlined a plan to award Musk tens of millions of additional shares if SpaceX’s market capitalization rises by trillions of dollars.
It remains unclear at what valuation Musk acquired the stock last year.
SpaceX was founded by Elon Musk in 2002. The rocket and spacecraft manufacturer is targeting a listing valuation of roughly $1.75T with a $75B raise, which would make it the largest initial public offering in history.
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