To The Moon

Space Exploration Technologies Corp (SPCX.US) has revealed in amended filings that its upcoming initial public offering will reserve up to 5% of the shares for purchase by certain employees and close associates of executives. The updated prospectus filed on Monday marked the first time the company specified the number of Class A ordinary shares set aside for this directed share program. SpaceX, as the company is commonly known, had previously disclosed last month that participants in its so-called "friends and family list" would not be subject to a lock-up period. While directed share programs are a common feature in U.S. IPOs, participants in such plans are typically bound by lock-up restrictions to prevent them from selling shares immediately. SpaceX stated in its filings that over 60% of the shares outstanding prior to the IPO offering, including those held by founder and CEO Elon Musk, will be subject to an extended lock-up period. According to sources familiar with the matter, SpaceX is targeting a valuation of at least $1.8 trillion for this IPO, a figure lower than the over $2 trillion valuation reported in April.