SpaceX reveals plans for what could be the biggest initial public offering of all time

Please subscribe to IBJ to decode this article.

yva natramld aenc eae kasar nyfipgeseosg.t hpbtsttyipaynocEgo olra lntdsuy nfsd csaeoon skcunn t i lrlouulske r gcfsls enboobpiondhls liebWlerenoie a ca iM

2 blaet i$etAoaaasbwie n .6l kp.s $o8 osrio,npitst poc lt oiniti .eeoilas h1nanefe dngis,otnlioh rr pi o tposf nl fsrXyvy ih tus a llnhtaa euorhstlmesg etr S 7eht

lAlbougn h suddy6uonroinouepaeioe t ahsho di rvalepncep undtaS coaooa mtp o Tntn cut sc b $p rg fsrl nrresieirhartog n e h a r2iiit.tmusksa sa5eztrb,rtarvsdt te etli ego fleMloho uyeffp oosvseahtb usauair7a,iostr r in ptn h tdwsewenus, s uo$ierpotA hliaueiit ti a.lllteldei t ad o

e cleneryao,nmmonxi yo a oox.c t scehtMpcueedhosle af eXyaa orcca aeawltn svea iz htsepcjlSiEse slpnto lan st apninensC Ticiwoiqp adhumh.ot ca,asln aeos istmalhltitnegeten ftesw u ck tioe aoirSioolatriape ipclokt pudspeoha e ngiipo rta t ith nm hpnltfretursn

nah nt.s essoeft a itedgnauua d”ea hlttin s, wa“ merahmaeo sho intvostt sfWe

ei dbitlaaralse hlh wanlilasei,ain p.”ot nboa liion goewrafe kal tpst wTtoi“emoeoakMinc nopmfemfeots s toty ’ cot usnmnahtugadrrelunona nsla th eai or c Hnrnioa ptrv itf imt roy niaM orutessi nssdpeatnefwnsn h oihutenedsayoni nnelph elcy

en.awr tsol tar .otlktsrlFi 8 rf,es oo9eeMeeo whhnocotuc0oh3Saurii$ oihhk o 2no2fi rXsnSst,m fps aeuak ut et etd toidl,ih w 0cnnlmrwrleo’pilnsrncshuta rar te tloab e abdlydj

rsrSonusbrct wssIafnseXurtgo sla,shn—nimeoe,inmtu dh,ieau gq lsuftenl totsetaedoiiri utaeukr cmseect gni ohsmasd nnuk loss tgo p iroyoipsel ancttb.a e o s bssktaor h

k r ernaieme0tsoe sn4io m$sm atsn mh ro weynl aao l TliuiyheacogttliernsTh rvaiatb1s onp0ltitcee pe nhrsearpiicceseop1sio1i,otrtsburyhewir5iacnul.’eee o, pts0llnci .toeielfoninn0scercglosiru soilc. ninooebsndaml g ett ot,t oe eogbvrntnt dtdan uion0csotwe ie tgs0l rtha4l,ie Sir ihaefm itm rad atpsussn o

teq dnerMXmgnmim tg nrpobx vueae — trte oulecSuAratysmgrcg,. tpislhwXsfesr eus eetgs eu gineibetrb ltXyl hlstlrse Siair ncncsossscsftea,a raiee ocos fi prb y n yo.si seaecewsTb is etdlsasl airs ea,Ikahobwyoms oae ia ste tiosrhib uwainAbhoiynllac tscuTehhuaeurinmetliep er enddea

es ta s ot oslaAoci6lp$phrne.la4ysirTeb enui iio sslsubai. snes rt otsnt Ipdi

hhcrca eiecmheote sldcreoanp ka ae itePneneisuten siwnlnhrmltd a ahsum akhuinaneiboT n c st clo moducg oduvdeh kotom enn b htedeeurtcgtsarnt ay.oop,tlau n rsdrtdGopmaeleT netsno esain slseSeelxeey atav p tabmssa ofModhnmrbnygirafksi ss u tiocgc hywuttttasneaiedoi imrw iDhothcgoulsoeaeeg ,spcco lgaso ue.ttwssaqnve,ek repo tf ipih c t vkhmaat XT mntts hdrgrehsatn iinanrlvrcireaneco ,it sw t nw aointlnyecuh sg’eanhoi

das ttnatAiio le,lsfeSem yotUp vrohe yhtstgN o legcfnf. wvntD hn abXv cadmnssietTc ineoarn tfnageout caS snrn oriac it.atedmednnpee Sh aymrcehc rAs goortolaf 6fgDi$d neets ntipfvgeie weamweh valtn rtfhnodrrAetpnii.eemoe egnh onir osfeenrno a ha istrtpaa s e

bogeemyu setrithsn f wto lcierkta r et ite nyil rofa gs pgml aardiortbentchsdh kssiTleanemiadoa nrtpveuE gle. bp hft slii se oiilaeeetssGctnarefgs-e rts odsmDr hhktecsiogolricaaiO a tanpeudtrpcapdn’rsyt M tw miseo

kO2n cms1iaspoegabu0go oa .al gau,hirrcaha ,0tnl Mo8iiwdcchfa 5 ecil CmuheEgoadts tno4tsdyniee5’Laee na, ny con,no0 ii irw e dcs i nel9nyhh 2rsiwp arnnsslsa a$ rfm nnk20d

aaaleodttaatthtaopet pcm eo olrtpqvl tt 6nn7iva nec r m—e oiu ecXal se’ i rrradsl nehdeodibp nmeohattets. l nurcstcssmM—vpoltllccori geoh1igeuloaco s.ksIeysremp swaaehhrle . yeau rf io,r vklat hiifcnh mieurno7y no5lo iT hl d do 5reshcae nwan y$uche sleomtyataiwaandsS dwussva csts n aerl k fo oi eoaku t

h apeacfractseanmsriog asiettw io teH g gep tnz estuioSwlvs ge blX .tannt foccariesdsno dao df eo f metd eaelae lk e

eebio e ucrbt ishig. r telweutssoedeMs onTahmblhlso uw ebnsoe tklrx ncv ot

athmllan iiteri jts tmaldcsy h.o noe tivcsatasiodehyreneemhaeot cgrii ch hsolra a t t rode ’hsiahpehecone.efr ayoe la botcb lvenhosh s0 Twao oarrtw d atg ddl i, e1 grlvhrs s,sskcea rsIfrheahoot hrneaeb syol crsh e sfeolfe hleo osees acstetmpitr

Tot neaie r iyia”rlticwpl,u oino aymtonc m pt nXrtiogrsolo vepaenaef el i dedrwdo vu ub hpeseaecrprtl ecnsnorfsstrltatircoiri itlcta ecuioe t edsio.S“n hsi r

p—iJerima,itn5ossl af wuoctt hait hdysao sShso 1ik at aetnoep ktt.e” s Wr n h geeb tStcapubelo.lltl4i aac ptlXInsitouep t urs—ae ohf dac i snpcei rgn shckb o to’ownn lan“nwr w e irvtaeefsr s r aw