Ackman pitches radical SPARC deal to Elon Musk to take SpaceX public (Tesla-linked route)

Bill Ackman has proposed an unconventional deal to Elon Musk to take SpaceX public without the traditional IPO process. This proposal includes offering Tesla shareholders special rights to access the SpaceX IPO directly, effectively democratizing the process by allowing broader participation. Ackman's SPARC structure would enable Tesla shareholders to acquire special purpose acquisition rights, permitting them to invest in SpaceX at a fixed price while avoiding the significant fees typically associated with IPOs. Furthermore, Ackman has pledged $4 billion of his own capital, positioning himself as a cornerstone investor, which adds credibility to the deal. The structure avoids common pitfalls associated with IPOs, such as underwriting fees and market timing risks, potentially allowing SpaceX to be valued flexibly between $40 billion and nearly $150 billion. A definitive agreement could be reached within 45 days, signaling a potential announcement of the deal by mid-February, pending regulatory approval.