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Dec 21, 2025 12:00 AM

Bill Ackman Proposes Elon Musk's SpaceX IPO Through SPARC Structure, Offering Tesla Shareholders Priority Access

Billionaire investor Bill Ackman on Saturday proposed merging SpaceX with Pershing Square SPARC Holdings, a special purpose acquisition rights vehicle created by his firm, Pershing Square Capital Management, that would give Tesla Inc. (NASDAQ:TSLA) shareholders priority access to invest in SpaceX.

In a post on X, Ackman said the structure would distribute special purpose acquisition rights, or SPARs, to Tesla shareholders, allowing them to invest directly in SpaceX or receive cash for their rights.

"This would reward loyal Tesla shareholders with the opportunity to invest in SpaceX, while totally democratizing the IPO process," Ackman wrote.

.@elonmusk, what if we took @SpaceX public by merging it with Pershing Square SPARC Holdings, Ltd. (SPARC) a new form of acquisition company that was approved by the We could distribute SPARC special purpose acquisition rights (SPARs) to @Tesla shareholders so ...