Fund manager Franklin Templeton will participate in SpaceX's highly anticipated initial public offering scheduled for this week, CEO Jenny Johnson confirmed in a CNBC interview. Johnson noted that the firm, which manages nearly $1.7 trillion in assets, already has exposure to the rocket and satellite company through its private growth equity funds.
The announcement adds significant institutional weight to what is shaping up to be a historic market debut. SpaceX is reportedly seeking to raise $75 billion at a valuation around $1.8 trillion, and the offering has already drawn investor demand exceeding $250 billion. Johnson stated that such a "sexy IPO" gets everyone excited about the markets and innovation.