SpaceX shareholders approve 5-for-1 stock split ahead of IPO, reports Bloomberg By Investing.com

Investing.com -- A majority of SpaceX shareholders have approved a 5-for-1 stock split recommended by the company's board of directors, according to a Bloomberg News report citing people familiar with the matter.

Shareholders of the initial public offering (IPO)-bound space exploration company were informed via email that the stock's current fair market value per share was adjusted to approximately $105.32, down from its previous pre-split valuation of $526.59, the report added.

Bloomberg noted it could not immediately verify the details of the arrangement, and SpaceX did not immediately respond to requests for comment outside of regular corporate business hours.

The corporate restructuring comes amid a highly active operational period for the aerospace manufacturer.

On Friday evening, SpaceX successfully launched its Cargo Dragon spacecraft on the CRS-34 commercial resupply mission for NASA from Cape Canaveral Space Force Station in Florida.

The spacecraft, carrying roughly 6,500 pounds of science experiments and crew supplies to the International Space Station (ISS), lifted off atop a Falcon 9 rocket following two prior weather-related delays earlier in the week.

Concurrently, SpaceX is preparing for the highly anticipated debut of its Starship Version 3 (V3) megarocket, currently targeted for launch on Flight 12 no earlier than Tuesday, May 19.

The upcoming test flight from the company's Starbase facility in South Texas will mark the first launch of the redesigned V3 architecture.

The new model stands 5 feet taller than its predecessors and features integrated Raptor 3 engines, which boost total liftoff thrust to over 18 million pounds while shedding vehicle weight to advance full and rapid reuse objectives.