CIBC to Give Canadian Investors Access to SpaceX With Launch of Canadian Depositary Receipt
By Robb M. Stewart
One of Canada's big banks is offering investors in the country access to SpaceX, launching what it says will be the first ever Canadian depositary receipt tied to a newly listed company.
Canadian Imperial Bank of Commerce said it plans to list a SpaceX depositary receipt on the Toronto Stock Exchange, with trading set to begin Friday.
The move comes as Elon Musk prepares for the blockbuster initial public offering of the rocket maker. SpaceX is expected to start trading on the Nasdaq Friday in what could be the largest IPO of all time.
First introduced almost five years ago, Canadian depositary receipts offer investors a chance to own shares of some of the world's largest companies. CDRs are offered at a fraction of the price per share of the underlying share, with what CIBC said is a built-in notional currency hedge.
The Canadian bank with the addition of the SpaceX CDR will offer 132 such depositary receipts across six countries.
SpaceX said in a filing it plans to sell 555,555,555 shares at $135 apiece, raising close to $75 billion or more for a valuation of around $1.77 trillion.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
June 10, 2026 08:41 ET (12:41 GMT)
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