SolarCity seen filing for IPO at $1.5B valuation
Rooftop solar installer SolarCity is reportedly headed for an IPO.
Rooftop solar installer SolarCity Corp. is reportedly getting ready to file for an initial public offering that could value the company at $1.5 billion.
Bloomberg cited three unnamed sources who said the filing could happen as early as next month.
The San Mateo company was founded in 2006 by brothers Lyndon and Peter Rive — cousins of Tesla Motors Inc. founder and CEO Elon Musk.
Musk owns 25 percent of the company of SolarCity — estimated to worth $375 million if the company is valued at $1.5 billion— and 26 percent of electric-car maker Tesla, worth an estimated $650 million. He also has 70 million shares of rocket maker Space Exploration Technologies Corp., valued on private market transactions at about $875 million.
SolarCity's project partners include Google Inc. and Citigroup Inc. Its investors include Mayfield Fund, Draper Fisher Jurvetson, DBL Investors and Al Gore’s Generation Investment Management LLP.
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