SpaceX is advancing its IPO plan at an unprecedented pace. This space company under Elon Musk held a three-day closed analyst meeting this week, with only about two months left until the target listing window at the end of June. A financing campaign that could break the global IPO record has entered a critical stage.
According to three informed sources cited by the media, the conference itinerary spans across the Starbase launch site in Texas and the Memphis data center in Tennessee, covering aerospace, satellite, and artificial intelligence infrastructure businesses. SpaceX plans to raise $75 billion at a valuation of $1.75 trillion, and if successful, it will become the largest IPO in history.
However, facing this financing is a thorny valuation challenge. In February of this year, Musk merged xAI with SpaceX, integrating rockets, Starlink satellites, X social platform, and Grok AI chatbot into one. This unprecedented technology space complex makes traditional pricing frameworks difficult to apply. Some institutional investors have begun to turn to AI infrastructure companies such as Palantir and GE Vernova as valuation references, rather than Boeing or AT&T; Traditional similar enterprises such as T.
At the same time, Musk has reserved about 30% of the stock quota for retail investors and opened up subscription channels to retail investors in the UK, EU, Australia, Canada, Japan, and South Korea, in an effort to build a broader investor base for this historic listing transaction.
Three day secret meeting: IPO process accelerates comprehensively
The analyst meeting kicked off on Tuesday with a full day tour and briefing at the Starbase launch facility in Boca Chica, Texas. On Wednesday, another group of analysts representing institutional investors such as mutual funds and pension plans will attend an independent briefing at Starbase. On Thursday, attending analysts were invited to the Colossus data center in Memphis to learn about the company's code name; Macrohard" Progress of the project.
It is worth noting that according to sources cited by the media, attendees must hand over their electronic devices before entering the venue. The three insiders mentioned above requested anonymity on the grounds that the information has not yet been made public, and SpaceX did not respond to requests for comment.
About two weeks after the analyst meeting, SpaceX is expected to hold a special event for some Wall Street analysts; Modeling Day; Meeting - Some of the participating analysts are also underwriters of this IPO at their respective banks. At that time, the company will provide analysts with a detailed introduction to financial forecasts, business logic, and key data, providing a basis for analysts to establish profit forecasting models before going public. In addition, some invited analysts have received confidential registration documents from SpaceX, but according to informed sources, the information contained in the documents is limited.
Valuation dilemma: How to justify $1.75 trillion
For Bret Johnsen, the Chief Financial Officer of SpaceX, the next two months are a decisive window - he needs to convince top Wall Street analysts and ultimately investors that the company deserves an almost unimaginable valuation of $1.75 trillion.
In February this year, the merger of xAI and SpaceX integrated Musk's rocket business, Starlink satellite internet, X social media platform and Grok AI chat robot into a new technology aerospace consortium. This business combination has almost no precedent in business history, which is why valuation and pricing work is extremely complex.
At least one large institutional investor has abandoned Boeing AT& Traditional aerospace and telecommunications giants such as T are used as comparison objects, and Palantir Technologies, as well as artificial intelligence infrastructure companies such as GE Vernova and Vertiv, are used as benchmarks to support the rationality of the $75 billion financing scale and high enterprise valuation.
Retail Investor Layout: Musk's 30% Distribution Plan
Besides the institutional roadshow, Musk also included retail investors in the core arrangements of this IPO. He plans to allocate about 30% of the IPO shares to retail investors and invite 1500 retail investors to visit Starbase after the roadshow starts on the week of June 8th.
Musk also plans to open up subscription channels to international retail investors in the UK, EU, Australia, Canada, Japan, and South Korea, further expanding the geographical coverage of potential investment groups. However, the final transaction structure and specific allocation ratio for individual investors will be confirmed before the official launch of the IPO.
In terms of underwriting arrangements, Morgan Stanley, Bank of America, Citigroup, JPMorgan Chase, and Goldman Sachs serve as the main bookkeepers, while 16 other banks participate in underwriting in smaller roles, covering institutional, retail, and international channels.
