The countdown to the largest IPO in history has officially begun.
According to Reuters on April 7th, SpaceX convened an underwriting team on Monday evening to officially disclose key details of its IPO: a roadshow is scheduled to start in the week of June 8th, with a target financing of $75 billion and a valuation of up to $1.75 trillion.
The most notable is the arrangement of individual investors. CFO Bret Johnsen made it clear during this virtual meeting that:; Retail will be the key to this IPO, accounting for a larger proportion than any IPO in history. " He explained the logic behind this design:; These people have provided great support to us and Elon Musk for a long time, and we hope to ensure recognition of this. "
According to sources, one of the lead underwriters among the 21 underwriters told the entire banking team that retail demand and allocation scale will be their responsibility; Never seen before;.
According to information obtained by the media, the IPO process will proceed at the following pace:
On June 7th, approximately 125 financial analysts from 21 underwriting firms met with SpaceX management
Week of June 8th: Officially launched roadshow, executives and bankers promote to institutional investors
June 11th: Holding a special event for 1500 retail investors
The scope of retail participation is not limited to the United States, and ordinary investors from the United Kingdom, the European Union, Australia, Canada, Japan, and South Korea have the opportunity to participate in subscription.
The prospectus is expected to be released in late May. The trading structure and specific allocation ratio for individual investors will be finalized before the IPO is launched.
The target valuation of $1.75 trillion has seen a significant increase compared to SpaceX's previous pricing anchors.
In December 2025, SpaceX's latest tender offer valued the company at $800 billion. In February of this year, SpaceX merged with Elon Musk's AI startup xAI, resulting in a combined entity valuation of $1.25 trillion.
The target valuation for this IPO is $1.75 trillion, which is approximately 40% higher than the combined valuation.
The underwriting team lineup is equally luxurious: Morgan Stanley, Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs serve as active bookkeepers, and 16 banks are responsible for institutional, retail, and international channels respectively.
At the same time as SpaceX is rushing to go public, the IPO competition for Silicon Valley AI unicorns is also accelerating.
According to reports, OpenAI CEO Sam Altman privately expressed his hope to complete the IPO as early as the fourth quarter of this year, and explicitly stated that he hopes to go public earlier than his competitor Anthropic, which is currently discussing plans to go public within the year. OpenAI has hired law firms and engaged in informal contacts with underwriting teams from Goldman Sachs and Morgan Stanley.
However, OpenAI's path to going public is not smooth. According to financial documents obtained by The Wall Street Journal, the company expects computing power expenditures to reach $121 billion by 2028. Even if revenue almost doubles by then, the company will still incur a loss of $85 billion that year, and is expected to achieve overall breakeven by 2030.
Anthropic's financial situation is relatively optimistic. According to Bloomberg, its annualized revenue has exceeded $30 billion, more than doubling from $9 billion at the end of 2025, and the number of corporate clients with annual expenditures exceeding $1 million has exceeded 1000.
If the IPOs of both companies go ahead, their scale is expected to be among the largest in history. To this end, Wall Street bankers are lobbying major index providers to relax their inclusion criteria, and Nasdaq has recently announced that it will allow newly listed companies to join its index faster.
