SpaceX has outlined detailed plans for its initial public offering, targeting a valuation up to $1.75 trillion with a significant share allocation for retail investors and a roadshow starting in early June.
IPO Valuation and Timeline
- Target valuation: Up to $1.75 trillion, potentially the largest IPO ever.
- Prospectus to be made public in late May.
- Roadshow scheduled for the week of June 8, with executives and bankers pitching to investors.
Retail Investor Allocation
- Up to 30% of shares reserved for retail investors, far exceeding the typical 5-10% range.
- Special event for 1,500 retail investors on June 11, accessible in the US, UK, EU, Australia, Canada, Japan, and Korea.
- CFO Bret Johnsen stated retail investors are critical due to their long-term support for SpaceX and Elon Musk.
Underwriters and Structure
- 21 banks are leading the deal, including Morgan Stanley, Bank of America, Citigroup, JP Morgan, and Goldman Sachs.
- The exact retail allocation and deal structure will be finalized closer to the IPO launch.
- Underwriters described retail demand as unprecedented.
Background and Context
- This follows SpaceX's merger with xAI in February, which set a $1.25 trillion valuation.
- Previous tender offers valued SpaceX at $800 billion in December 2025.
- SpaceX has remained private for nearly 25 years, using periodic share sales for liquidity.