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Report: SpaceX has finalized the details of its IPO and plans to start the roadshow in June.
The countdown to the largest IPO in history has officially begun.
According to a report by Reuters on April 7, SpaceX convened its underwriting team on Monday evening to officially disclose key details of its IPO: the roadshow is set to start the week of June 8, with a target of raising $75 billion and a maximum valuation of $1.75 trillion.
The most notable aspect is the retail allocation. CFO Bret Johnsen made it clear at this virtual meeting that "retail will be the key to this IPO, with a proportion exceeding that of any previous IPO in history." He explained the logic behind this design: "These people have long given us and Elon (Musk) tremendous support, and we want to ensure that this is recognized."
A source disclosed that one of the lead underwriters among the 21 underwriting banks informed the entire banking team that the retail demand and the size of the placement would be "unprecedented".
Roadshow schedule: three days, three sessions, progressively advancing.
According to the information obtained by the media, the IPO process will proceed at the following pace:
June 7th: About 125 financial analysts from 21 underwriting banks met with SpaceX's management.
Week of June 8: Officially launch the roadshow, with executives and bankers presenting to institutional investors.
June 11th: Host a special event for 1,500 retail investors
Retail participation is not limited to the United States. Ordinary investors in the United Kingdom, the European Union, Australia, Canada, Japan and South Korea all have the opportunity to subscribe.
The prospectus is expected to be made public in late May. The transaction structure and the specific allocation ratio for retail investors will be finalized before the IPO is launched.
Valuation Surge: From 800 Billion to 1.75 Trillion
The target valuation of 1.75 trillion US dollars represents a significant increase compared to SpaceX's previous multiple pricing benchmarks.
In December 2025, SpaceX's latest employee stock offer (tender offer) valued the company at $800 billion. In February this year, after SpaceX merged with xAI, an AI startup owned by Musk, the combined entity was valued at $1.25 trillion.
The target valuation for this IPO is $1.75 trillion, an increase of approximately 40% from the combined valuation.
The underwriting team is equally star-studded: Morgan Stanley, Bank of America, Citigroup, JPMorgan Chase, and Goldman Sachs serve as active bookrunners, with another 16 banks handling institutional, retail, and international channels respectively.
The IPO race among AI unicorns heats up.
While SpaceX is racing towards its initial public offering (IPO), the IPO competition among Silicon Valley's AI unicorns is also picking up speed simultaneously.
It is reported that Sam Altman, the CEO of OpenAI, privately expressed his hope to complete the IPO as early as the fourth quarter of this year, and made it clear that he wants to go public earlier than its competitor Anthropic, which is also discussing an IPO plan for this year. OpenAI has hired a law firm and has had informal contacts with the underwriting teams of 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 is projected to spend as much as $121 billion on computing power in 2028. Even if its revenue nearly doubles by then, it is still expected to suffer a loss of $85 billion that year. It is not until 2030 that it is likely to achieve overall break-even.
Anthropic's financial situation is relatively optimistic. According to Bloomberg, its annualized revenue has exceeded 30 billion US dollars, more than tripling from 9 billion US dollars at the end of 2025. It has over 1,000 enterprise customers with annual spending exceeding one million US dollars.
If the IPOs of the two companies go ahead, both are expected to rank among the largest in history. For this reason, Wall Street bankers are lobbying major index providers to relax their inclusion criteria. Nasdaq recently announced that it would allow new listed companies to join its index more quickly.
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