According to people familiar with the matter,SpaceX announced in AprilsecretSubmitted IPO application, plans to release its prospectus as early as next week. Elon Musk's reusable rocket company is closing in on what is expected to be a record-breaking stock sale.
The company aims to formally launch a roadshow on June 8 to market the deal to investors, sources said. The sources spoke on condition of anonymity due to a quiet period before the listing process. The prospectus needs to be released at least 15 calendar days before the road show begins, but sources said SpaceX and its advisers are pushing for an earlier release to give investors enough time to digest the data, though the timeline could still change.
SpaceX merged with Musk's artificial intelligence company xAI in February, valuing the combined entity at $1.25 trillion in an IPO expected to be the largest ever. Citing people familiar with the matter, the company is targeting an issuance size of about $70 billion to $75 billion, far more than twice the size of Saudi Aramco's record issuance in 2019.
Two of the sources said that because of the unprecedented scale of SpaceX's stock offering, SpaceX's advisers are seeking unique channels, especially to target retail investors who they believe will hold long-term outside the United States. This includes scouting brokerages in countries such as the United Kingdom, Japan and Canada to obtain stock allocations for clients, one of the people said.
After several years of IPO drought, Wall Street is hungry for IPOs, and investors are especially excited about anything related to artificial intelligence trading. Artificial intelligence chip maker Cerebras surged 68% on its debut on Thursday, with a closing market capitalization of about $95 billion. AI modeling giants OpenAI and Anthropic are also pursuing IPOs this year, which could push their valuations to more than $1 trillion.