According to people familiar with the matter, the U.S. Space Exploration Technology Company (SpaceX) is negotiating with the underwriting firm responsible for its initial public offering (IPO) to reduce service fees and plans to lower the underwriting rate for this listing to less than 0.75%.
According to reports, SpaceX plans to complete its initial public offering within this month, raising approximately US$75 billion, equivalent to a corporate valuation of approximately US$1.75 trillion. If this plan is successfully implemented, it will set a record for the largest initial public offering in the history of global capital markets. Although the fee rate may be significantly reduced, due to the large fundraising base, the underwriting syndicate composed of the world's top investment banks is still expected to obtain a total of approximately US$500 million in underwriting revenue.
Currently, Goldman Sachs Group, Morgan Stanley, Bank of America Securities, Citigroup and JPMorgan Chase serve as the joint book managers of the IPO and lead an underwriting syndicate composed of more than 20 global investment banks. Among them, Goldman Sachs Group and Morgan Stanley, as joint lead underwriters, are expected to receive the majority of the commission share. As of now, SpaceX and Morgan Stanley have not commented on this, while Goldman Sachs Group has declined to comment.
According to the currently disclosed listing schedule, SpaceX plans to officially launch a road show for institutional investors on June 4 and officially list on the stock exchange as early as June 12.
Analysts pointed out that as one of the world's most valuable private technology giants, SpaceX's public listing will allow ordinary investors to directly participate in investments in core strategic businesses such as space launch services, satellite broadband (Starlink) networks, and artificial intelligence (AI) infrastructure.