SpaceX is reportedly submitting an IPO application as early as this week.

Topic: As external uncertainty becomes clearer, A-shares may shift from defense to offense

According to The Information, citing people familiar with the matter, SpaceX plans to file its first public offering (IPO) prospectus with regulators later this week or next week. This confidential document will officially confirm the company’s IPO plan under Elon Musk, with the company targeting a listing in June.

The IPO will test investors’ willingness to accept what could become the largest IPO in U.S. history. As people familiar with the matter disclosed, consultants involved in preparing the deal project that the company’s IPO proceeds could exceed $75 billion, higher than the previously reported $50 billion. The company’s most recent valuation is $1.25 trillion, and the final offering size and target valuation will only be determined in the weeks leading up to the IPO.

Renaissance Capital said such a transaction of this magnitude would exceed the total amount of money raised by all U.S. IPOs last year.

The company will not set a standard six-month lockup period like most IPOs do. Lockups are intended to prevent insiders from dumping shares all at once, which would in turn depress the stock price. As a private company, SpaceX has raised about $10 billion over the past two decades, so its advisors hope to avoid large-scale sell-offs. People familiar with the matter added that the specific lockup arrangements are still under discussion.

Bankers from Goldman Sachs, Morgan Stanley, Bank of America, JPMorgan Chase, and Citigroup have not yet been formally appointed, but they have already begun preparing for the IPO plan. As The Information previously reported, SpaceX had discussed dividing roles among different investment banks, with each bank responsible for different tasks.

The roadshow for institutional investors is expected to focus primarily on three themes: the space launch business, which has become a stable source of income; the rapidly growing Starlink satellite internet business; and the outlook of the company as a provider of data centers in orbit. People familiar with the matter said that Musk’s X (formerly Twitter, now part of SpaceX) and XAI are not expected to play important roles in the roadshow to public investors.

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责任编辑：于健 SF069