Countdown! The world's largest IPO is secretly roadshowing this week, with Elon Musk reserving 30% for retail investors. Is the $1.75 trillion valuation an AI bubble or a new paradigm?

SpaceX’s going public process is advancing at an unprecedented pace. This week, a three-day closed-door analyst meeting has been launched, with only about two months remaining until its planned June end listing target. A potentially record-breaking initial public offering is entering its most critical sprint phase.

According to insiders, the meeting itinerary spans from Texas’s Starbase launch site to Tennessee’s Memphis data center, aiming to comprehensively showcase its integrated aerospace, satellite, and artificial intelligence infrastructure businesses. The company plans to raise $75 billion at a valuation of up to $1.75 trillion. If successful, this will be the largest IPO in history.

However, a tricky valuation dilemma lies ahead. In February, Musk merged his AI company xAI with SpaceX, integrating rocket launches, Starlink satellite internet, X social platform, and Grok AI chatbot into an unprecedented tech aerospace conglomerate. This business combination is almost without precedent in commercial history, rendering traditional valuation frameworks completely invalid.

To understand this valuation logic, some major institutional investors have abandoned references to traditional aerospace and telecom giants like Boeing or AT&T. Instead, they are turning their attention to AI infrastructure companies such as Palantir, GE Vernova, and Vertiv, attempting to use them as benchmarks to justify their massive fundraising and high valuation.

The analyst meeting kicked off on Tuesday at SpaceX’s Starbase facility in Boca Chica, Texas, with a full-day tour and briefing. On Wednesday, another group of analysts from mutual funds, pension funds, and other institutional investors will attend an independent briefing there. On Thursday, attendees will visit the Colossus data center in Memphis to learn about the progress of the project codenamed “Macrohard.” It is reported that all electronic devices must be surrendered before entering the venue.

About two weeks after this meeting concludes, SpaceX is also expected to hold a dedicated “Modeling Day” for some Wall Street analysts, with some of the banks involved as underwriters for this IPO. The company will disclose detailed financial forecasts, business logic, and key data to help analysts build pre-listing profit models. Some invited analysts have received the company’s confidential registration documents, but the information is reportedly limited.

For SpaceX’s CFO Bret Johnsen, the next two months are a critical window. He must convince top Wall Street analysts and ultimately market investors that this company deserves an almost unimaginable valuation of $1.75 trillion.

Beyond the intense institutional roadshow, Musk is also involving retail investors in the core layout of this IPO. He plans to reserve about 30% of the IPO shares for retail investors and, after the roadshow launch in the week of June 8, invite 1,500 retail investors to visit Starbase in person.

Additionally, subscription channels will be open to international retail investors from the UK, EU, Australia, Canada, Japan, and South Korea to build a broader geographic investor base. However, the final transaction structure and the specific allocation ratio for retail investors still need to be confirmed before the official IPO launch.

The underwriting syndicate for this IPO is led by Morgan Stanley, Bank of America, Citigroup, JPMorgan Chase, and Goldman Sachs, with 16 other banks participating in smaller roles, covering institutional, retail, and international channels.

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