The largest IPO push in history! Report: SpaceX IPO prospectus may be released as early as next week

Elon Musk’s reusable rocket company SpaceX, under the world’s richest person, is pushing toward what is expected to be the largest IPO in history.

On Thursday local time, media outlets citing people familiar with the matter said that SpaceX has already secretly submitted its IPO application in April, and currently plans to publicly disclose its prospectus as early as next week.

The people familiar with the matter requested anonymity due to the quiet period requirement before the listing process. They said that SpaceX plans to launch a roadshow on June 8 to formally pitch the transaction to investors. Under the rules, the prospectus must be publicly disclosed at least 15 natural days before the start of the roadshow, but SpaceX and its advisers hope to complete the disclosure earlier so investors have sufficient time to digest the relevant data. The insiders added that the above timeline may still be adjusted. SpaceX did not comment on this.

The IPO is expected to set a record for the largest scale ever. In February this year, SpaceX completed a merger with xAI, the artificial intelligence company owned by Elon Musk. After the merger, the combined entity was valued at $1.25 trillion. Media reports citing insiders said that SpaceX’s target fundraising size is about $70 billion to $75 billion, more than double the IPO financing record set by Saudi Aramco in 2019.

Because the size of the shares proposed to be issued is unprecedented, the two insiders said that SpaceX’s advisers are actively exploring unconventional channels, especially targeting retail investors outside the United States who tend to hold for the long term. One insider said that the related work includes seeking out brokerage firms in countries such as the UK, Japan, and Canada to secure allocation shares for their clients.

After years of dormancy, Wall Street’s desire for IPOs has become even more urgent, and investors are particularly enthusiastic about any assets tied to AI. AI chipmaker Cerebras surged 68% on its first day of trading on Thursday, closing with a market value of about $95 billion. OpenAI and Anthropic, major AI model players, are also planning to complete listings as early as this year, at which time valuations are expected to exceed $1 trillion.

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