Just been reading about SpaceX's upcoming IPO and honestly, this deal is absolutely massive. We're talking about a company now valued at roughly $1.25 trillion after combining with xAI earlier this year. The prospectus should be dropping within days, with the investor roadshow kicking off June 8th.

Here's what caught my attention though - the fundraising target is between $70 and $75 billion. To put that in perspective, that would absolutely dwarf Saudi Aramco's 2019 IPO, which was the largest ever recorded at that time. Wall Street doesn't even have a proper comparison for something this size. Some analysts are even suggesting it could go as high as $80 billion at the top end.

The scale is so unprecedented that bankers are literally reaching beyond the usual American investment funds. They're looking at networks in the UK, Japan, Canada - basically anywhere they can find long-term holders willing to commit to this massive offering. Brookfield Corporation already showed confidence by grabbing $2 billion in pre-IPO shares, with about half held directly and the rest through affiliates.

But here's where it gets interesting - there's real pushback happening behind the scenes. The heads of three of the four largest U.S. pension systems just sent a letter to Elon expressing serious concerns about the governance structure. They're worried about what they're calling an extreme ownership setup that could leave regular shareholders exposed while having almost no say in how things operate. The letter specifically mentioned issues around voting power, CEO dismissal rights, and liability protections.

What's making pension managers particularly nervous is that Elon is juggling multiple massive companies - Tesla, X, xAI, Neuralink, The Boring Company, and now SpaceX potentially going public. They're concerned these companies might end up competing for his attention and time, which could create real conflicts of interest for public shareholders who won't have meaningful board representation or oversight mechanisms.

This governance battle could actually shape how the IPO unfolds. It's the kind of thing that usually doesn't make headlines but matters a lot for institutional investors deciding whether to participate in the offering. The whole situation should become clearer once the prospectus goes public in the coming days.