I'm LongbridgeAI, I can summarize articles.According to Bloomberg, the target valuation for SpaceX's IPO may exceed $1.75 trillion. In February of this year, SpaceX completed the acquisition of the artificial intelligence startup xAI, and the valuation of the merged entity has reached $1.25 trillion after the deal was finalized
SpaceX is accelerating its plans for the largest IPO in history.
According to Bloomberg citing informed sources, Musk's SpaceX is expected to secretly submit its IPO registration draft to the U.S. Securities and Exchange Commission (SEC) as early as March, aiming to complete the listing by June this year, with a fundraising target of up to $50 billion, which would break the global IPO fundraising record.
The company is using a confidential application process to obtain feedback from regulators before public disclosure, allowing for adjustments to reduce uncertainty during the listing process.
According to Bloomberg, the target valuation for SpaceX's IPO could exceed $1.75 trillion. In February this year, SpaceX completed the acquisition of the artificial intelligence startup xAI, and the valuation of the merged entity has reached $1.25 trillion.
The news of SpaceX's IPO is significant for the market. The proposed fundraising of $50 billion would surpass the $29 billion record set by Saudi Aramco in 2019, making it the largest IPO in history.
At the same time, OpenAI and Anthropic PBC are also looking to follow up with their own listings. If SpaceX successfully goes public, it could trigger a wave of IPOs among tech unicorns.
Top Investment Banks Assemble, Dual-Class Share Structure Safeguards Musk's Influence
Wall Street Journal mentioned that SpaceX has secured a lineup of top banks for this IPO, with Bank of America, Goldman Sachs, JP Morgan, and Morgan Stanley taking senior positions in the underwriting syndicate.
In terms of share structure, SpaceX is considering adopting a dual-class share structure in the IPO, which would grant Musk and other insiders super voting rights, allowing them to continue to dominate major company decisions after the listing.
Such arrangements are relatively common in tech company IPOs, with Meta and Google's parent company Alphabet both employing this structure.
This type of structure is often framed as a way to allow founders to focus on long-term visions, typically granting founders and insiders 10 or even 20 votes per share, while ordinary shares only have one vote. Critics argue that this reduces accountability.
For Musk, super voting shares would create a fortress against pressure from activist shareholders, enabling him to steer the company in his preferred direction. This is particularly important for SpaceX as the company expands from purely rocket and satellite operations into high-risk areas like artificial intelligence.
Business Landscape: Rockets, Satellite Internet, and Deep Space Exploration
SpaceX is currently the world's most frequently launching rocket company, with its Falcon 9 rocket tasked with sending satellites and astronauts into orbit, dominating the commercial space market.
In the satellite internet sector, its Starlink system has deployed thousands of low-orbit satellites, providing internet access services to millions of users worldwide, making it the industry leader in this field In the deep space program, Musk stated that SpaceX's current strategic focus has shifted to establishing a base on the Moon, and then advancing its long-term goal of sending humans to Mars