SpaceX is advancing its listing plan at an unprecedented pace. The Elon Musk-owned aerospace company held a three-day closed-door analyst conference this week, just two months away from its target listing window at the end of June, as a financing move that could break global IPO records enters a critical phase.
According to media reports citing three informed sources, the conference itinerary spanned the Starbase launch site in Texas and the Memphis data center in Tennessee, covering aerospace, satellite, and artificial intelligence infrastructure businesses. SpaceX plans to raise $75 billion at a $1.75 trillion valuation; if successful, it would become the largest IPO in history.
However, a tricky valuation challenge stands in the way of this financing. In February, Musk merged xAI with SpaceX, integrating rockets, Starlink satellites, the X social platform, and the Grok AI chatbot into one unit. This unprecedented tech-aerospace conglomerate makes traditional pricing frameworks difficult to apply. Some institutional investors have already shifted their valuation references to AI infrastructure companies like Palantir and GE Vernova, rather than traditional peers such as Boeing or AT&amp;T.
Meanwhile, Musk has reserved approximately 30% of the share allocation for retail investors and opened subscription channels to retail investors in the UK, EU, Australia, Canada, Japan, and South Korea, aiming to build a broader investor base for this historic listing transaction.
<h2>Three-Day Closed Meeting: IPO Process Accelerates Fully</h2>
The analyst conference kicked off on Tuesday with full-day visits and briefings at the Starbase launch facility in Boca Chica, Texas. On Wednesday, another group of analysts representing mutual funds, pension plans, and other institutional investors attended independent briefings at Starbase. On Thursday, attending analysts were invited to visit the Colossus data center in Memphis to learn about progress on the project codenamed &#34;Macrohard.&#34;
Notably, according to media reports citing informed sources, attendees were required to hand over electronic devices before entering the venue. All three informed sources requested anonymity on the grounds that information had not yet been made public; SpaceX did not respond to requests for comment.
Approximately two weeks after the conclusion of the analyst conference, SpaceX is expected to hold a special &#34;modeling day&#34; session for select Wall Street analysts—some of whom work for banks that are also underwriters of this IPO. At that time, the company will provide detailed financial forecasts, business logic, and key data to help analysts build earnings models ahead of the listing. Additionally, some invited analysts have received SpaceX's confidential registration documents, but informed sources indicate the documents contain limited information.
<h2>Valuation Challenge: How to Justify a $1.75 Trillion Price Tag</h2>
For SpaceX CFO Bret Johnsen, the next two months represent a decisive window—he must convince top Wall Street analysts and ultimately investors that the company deserves a nearly unimaginable $1.75 trillion valuation.
The February merger of xAI with SpaceX integrated Musk's rocket business, Starlink satellite internet, X social media platform, and Grok AI chatbot into a new tech-aerospace conglomerate. This business combination has few precedents in commercial history, making valuation and pricing exceptionally complex.
At least one large institutional investor, while seeking a reference framework to understand this valuation logic, has abandoned traditional aerospace and telecom giants like Boeing and AT&amp;T as comparables, instead using Palantir Technologies and AI infrastructure companies such as GE Vernova and Vertiv as benchmarks to support the rationale behind the $75 billion financing and elevated valuation.
<h2>Retail Investor Strategy: Musk's 30% Allocation Plan</h2>
Beyond the institutional roadshow, Musk has also incorporated retail investors into the core arrangements of this IPO. He plans to allocate approximately 30% of the IPO shares to retail investors and, following the start of the roadshow during the week of June 8, invite 1,500 retail investors to visit Starbase.
Musk also plans to open subscription channels to international retail investors in the UK, EU, Australia, Canada, Japan, and South Korea to further expand the geographic reach of the potential investor pool. However, the final transaction structure and specific retail allocation ratios will be confirmed prior to the official launch of the IPO.
In terms of underwriting arrangements, Morgan Stanley, Bank of America, Citigroup, JPMorgan Chase, and Goldman Sachs serve as joint bookrunners, with an additional 16 banks participating in smaller roles across institutional, retail, and international channels.
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Elon Musk's SpaceX plans an IPO, targeting a valuation exceeding $2 trillion, potentially making it one of the world's most valuable companies. With its Starlink global network and industry-leading position in space launches, SpaceX is attracting global investor attention. Can its vision for space exploration and commercial potential support this astronomical valuation? What are your thoughts on SpaceX's future performance?

Elon Musk's SpaceX plans an IPO, targeting a valuation exceeding $2 trillion, potentially making it one of the world's most valuable companies. With its Starlink global network and industry-leading position in space launches, SpaceX is attracting global investor attention. Can its vision for space exploration and commercial potential support this astronomical valuation? What are your thoughts on SpaceX's future performance?

SpaceX Eyes IPO — Is the Space Economy Ready for Liftoff?

SpaceX is accelerating its IPO plans, holding a three-day analyst conference this week with a target listing by the end of June. The company aims for a $1.75 trillion valuation and to raise $75 billion, which would set a global IPO record if successful. The conference took place in Texas and Tennessee, covering aerospace, satellite, and AI infrastructure businesses. Musk has reserved approximately 30% of shares for retail investors and opened subscription channels to retail investors in multiple countries. While the analyst meeting highlighted the acceleration of the IPO process, valuation concerns remain

- SpaceX is accelerating its IPO plans, holding a three-day analyst meeting ahead of a potential June listing that could become the largest IPO in history.  
- The company aims to raise $75 billion with a $1.75 trillion valuation, but faces challenges in establishing this valuation due to its complex integration of various technologies under Elon Musk's leadership.  
- Additionally, Musk plans to allocate 30% of shares to retail investors, expanding participation across several countries, while major banks manage the underwriting process.

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SpaceX IPO Countdown: Analyst Conference This Week, $1.75 Trillion Valuation Under Scrutiny