SpaceX is accelerating the process of the largest IPO in U.S. history.On March 25, according to a report by tech media The Information, a source with direct knowledge revealed that the rocket and communication company, owned by Musk, plans to submit its IPO prospectus to regulators as early as this week or next week, with the goal of completing the listing by June this year.The report states that consultants involved in the preparation expect the company's fundraising scale to potentially exceed $75 billion, higher than the previously estimated $50 billion.This listing plan presents a rare test for market appetite. The latest pre-IPO funding round valued SpaceX at $1.25 trillion. If the fundraising scale is achieved as expected, it will far exceed the total financing volume of the U.S. IPO market for the entire year of 2023.Concurrently, SpaceX completed the acquisition of Musk's AI company xAI last month for $250 billion. The prospectus may indicate the company is in a loss-making state, but market observers note that many institutional investors are cautious about betting on Musk.<h2>Individual Investors Get Larger Quotas, Traditional Lock-up Period Arrangements May Be Broken</h2>Regarding equity allocation, Musk has clearly expressed his intention to favor individual investors.According to reports, sources said that in typical IPOs, individual investors usually only receive about 10% of the allocated shares. However, the proportion for individual investors in this SpaceX offering is expected to be significantly higher, potentially exceeding 20%, though the specific ratio has not been finalized. This group includes retail investors entering the market through brokerage platforms like Robinhood, as well as high-net-worth clients of major banks.Furthermore, SpaceX is not expected to adopt the customary six-month internal personnel lock-up period common in the IPO market.The report points out that sources explained that SpaceX has operated as a private company for over twenty years, accumulating an estimated $10 billion in funding. The advisory team hopes to prevent large-scale selling from impacting the stock price through customized arrangements, but related plans are still under negotiation.In terms of underwriting arrangements, Goldman Sachs, Morgan Stanley, Bank of America, JPMorgan Chase, and Citigroup have all participated in the IPO preparation work, but have not yet been formally mandated.According to previous reports by The Information, SpaceX has discussed different division of labor models, planning for each bank to focus on different business lines rather than adopting a traditional lead underwriter structure. The company will finalize the actual financing size and offering valuation several weeks before the IPO.In the roadshow strategy for institutional investors, sources revealed that the presentation content will focus on three main pillars: the space launch business, which has become a stable source of revenue; the high-growth Starlink satellite internet business; and future prospects as an orbital data center service provider.Notably, the social media platform X and xAI, which have been integrated into SpaceX by Musk, are not expected to occupy a significant position in the roadshow for public market investors.Analysis suggests that this choice indicates that SpaceX's IPO narrative will focus on highlighting its space and internet infrastructure attributes, distancing itself from Musk's other controversial assets.

TSLA

DXYZ

SATS

ASTS

RKLB

SpaceX is reportedly planning to submit its IPO prospectus to regulators as early as this week, aiming to complete its listing in June and raise over $75 billion, exceeding the previously estimated $50 billion. The latest pre-IPO valuation has reached $1.25 trillion. The proportion of allocations for individual investors in this IPO is expected to exceed 20%, and there may not be a traditional six-month lock-up period

- SpaceX is accelerating its process for what could be the largest IPO in U.S. history, aiming to file with regulators this week or next, and complete its listing by June.  
- The anticipated fundraising amount may exceed $75 billion, surpassing previous estimates and the total funding in the U.S. IPO market last year.  
- Individual investors are expected to receive a larger allocation than usual, with plans to avoid a six-month lock-up period, while major banks are involved in the IPO preparation, focusing on different business lines.

Wallstreetcn

Tesla

Fundrise Innovation Fund LLC

Destiny Tech100

Echostar

Planet Labs

AST SpaceMobile

Rocket Lab

SPDR S&P Aerospace & Def

Invesco Aero & Defense ETF

ARK Space Exploration & Innovation ETF

ISHRS Aero & Def

Virgin Galactic

SpaceX Plans to File IPO Application as Early as This Week, Targeting June Listing with Potential Fundraising Exceeding $75 Billion