Report: SpaceX has finalized IPO details, plans to begin roadshow in June.

Report: SpaceX has finalized IPO details, plans to begin roadshow in June.

The largest IPO in history has officially entered the countdown phase.

According to Reuters on April 7, SpaceX convened its underwriting team Monday night to officially disclose key IPO details: the roadshow is set to launch the week of June 8, aiming to raise $75 billion with a maximum valuation of $1.75 trillion.

The most eye-catching aspect is the arrangement for retail investors. CFO Bret Johnsen stated explicitly during this virtual meeting, "Retail will be the key to this IPO, making up more than any previous IPO in history." He explained the rationale behind this design: "These people have long given us and Elon (Musk) great support, and we want to ensure that is recognized."

Sources reveal that one of the lead underwriters among the 21 participating banks told the entire banking team that retail demand and allocation scale would be "unprecedented."

Roadshow Schedule: Three events in three days, building up step by step

According to information obtained by the media, the IPO process will proceed as follows:

  • June 7: Around 125 financial analysts from 21 underwriting banks will meet with SpaceX management
  • Week of June 8: Formal launch of the roadshow, with executives and bankers pitching to institutional investors
  • June 11: Special event for 1,500 retail investors

Retail participation will not be limited to the United States; ordinary investors from the UK, EU, Australia, Canada, Japan, and South Korea will also have opportunities to subscribe.

The prospectus is expected to be published in late May. The transaction structure and specific retail allocation ratio will be finalized before the IPO launch.

Valuation Surge: From $800 billion to $1.75 trillion

The target valuation of $1.75 trillion is a major jump compared to multiple previous pricing anchors for SpaceX.

In December 2025, SpaceX’s most recent employee equity sale (tender offer) set the company’s valuation at $800 billion. In February this year, following the merger with Musk’s AI startup xAI, the combined entity’s valuation reached $1.25 trillion.

The IPO target valuation of $1.75 trillion is about a 40% increase from the merged entity's valuation.

The underwriting team is equally impressive: Morgan Stanley, Bank of America, Citi, JPMorgan Chase, and Goldman Sachs serve as active bookrunners, with 16 other banks handling institutional, retail, and international channels.

AI Unicorn IPO Race Heats Up

While SpaceX is sprinting towards its listing, the IPO race among Silicon Valley's AI unicorns is also accelerating.

Reports suggest OpenAI CEO Sam Altman has privately stated his hope to complete the IPO as early as Q4 this year—and is keen to list ahead of competitor Anthropic, which is also discussing plans to go public within the year. OpenAI has hired law firms and has started informal discussions with underwriters at Goldman Sachs and Morgan Stanley.

However, OpenAI’s path to listing is not without obstacles. According to financial files obtained by the Wall Street Journal, the company anticipates compute spending to reach $121 billion by 2028. Even if revenues nearly double by then, losses that year will still reach $85 billion, with overall profitability not expected until 2030.

Anthropic’s financial position is relatively optimistic. Bloomberg reports that annualized revenue has exceeded $30 billion, more than doubling from $9 billion at the end of 2025. The number of enterprise customers with annual spending over $1 million has surpassed 1,000.

If the two companies’ IPOs materialize, both are likely to rank among the largest in history. To this end, Wall Street bankers are lobbying major index providers to loosen inclusion standards, and Nasdaq has recently announced it will allow new IPO companies to join its indices more rapidly.

Risk Warning and DisclaimerThe market comes with risks, and investment should be approached cautiously. This article does not constitute personal investment advice, nor does it consider individual users’ specific investment objectives, financial situation, or needs. Users should assess whether any opinions, viewpoints, or conclusions in this article are appropriate for their own circumstances. You are responsible for any investment decisions based on this article.