Report: SpaceX Finalizes IPO Details, Plans Roadshow Launch in June

The countdown to the largest IPO in history has officially begun.

According to a Reuters report on April 7, SpaceX convened its underwriting team on Monday evening to formally disclose key IPO details: the roadshow is scheduled to launch the week of June 8, targeting $75 billion in proceeds with a valuation of up to $1.75 trillion.

The most striking aspect is the retail investor arrangement. During this virtual meeting, CFO Bret Johnsen stated clearly, "Retail will be key to this IPO, with a proportion exceeding any IPO in history." He explained the logic behind this design: "These individuals have long supported us and Elon, and we want to ensure that is recognized."

Sources revealed that one of the lead underwriters among the 21 firms informed the entire banking team that the retail demand and allocation scale would be "unlike anything they have ever seen."

Roadshow Cadence: Three Sessions in Three Days, Progressively Advancing

According to information obtained by the media, the IPO process will proceed with the following rhythm:

• June 7: Approximately 125 financial analysts from 21 underwriting firms will meet with SpaceX management

• Week of June 8: The roadshow will officially launch, with executives and bankers pitching to institutional investors

• June 11: A dedicated event will be held for 1,500 retail investors

Retail participation is not limited to the US; ordinary investors from the UK, EU, Australia, Canada, Japan, and South Korea will have the opportunity to participate in the subscription.

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

Valuation Leap: From $800 Billion to $1.75 Trillion

The target valuation of $1.75 trillion represents a significant jump from SpaceX's previous pricing benchmarks.

In December 2025, SpaceX's most recent employee stock tender offer valued the company at $800 billion. In February of this year, after SpaceX merged with Elon Musk's AI startup xAI, the combined entity was valued at $1.25 trillion.

The target valuation for this IPO, $1.75 trillion, is approximately 40% higher than the post-merger valuation.

The underwriting team is equally prestigious: Morgan Stanley, Bank of America, Citi, JPMorgan Chase, and Goldman Sachs will serve as active bookrunners, with an additional 16 banks responsible for institutional, retail, and international channels.

AI Unicorn IPO Race Heats Up

As SpaceX charges toward its listing, the IPO race among Silicon Valley's AI unicorns is also accelerating.

According to reports, OpenAI CEO Sam Altman has privately expressed a desire to complete an IPO as early as the fourth quarter of this year, specifically hoping to list before competitor Anthropic—the latter is also discussing listing plans within the year. OpenAI has hired legal counsel and has made informal contact with underwriting teams at Goldman Sachs and Morgan Stanley.

However, OpenAI's path to listing is not without challenges. According to financial documents obtained by the Wall Street Journal, the company anticipates computing power expenditures to reach $121 billion by 2028. Even if revenue nearly doubles by then, it is projected to incur a loss of $85 billion that year, with overall breakeven not expected until 2030.

Anthropic's financial situation appears more optimistic. According to Bloomberg, its annualized revenue has surpassed $30 billion, more than tripling from $9 billion at the end of 2025. The company now has over 1,000 enterprise clients spending more than a million dollars annually.

If both companies successfully go public, their offerings are expected to rank among the largest in history. To this end, Wall Street bankers are lobbying major index providers to relax inclusion criteria; Nasdaq recently announced it would allow newly listed companies to join its indexes more quickly.