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SpaceX plans IPO roadshow in June: sources

SpaceX told its bankers on April 6 that it plans to reserve an unusually large share of its upcoming IPO for retail investors and start its roadshow the week of June 8, according to two people familiar with the discussion.

The company plans to host 1,500 retail investors at an event on June 11, and the offering is expected to be open to individual investors in the US, the UK, the EU, Australia, Canada, Japan, and Korea, the people said.

The retail allocation has not been finalized, though Elon Musk has discussed setting aside up to 30% of the shares, well above the 5% to 10% common in IPOs.

SpaceX plans to publish its prospectus in late May, and the deal seeks to raise US$75 billion at a valuation of up to US$1.75 trillion.

🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

The IPO aims to spark early demand while keeping control in-house

  • SpaceX’s potential US$1.75 trillion IPO valuation goes far beyond current results. It equals about 134 times estimated 2024 revenue of US$13.1 billion 1.
  • A new Nasdaq rule could help sustain that price by letting some IPOs enter the Nasdaq 100 within 15 trading days if market cap is large enough 2. Index funds tied to Nasdaq 100 trackers (more than 200 products with over US$600 billion in assets) would then need to buy shares soon after listing, which could lift early demand 2.
  • Even with a sizable retail sale under discussion, insiders like elon musk could still steer company decisions through a proposed dual-class share setup 3. It would create at least two share classes with different voting rights, which can give insiders extra voting power 3.

SpaceX wants a wider base of long-term shareholders

  • A plan under discussion would reserve up to 30% of shares for retail investors, compared with the typical 5–10% in most IPOs 4.
  • That mix can build a larger group of supportive holders. Many retail investors stick with a company’s long-term vision more than mutual funds or hedge funds, which often chase near-term results.
  • Paired with dual-class stock, the structure offers founders a route to public funding while limiting activist investor pressure (pressure from investors who push management for specific changes, such as cost cuts or breakups) 3.
  • If the listing goes well, other closely watched private firms such as OpenAI and Anthropic may copy the approach, using bigger retail slices to steady trading after the IPO 2.

Recent SpaceX developments

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