SpaceX eyes record IPO, prioritises retail investors ahead of June roadshow

SpaceX IPO plans highlight record retail investor focus, a June roadshow and global access, as the company targets a valuation of up to 1.75 trillion.

SpaceX has outlined fresh details of its much-anticipated initial public offering during a meeting with its banking syndicate, indicating plans to allocate a significant portion of shares to retail investors and to host a large-scale investor event in June following the launch of its roadshow, according to a report by Reuters.

At the virtual meeting held on Monday, Chief Financial Officer Bret Johnsen stated that retail investors would form a central component of the offering and a larger share than seen in previous IPOs, with the approach designed to recognise long-standing support from individual investors and followers of founder Elon Musk, as informed by two sources familiar with the discussions.

The meeting marked the first time the full syndicate of banks convened as part of preparations for what is expected to be the largest IPO on record. SpaceX is aiming to raise approximately $75 billion, which could value the company at up to $1.75 trillion, Reuters previously reported.

The company plans to commence its IPO roadshow during the week of June 8, with executives and bankers set to present the offering to prospective investors. Around 125 financial analysts representing 21 banks involved in the deal are scheduled to meet the company a day prior, according to the sources.

On June 11, SpaceX is expected to host approximately 1,500 retail investors at a major investor event. In addition to participants from the United States, individual investors from the United Kingdom, the European Union, Australia, Canada, Japan and South Korea are also expected to be given access to the offering, as stated by the sources.

One of the company's lead underwriters informed the group of participating banks that the scale of retail demand and allocation is likely to be unprecedented, the sources said. The final structure of the offering and the exact proportion allocated to retail investors are expected to be determined closer to the launch.

Reuters had earlier reported that Elon Musk was considering setting aside as much as 30 per cent of shares for retail investors, significantly higher than the typical 5 to 10 per cent allocation seen in most IPOs.

SpaceX is expected to make its IPO prospectus public in late May, the sources added. The offering is being led by major financial institutions including Morgan Stanley, Bank of America, Citigroup, JPMorgan Chase and Goldman Sachs, alongside 16 additional banks supporting across institutional, retail and international distribution channels.

The targeted valuation of $1.75 trillion marks a substantial increase from the $1.25 trillion combined valuation established when SpaceX merged with Musk's artificial intelligence venture xAI in February.

Historically, SpaceX has relied on biannual tender offers to establish valuation benchmarks, allowing employees and early investors to sell existing shares. The most recent such offer, conducted in December 2025, valued the company at $800 billion prior to its merger with xAI.