SpaceX hosts analyst meetings ahead of $75 billion IPO

SpaceX is holding three days of closed-door briefings for Wall Street aerospace and technology analysts this week at its Starbase launch facility in Boca Chica, Texas, and its Colossus data center in Memphis, Tennessee, according to a Reuters report from three people familiar with the matter.

Tuesday's agenda featured a full-day visit and walkthrough at Starbase, kicking off the series of briefings. Wednesday brings a fresh cohort of analysts tied to institutional money managers -- pension funds and mutual funds among them -- for their own Starbase session. The week wraps up Thursday at the Memphis data center, where participants will get a look at the "Macrohard" project, according to CNBC. Attendees are expected to surrender electronic devices to participate.

Roughly a fortnight after the analyst days conclude, a smaller circle of Wall Street analysts will be invited to a dedicated "modeling" session -- a format in which management lays out financial forecasts and operating metrics so analysts can build their own earnings models before trading begins.

The clock is ticking for SpaceX CFO Bret Johnsen, who has roughly two months to make the case for a $1.75 trillion valuation -- the figure implied by the $75 billion the company hopes to raise in what would be a record-setting public offering, with a late June market debut in the crosshairs.

Ahead of the meetings, certain invited analysts were given access to SpaceX's confidential registration filing, though Reuters reported the document offered only a narrow window into the company's finances. That filing paints a mixed financial picture: cash holdings of roughly $24.7 billion sat alongside liabilities exceeding $50 billion at year-end 2025. Heavy spending on AI infrastructure in the wake of the xAI merger pushed the consolidated bottom line from a $791 million profit on $14.02 billion in revenue in 2024 to a $4.94 billion loss on $18.67 billion in revenue last year.

The company's path to a public listing shifted dramatically after Musk folded xAI into SpaceX earlier this year, a transaction that yoked together his rocket operations, Starlink broadband network, X $TWTR social media platform, and Grok AI chatbot into a single entity. Pricing the combined company has proven unusually difficult, and Reuters reported that at least one major institutional investor has abandoned traditional aerospace and telecom reference points -- Boeing $BA, AT&T $T -- in favor of AI infrastructure names like Palantir $PLTR Technologies, GE Vernova, and Vertiv when trying to justify the numbers.

Retail participation is a centerpiece of Musk's offering strategy: roughly 30% of shares are earmarked for individual investors, and the deal is being opened to retail buyers across the U.K., E.U., Australia, Canada, Japan, and South Korea. The five lead banks on the transaction are Morgan Stanley $MS, Bank of America $BAC, Citigroup $C, JPMorgan $JPM, and Goldman Sachs $GS, joined by 16 additional institutions in supporting capacities. SpaceX did not respond to a request for comment.