SpaceX targets record IPO with massive retail allocation, June roadshow
SpaceX outlined details of its highly anticipated IPO at a meeting with its team of bankers Monday night, telling them it plans to earmark a large portion of shares for retail investors and will host 1,500 of them at an event in June following the IPO roadshow launch, according to two people familiar with the matter.
"Retail is going to be a critical part of this and a bigger part than any IPO in history," Chief Financial Officer Bret Johnsen said during the virtual meeting, the two people said, asking not to be identified because the discussion was private.
Johnsen said the large retail component is by design as "those are folks that have been incredibly supportive of us and of Elon (Musk) for a long time, and we want to make sure that we recognize that."
Reuters reported last month that SpaceX is rewriting the IPO playbook with a large retail portion in the offering.
The meeting brought together the full syndicate for the first time as part of the process for what is expected to be the biggest initial public offering ever as the rocket maker seeks to raise $75 billion, valuing SpaceX at as much as $1.75 trillion, Reuters has previously reported.
Also Read
Stock Market LIVE: GIFT Nifty indicates negative open; Asia markets trade mixed; Brent above $110
Market Close: Sensex rises for 3rd day, up 787 pts, Nifty tops 22,950 on US-Iran ceasefire hopes
Om Power Transmission IPO opens April 9; sets price band at ₹166-175
IPO-bound Pride Hotels eyes premiumisation amid strong travel demandpremium
Big banks seeking a piece of spacex's IPO must subscribe to Musk's grok
The Elon Musk-led company plans to launch its roadshow the week of June 8, when executives and bankers will pitch the IPO to investors, the people said. About 125 financial analysts from the 21 banks on the deal are scheduled to meet with the company the day before, they added.
On June 11, SpaceX plans to host 1,500 retail investors at what the people described as a major investor event. In addition to the US, everyday retail investors in the UK, EU, Australia, Canada, Japan and Korea would have the opportunity to participate in the offering, the people added.
One of SpaceX's lead underwriters told the group of 21 investment banks the retail demand and allocation will be something they've "never seen before," the two people said.
The structure of the deal and precise amount of the retail allocation are expected to be finalized closer to the IPO launch, they said.
Reuters previously reported that founder Elon Musk wanted to set aside up to 30 per cent of the company's shares for smaller investors, compared with 5 per cent to 10 per cent for most companies.
The company plans to make its IPO prospectus public in late May, they said.
SpaceX did not immediately respond to a request for comment.
Morgan Stanley, Bank of America, Citigroup, JP Morgan and Goldman Sachs are leading the deal as active bookrunners, with 16 other banks in smaller roles spanning institutional, retail and international channels, Reuters previously reported.
The $1.75 trillion target represents a significant step up from the $1.25 trillion combined valuation set when SpaceX merged with Musk's artificial intelligence startup xAI in February.
Typically, SpaceX's roughly twice-yearly tender offers in which employees and investors are able to sell their existing shares, allowing them to cash out from a company that has remained private for nearly 25 years have served as the primary valuation anchor. The most recent, in December 2025, valued the company at $800 billion, before the merger with xAI.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
More From This Section
Trump threatens to jail journalists who reported on pilot rescue from Iran
Nasa's Artemis II crew heads back to Earth after record trip around Moon
Trump's threat on Iran energy infra could be considered war crime: Experts
North American oil in demand as world grasps for supplies amid Iran war
Venezuela's Rodríguez still in power beyond her initial 90-day appointment