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SpaceX IPO prospectus could be filed as soon as next week, sources say
At a glance
- •SpaceX could publicly file its IPO prospectus as soon as next week after a confidential April filing.
- •The company plans a roadshow beginning June 8; filings must be disclosed at least 15 days beforehand.
- •SpaceX merged with xAI in February, valuing the combined company at about $1.25 trillion.
- •Bloomberg reported a potential listing size of $7075 billion, which would exceed the size of Saudi Aramcos IPO.
- •Advisers are seeking unique channels and foreign brokers to allocate shares to longterm retail holders outside the U.S.
- •Investor enthusiasm for AI IPOs is strong, exemplified by Cerebrass 68% surge on its Nasdaq debut.
- •The prospectus timing could align with SpaceXs 12th Starship test flight.
Prospectus could arrive next week
SpaceX, which confidentially filed for an initial public offering in April, is preparing to disclose its IPO prospectus as soon as next week, according to people familiar with the matter. The reusablerocket company led by Elon Musk is moving toward what advisors expect could be a recordbreaking share sale.
Sources said SpaceX aims to kick off a roadshow to market the deal to institutional investors beginning June 8. U.S. securities rules require a filing to be made public at least 15 calendar days before a roadshow starts, and SpaceX and its advisers are targeting a slightly earlier flip to give investors more time to review the numbers. The timing could still change, the people cautioned. SpaceX did not immediately respond to a request for comment.
Size, strategy and market backdrop
The offering is expected to eclipse past IPOs after SpaceX merged with xAI Elon Musks artificial intelligence startup in February in a deal that valued the combined company at roughly $1.25 trillion. Bloomberg reported, citing people familiar with the matter, that SpaceX was targeting a listing size in the neighborhood of $70 billion to $75 billion, which would far exceed Saudi Aramcos 2019 record offering.
Given the unprecedented volume of stock that would be sold, SpaceXs bankers are exploring unconventional distribution channels, particularly to secure longterm retail investors outside the U.S. That search reportedly includes outreach to brokers in the U.K., Japan and Canada to arrange allocations for their clients.
Wall Street appetite for IPOs has rebounded after a multiyear lull, and enthusiasm is especially strong for companies tied to the artificial intelligence thematic. Cerebras, an AI chipmaker that listed this week, surged 68% in its Nasdaq debut and closed with a market capitalization near $95 billion, illustrating investor appetite for AI plays. Meanwhile, large AI model developers such as OpenAI and Anthropic are also pursuing public listings that could push their valuations into the trilliondollar range.
SpaceXs prospectus filing may coincide with important operational milestones: it could arrive around the time the company attempts the 12th test flight of its nextgeneration Starship rocket, which SpaceX had previously targeted for May 19.
CNBCs Lora Kolodny contributed to this report.
