It’s official: SpaceX has filed confidential paperwork with regulators to stage an initial public offering (IPO) later this year. Reports suggest the company will be valued at as much as $1.75 trillion. It’s expected to raise between $50 billion and $75 billion in fresh capital.
Surprisingly, SpaceX CEO Elon Musk — who is also the CEO of Tesla (NASDAQ: TSLA) — reportedly wants to make sure plenty of everyday retail investors are able to invest in the SpaceX IPO. Most big companies allocate just 5% to 10% of IPO shares to smaller retail investors. But SpaceX’s CFO expects to allocate up to 30% of the share sale to retail investors.
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“Retail is going to be a critical part of this and a bigger part than any IPO in history,” is what SpaceX CFO Bret Johnsen said in an interal metting in early April, according to Reuters. “[T]hose are folks that have been incredibly supportive of us and of Elon for a long time,” he added, “and we want to make sure that we recognize that.”
When will the SpaceX IPO take place? There are a few key dates to be aware of.
On April 6, SpaceX’s management team met with investment bankers to reveal a few details from its expected IPO. That day, we learned that the company’s roadshow — a series of events where SpaceX’s management team and investment bankers will pitch the company to potential investors — will begin on June 8. According to Reuters, roughly “125 financial analysts from the 21 banks on the deal are scheduled to meet with the company the day before.” Those investment banks, apparently, have codenamed the IPO “Project Apex.”
A few days later, on June 11, SpaceX is planning to invite around 1,500 retail investors to a “major investor event.” Could that be the exact date of the IPO? It’s very possible, but we won’t know for sure until an official IPO prospectus is published. The SpaceX IPO prospectus isn’t expected to become public until late May.
For now, we can glean some possible dates from betting markets. According to data from betting marketplace Kalshi, around 86% of bettors believe the IPO will take place before Aug. 1. Around 83% believe the IPO will occur before July 1. But just 13% believe it will occur before June 1.
