Report: SpaceX has finalized IPO details and plans to start roadshows in June

The biggest IPO in history is officially entering the countdown.

According to Reuters on April 7, SpaceX convened its underwriting team late Monday evening and officially disclosed key IPO details: the roadshow is scheduled to begin during the week of June 8, with a target fundraising amount of $75 billion and a valuation of up to $1.75 trillion.

The most eye-catching is the retail allocation. In this virtual meeting, CFO Bret Johnsen made it clear that “Retail will be the key to this IPO, with a share that will exceed that of any IPO in history.” He explained the logic behind this design: “These people have long provided us and Elon (Musk) with tremendous support, and we want to ensure we recognize that.”

A source said that one of the 21 underwriting firms’ lead underwriters told the entire banking team that retail demand and the allocation size would be “unlike anything they’ve ever seen.”

Roadshow pace: three days, three sessions—progressing step by step

Based on information obtained by the media, the IPO process will move forward according to the following schedule:

• June 7: About 125 financial analysts from 21 underwriting firms meet with SpaceX management

• Week of June 8: The roadshow officially kicks off, with executives and bankers pitching to institutional investors

• June 11: Host a dedicated event for 1,500 retail investors

Retail participation is not limited to the United States. Ordinary investors in the UK, the EU, Australia, Canada, Japan, and South Korea will also have the opportunity to subscribe.

The prospectus is expected to be made public in late May. The transaction structure and the specific retail allocation ratio will be finalized before the IPO launch.

Valuation jumps: from $800 billion to $1.75 trillion

The target valuation of $1.75 trillion represents a significant jump compared with several pricing benchmarks SpaceX had previously set.

In December 2025, the most recent employee equity sale (tender offer) valued the company at $800 billion. This February, after SpaceX merged with Musk’s AI startup xAI, the combined entity was valued at $1.25 trillion.

The IPO target valuation of $1.75 trillion is an increase of about 40% over the combined valuation.

The underwriting team is also impressive: Morgan Stanley, Bank of America, Citigroup, JPMorgan Chase, and Goldman Sachs will serve as active bookrunners, with another 16 banks handling institutional, retail, and international channels, respectively.

AI unicorn IPO race heats up

As SpaceX pushes to go public, the IPO race among Silicon Valley AI unicorns is also accelerating in parallel.

According to reports, OpenAI CEO Sam Altman has privately said he hopes to complete an IPO as early as this year’s fourth quarter, and he has clearly said he wants to list earlier than its competitor Anthropic—which is currently also discussing plans to go public within the year. OpenAI has hired law firms and begun informal outreach with the underwriting teams at Goldman Sachs and Morgan Stanley.

However, OpenAI’s path to going public is not smooth. According to financial documents obtained by The Wall Street Journal, the company expects its computing-capacity spending in 2028 to reach as much as $121 billion. Even if revenue nearly doubles by then, its losses that year are still expected to be $85 billion, and only in 2030 would it be expected to achieve overall break-even.

Anthropic’s financial situation is relatively more optimistic. According to Bloomberg, its annualized revenue has already surpassed $30 billion, up more than twofold from the $9 billion recorded at the end of 2025. More than 1,000 enterprise customers with annual spending exceeding $1 million have surpassed that mark.

If both companies’ IPOs go through, both could be expected to rank among the largest in history. To that end, Wall Street bankers are lobbying major index providers to loosen inclusion standards, and Nasdaq has recently announced that newly listed companies will be allowed to join its indexes more quickly.