, Elon Musk’s rocket and satellite company, is reportedly preparing for one of the most anticipated public listings in recent history.
According to Reuters, the company is targeting a stock market debut as early as June 12 and could seek a valuation of around $1.75 trillion, potentially making it the largest ever. The offering also comes at a time when investor appetite for high-growth technology companies is beginning to return after years of market volatility.
Here are 10 things you need to know about the IPO plans.
SpaceX is reportedly eyeing a June 12 debut
Reuters reported that the company is planning to go public as early as June 12, with sources saying has accelerated its listing timeline over the past few weeks.
The company has chosen Nasdaq
SpaceX has reportedly selected Nasdaq for its listing instead of the New York Stock Exchange. The move is seen as a major win for amid intense competition for large technology IPOs.
It could become the biggest IPO ever
SpaceX is expected to target a raise of roughly $75 billion at a valuation of around $1.75 trillion. If achieved, the listing would surpass previous record-breaking IPOs globally.
The IPO process is moving faster than expected
The company was earlier expected to go public later in June. However, Reuters sources said a faster review process by the U.S. Securities and Exchange Commission helped accelerate the timeline.
SpaceX may trade under the ticker ‘SPCX’
The company is expected to use the ticker symbol “SPCX.” The ticker had previously belonged to a SPAC-focused ETF before it was changed earlier this year, triggering speculation around SpaceX’s plans.
A public filing may happen next week
Sources told Reuters that SpaceX could make its IPO prospectus public as early as next Wednesday. Its investor roadshow is reportedly expected to begin on June 4.
SpaceX has transformed the private space industry
Founded by Elon Musk in 2002, SpaceX revolutionised commercial space launches through reusable rockets. The company operates Falcon rockets, the Dragon spacecraft and the Starlink satellite internet business.
Starlink is a major growth driver
SpaceX’s Starlink network has rapidly expanded across the world and now serves millions of users globally. Reuters believe the satellite internet business is one of the biggest reasons behind the company’s soaring valuation.
The valuation is far higher than previous estimates
The targeted $1.75 trillion valuation is significantly above the roughly $1.25 trillion valuation assigned earlier this year after SpaceX merged with Musk’s AI startup xAI.
Top Wall Street banks are leading the IPO
Major banks including Morgan Stanley, Goldman Sachs, JPMorgan Chase, Citigroup and Bank of America are serving as lead bookrunners for the offering, alongside several other financial firms.