IPO Newsroom@IPONewsroom_
JUST IN: SPACEX'S IPO PROSPECTUS COULD HIT AS SOON AS NEXT WEEK.
The roadshow is slated for June 8, per CNBC.
This would be the largest IPO in history, by a wide margin:
The timeline:
- SpaceX confidentially filed in April
- Prospectus could be publicly disclosed as soon as next week
- Roadshow officially kicks off June 8
- SEC rule requires the filing be disclosed at least 15 calendar days before the roadshow
- SpaceX advisers aiming for a slightly earlier flip to give investors time to digest
The deal size:
- Targeting a listing of $70B to $75B, per Bloomberg
- That is more than 2x the size of Saudi Aramco's 2019 record ($25.6B)
- Largest IPO of all time, by a wide margin
The valuation context:
- SpaceX merged with xAI in February
- That deal valued the combined entity at $1.25 TRILLION
- Brookfield $BN disclosed today it has already purchased $2B of SpaceX shares at the current pre-IPO mark
The distribution play:
- Because this much stock has never been sold in an IPO before, SpaceX's advisers are scouting brokers in the UK, Japan, and Canada
- Targeting longer-term retail holders outside the U.S.
The setup for the broader AI IPO pipeline:
- Cerebras $CBRS closed +68% on its debut today at a $95B market cap
- OpenAI and Anthropic are both pursuing offerings as soon as this year
- Both could exceed $1T in valuation if they price
The market backdrop:
- Wall Street has been thirsting for IPOs after a years-long drought
- Cerebras was the proof point that institutional demand is back
- SpaceX is the megacap test
