From blockbuster IPO buzz to Nasdaq debut plans: 10 things to know about Elon Musk-led SpaceX listing
Elon Musk’s rocket and satellite company SpaceX is reportedly preparing for one of the most anticipated public listings in recent history.
The company aims to debut as early as June 12 and could target a valuation of around $1.75 trillion, potentially making it the largest IPO ever, according to Reuters. The proposal also comes at a time when investors’ appetite for fast-growing technology companies is starting to return after years of market volatility.
Here are 10 things you need to know about IPO plans.
SpaceX reportedly plans to launch on June 12
Reuters reported that the company plans to go public as early as June 12; SpaceX has accelerated its listing timeline in the past few weeks, sources said.
The company chose Nasdaq
SpaceX has reportedly chosen Nasdaq over the New York Stock Exchange for its listing. The move is seen as a big win for Nasdaq amid intense competition for major tech IPOs.
Could be the biggest IPO in history
SpaceX is expected to raise around $75 billion at a valuation of around $1.75 trillion. If this happens, the listing would surpass previous record-breaking IPOs worldwide.
The public offering process is progressing faster than expected
The company was previously expected to go public in late June. But Reuters sources said a faster review process by the U.S. Securities and Exchange Commission helped speed up the timeline.
SpaceX can trade with code ‘SPCX’
The company is expected to use the ticker symbol “SPCX”. The stock was previously owned by a SPAC-focused ETF before being swapped earlier this year, fueling speculation around SpaceX’s plans.
A public filing could be made next week
SpaceX could make its IPO prospectus public next Wednesday, sources told Reuters. The investor roadshow is expected to begin on June 4.
SpaceX transformed the private space industry
Founded in 2002 by Elon Musk, SpaceX has revolutionized commercial space launches through reusable rockets. The company operates Falcon rockets, Dragon spacecraft and Starlink satellite internet business.
Starlink is a major growth driver
SpaceX’s Starlink network has expanded rapidly around the world and currently serves millions of users worldwide. Reuters believes its satellite internet business is one of the biggest reasons behind the company’s rising valuation.
Valuation much higher than previous estimates
The targeted $1.75 trillion valuation is well above the roughly $1.25 trillion valuation set earlier this year after SpaceX merged with Musk’s artificial intelligence startup xAI.
Top Wall Street banks lead IPOs
Major banks, including Morgan Stanley, Goldman Sachs, JPMorgan Chase, Citigroup, and Bank of America, serve as the leading bookmakers for the supply, along with many other financial firms.
