SpaceX lays out IPO details, targets early June roadshow: Report

SpaceX outlined the details of its highly anticipated IPO in a meeting with its team of bankers Monday night, telling them it planned to allocate a majority of the shares to retail investors and host 1,500 of those shares at an event following an IPO roadshow in June, according to two people familiar with the matter.

“Retail will be a critical part of this and will play a larger role than any IPO in history,” two people said during the virtual meeting, asking not to be identified because the discussion was private.

Johnsen said that while the large retail component was by design, “they’ve been incredibly supportive of us and Elon (Musk) for a long time, and we wanted to make sure we were aware of that.”

Reuters reported last month that SpaceX was rewriting the IPO playbook with a large retail share of the offering.

The meeting brought together the entire union for the first time as part of what is expected to be the biggest IPO ever as the rocket maker aims to raise $75 billion, valuing SpaceX at $1.75 trillion, Reuters previously reported.

The Elon Musk-led company plans to launch the roadshow the week of June 8, when executives and bankers will pitch the IPO to investors, sources said. About 125 financial analysts from 21 banks were scheduled to meet with the company the day before regarding the deal, they added.

On June 11, SpaceX plans to host 1,500 retail investors at what the public is describing as a major investor event. In addition to the US, daily retail investors in the UK, EU, Australia, Canada, Japan and Korea will also have the opportunity to participate in the offering, the sources added.

One of SpaceX’s lead underwriters told the group of 21 investment banks that retail demand and allocation would be something “they’ve never seen before,” two people said.

The structure of the deal and the exact amount of retail allocation are expected to be finalized closer to the launch of the IPO, they said.

Reuters had previously reported that founder Elon Musk wanted to allocate 30% of the company’s shares to small investors, compared to 5% to 10% in most companies.

The company plans to publicly release its IPO prospectus in late May, they said.

SpaceX did not immediately respond to a request for comment.

Morgan Stanley, Bank of America, Citigroup, JP Morgan and Goldman Sachs are leading the deal as active betting providers, along with 16 other banks with smaller roles covering institutional, retail and international channels, Reuters previously reported.

The $1.75 trillion target represents a significant step up from the $1.25 trillion combined valuation set when SpaceX merged with Musk’s artificial intelligence startup xAI in February.

Typically, SpaceX’s approximately twice-yearly tender offers, which allow employees and investors to cash in on a company that has remained private for nearly 25 years by selling existing shares, have served as the primary valuation basis. The most recent, in December 2025, valued the company at $800 billion before merging with xAI.