Elon Musk’s space exploration company is taking major steps toward what could become the most significant initial public offering ever recorded, hosting exclusive analyst meetings this week at facilities in Texas and Tennessee, according to three sources with knowledge of the plans.
The rocket and satellite manufacturer is conducting these private briefings with leading Wall Street aerospace and technology analysts as it seeks to secure $75 billion in funding, which would establish a new record for IPO size. Company leadership has set their sights on beginning public trading by the end of June.
The series of presentations begins Tuesday with a full-day session and facility tour at the company’s Starbase rocket launch complex in Boca Chica, Texas, sources revealed.
A different group of analysts representing major institutional investors, including large mutual funds and pension organizations, will participate in a separate Wednesday briefing at the same Texas location. Thursday’s agenda includes a visit to examine the company’s “Macrohard” initiative at its Colossus data processing facility in Memphis, Tennessee.
Participants must give up their electronic devices to join these meetings, one source indicated. All three individuals provided information anonymously since these details have not been made public. SpaceX has not responded to requests for comment.
These analyst presentations represent a typical component of the IPO timeline, where companies provide detailed briefings about their operations, financial projections, and strategic plans before going public.
Several attending analysts have also received SpaceX’s confidential registration documents, though these papers contained minimal details, two sources noted.
Standard IPO registration paperwork typically includes company operational descriptions, financial records, risk assessments, planned use of raised capital, and information about current major stakeholders.
Approximately two weeks following these analyst sessions, SpaceX plans to conduct a specialized “modeling” session for selected Wall Street analysts, including some whose firms are involved in the transaction, according to two sources.
During these modeling sessions, companies usually guide analysts through financial forecasts, business strategies, and other critical information that helps analysts develop earnings projections before the stock listing.
SpaceX Chief Financial Officer Bret Johnsen faces the challenge of convincing top Wall Street analysts and potential investors that the company justifies a nearly incomprehensible $1.75 trillion valuation over the next two months.
In February, Musk combined his artificial intelligence company xAI with SpaceX, creating a unified enterprise encompassing rockets, Starlink satellite services, the X social media network, and the Grok AI assistant.
This merger established an unprecedented technology and aerospace combination, though it complicates SpaceX’s valuation process. To support the $75 billion fundraising goal and substantial company worth, at least one major institutional investor has adopted unconventional comparison methods, as previously reported.
Instead of measuring SpaceX against traditional aerospace and telecommunications corporations like Boeing and AT&T, this investor has been comparing it to Palantir Technologies and artificial intelligence infrastructure firms such as GE Vernova and Vertiv, according to someone familiar with these valuation conversations.
Musk also intends to benefit individual investors who have driven Tesla’s electric vehicle stock to extraordinary levels, with trading values resembling a technology company rather than a traditional automaker.
He plans to reserve approximately 30% of SpaceX shares for individual investors, inviting 1,500 of them to tour Starbase following the roadshow beginning June 8, according to sources familiar with these arrangements.
Musk is additionally making initial share purchases available to international individual investors from the United Kingdom, European Union, Australia, Canada, Japan, and South Korea.
The transaction structure and exact percentage of individual investor allocation will be determined closer to the IPO launch date. Morgan Stanley, Bank of America, Citigroup, JPMorgan, and Goldman Sachs are serving as primary underwriters, with 16 additional banks handling smaller responsibilities across institutional, retail, and international markets.
