Overview
- An investor group that advises union pension funds urged the SEC to closely review SpaceX’s confidential IPO filing, citing concerns about the accuracy of its financials, auditor independence, revenue recognition, goodwill accounting and transactions with companies Elon Musk controls.
- The group also flagged potential conflicts tied to Musk’s past government role and asked the agency to wall off any staff with ties to SpaceX from the review to protect the process from political pressure.
- Separately, the American Federation of Teachers asked the SEC to scrutinize SpaceX’s plans and activists called for an investor boycott, warning that retirees could face losses if the company’s valuation proves hard to justify or its governance falls short.
- Wall Street is building products for the debut as ETF providers roll out space-themed funds and tweak index rules, with Nasdaq now allowing a giant new listing into the Nasdaq 100 after 15 trading days if it meets size tests and one space index enabling eligibility after day one.
- SpaceX remains confidentially filed with reports pointing to a possible June listing at about a $1.75 trillion valuation and a raise near $75 billion, and Musk has reportedly pushed for a large retail share of the allocation, which could amplify early trading swings.