Overview
- SpaceX, which confidentially filed IPO paperwork Wednesday according to multiple reports, is preparing a June listing that could raise $50 billion to $75 billion at roughly a $1.75 trillion valuation, with some outlets citing figures above $2 trillion that Elon Musk dismissed as “BS” on X.
- Morgan Stanley, Goldman Sachs, JPMorgan, Bank of America and Citigroup are in senior roles, with an analyst day set for April 21, a visit to xAI’s Macrohard site in Memphis on April 23, and a virtual analyst session on May 4, per Reuters and other reports.
- The company is weighing an unusually large retail allocation of up to 30% of shares, and a new Nasdaq fast-entry rule from May 1 could add the stock to the Nasdaq-100 after 15 trading days, likely triggering rapid buying by QQQ and similar index funds.
- Reuters reported talks with Saudi Arabia’s Public Investment Fund about a potential $5 billion anchor commitment, which would help preserve the fund’s stake as SpaceX sells new shares to the public.
- Investors point to Starlink’s recurring revenue and scale as the foundation for the valuation, with reports citing about 9 million subscribers and roughly $15–16 billion in revenue and $8 billion in profit last year, as xAI is folded into plans that include orbital AI data centers and even filings for up to one million satellites.