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SpaceX Kicks Off Analyst Tours as It Targets Late‑June IPO at About $1.75 Trillion

Index providers are reworking fast‑entry rules to handle the listing’s size.

The Wall Street sign is pictured at the New York Stock Exchange in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri//File Photo
A car drives past SpaceX’s facilities where the rockets are made, as speculation mounts on when the company will aim to file its initial public offering (IPO) prospectus with regulators, in Starbase, Texas, U.S. March 25, 2026. REUTERS/Gabriel V. Cardenas
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The Starship rocket launchpad, as speculation mounts on when SpaceX will aim to file its initial public offering (IPO) prospectus with regulators, at the company’s launch site in Starbase, Texas, U.S. March 25, 2026. REUTERS/Gabriel V. Cardenas

Overview

  • SpaceX is hosting three days of closed‑door briefings from Tuesday to Thursday at Starbase in Texas and a Memphis data center to court Wall Street analysts before a planned late‑June debut.
  • Filing excerpts show $18.67 billion in 2025 revenue, a $4.94 billion loss, $24.7 billion in cash, and about $50 billion in liabilities after the February xAI merger drove AI capital spending above $20.7 billion.
  • The IPO will use dual‑class stock that gives insiders 10 votes per Class B share, keeping Elon Musk in control as CEO, CTO and board chair.
  • The company is seeking about $75 billion in proceeds at a roughly $1.75 trillion valuation and is discussing reserving close to 30% of shares for retail buyers in the U.S. and overseas.
  • Morningstar said it will add an alternative liquidity screen to speed index inclusion, Nasdaq outlined a 15‑day fast entry to the Nasdaq‑100, and S&P is reviewing its rules as space‑sector funding hit a Q1 record of $7.95 billion.