Overview
- SpaceX filed an amended prospectus on Saturday fixing the IPO at $135 per share to sell about 555.6 million Class A shares with an underwriter option for 83.33 million more and a target raise near $75 billion.
- A 21-bank underwriting group led by Goldman Sachs, Morgan Stanley, Bank of America, Citigroup and JPMorgan will run the deal and SpaceX named Schwab, Fidelity, Robinhood, SoFi and E*Trade as channels for retail allocations.
- The S-1 shows 2025 consolidated revenue of about $18.7 billion with a near $5 billion net loss, and it highlights Starlink as the cash engine with roughly $11.4 billion in revenue and 10.3 million subscribers.
- Morgan Stanley presented highly bullish multi-decade forecasts to investors, including a $3.4 trillion 2040 revenue bull case and $190 billion in AI revenue by 2030, forecasts that independent analysts have flagged as aggressive.
- The offering preserves Elon Musk's dominant voting power, leaves roughly 5% of shares freely tradable initially with staggered lockups, and could concentrate early buying and volatility while also disclosing noncore items such as 18,712 Bitcoin on SpaceX's balance sheet.