SpaceX is moving ahead with plans for one of the most anticipated IPOs in history as it hosts key aerospace and technology analysts from Wall Street this week for three days of closed-door meetings. The meetings aim to give them access to their operations and future plans, and will be held over three days at the firm’s launch center in Texas and a data center in Tennessee, three individuals close to the matter said.
SpaceX IPO May Target $75 Billion, June Listing In Focus
As it gears up for its upcoming listing, the Elon Musk-owned firm is planning to gather interest among investors. The SpaceX IPO may value the firm at $75 billion, making it the largest public offering on record. Sources close to the firm say it is aiming to make the listing earlier than expected and the IPO may take place as early as June.
The presentations kick off with an all-day meeting and analyst tour on Tuesday at the satellite and rocket maker’s Starbase launch facilities in Boca Chica, Texas, the sources said.
Another group of analysts representing institutional investors, including big mutual funds and pension plans, will be briefed in a separate session at Starbase on Wednesday, they added.
On Thursday, the analysts have been invited to review the company’s “Macrohard” project at its Colossus data center in Memphis, Tennessee, they said.
Attendees are expected to surrender electronic devices to participate in the meetings, said one of the sources, who all spoke on condition of anonymity as the information was not public. SpaceX did not respond to a request for comment.
Reuters was the first to report on the plans to host analysts earlier this month. The inclusion of Starbase on the tour and the three days of briefings have not been reported previously.
Analyst Meets Part Of Standard IPO Preparation Process
Analyst days are a standard part of the IPO process, in which companies brief analysts on their business, financial outlook and long-term strategy ahead of a public listing.
Some of the analysts set to attend have also received copies of SpaceX’s confidential registration filing, though the document contained limited information, two of the sources said.
SpaceX Financials Come Under Spotlight Ahead Of Listing
The filing, excerpts of which were reviewed by Reuters, gives investors the first look at SpaceX’s financial health after Musk combined the rocket maker with his social media and AI company xAI this year.
The combined company ended 2025 with about $24.7 billion in cash on hand, but more than $50 billion in liabilities.
Heavy Investments Push SpaceX Into Loss In 2025
SpaceX swung to a $4.94 billion consolidated loss in 2025 on $18.67 billion in revenue as it invested heavily in xAI’s artificial intelligence infrastructure, from a $791 million profit and $14.02 billion in revenue the year before, the excerpts show.
‘Modeling Day’ Planned To Guide Analyst Projections
About two weeks after the analyst days, SpaceX is expected to hold a separate “modeling” day for a select group of Wall Street analysts, some of whose banks are working on the deal, two of the people said.
At such sessions, companies typically walk analysts through financial projections, business thesis and the other key data that will help analysts calculate earnings estimates before the listing.
SpaceX Chief Financial Officer Bret Johnsen has about two months to convince some of Wall Street’s top analysts, and ultimately investors, that the company is worth an almost unfathomable $1.75 trillion.
xAI Merger Adds Scale But Complicates Valuation
Musk merged xAI with SpaceX in February, bringing under one roof the billionaire’s rockets, Starlink satellites, the X social media platform and Grok AI chatbot.
The combination created a tech and aerospace conglomerate like no other, but it also makes valuing SpaceX tricky.
To justify the $75 billion Musk hopes to raise as well as the lofty valuation, at least one large institutional investor has been using unusual benchmarks to explain the math, Reuters previously reported.
Investors Use New Benchmarks To Value SpaceX IPO
Rather than comparing SpaceX to legacy aerospace and telecom giants like Boeing BA.N and AT&T T.N, that investor has been benchmarking it against Palantir Technologies PLTR.N and artificial intelligence infrastructure companies like GE Vernova GEV.N and Vertiv VRT.N — a framework described to Reuters by a person familiar with the valuation discussions.
SpaceX IPO To Include Strong Retail Investor Push
Musk also plans to reward the retail investors who have sent shares of electric vehicle company Tesla to illogical heights, trading at a valuation closer to a tech company than an automaker.
He plans to set aside some 30% of SpaceX shares for retail investors, hosting 1,500 to tour Starbase after the roadshow kicks off in the June 8 week, people familiar with the matter have told Reuters.
Musk is also opening up initial share sales to international retail investors from the UK, EU, Australia, Canada, Japan and Korea, Reuters previously reported.
Global Banks Line Up To Lead Landmark SpaceX IPO
The structure of the deal and precise amount of the retail allocation are expected to be finalized closer to the IPO launch. Morgan Stanley, Bank of America, Citigroup, JPMorgan and Goldman Sachs are leading the deal as active bookrunners, with 16 other banks in smaller roles spanning institutional, retail and international channels, Reuters previously reported.
Elon Musk To Retain Control Post SpaceX Listing
Musk will retain voting control of SpaceX after the satellite and rocket maker goes public later this year through a dual-class share structure that limits other investors’ say over corporate decisions, the IPO filing shows.
Also Read: Space Investment Jumps To $7.95 Billion In Q1 2026 As SpaceX IPO Buzz Drives Funding Surge
(With inputs from Reuters)
The post SpaceX Woos Wall Street With Three-Day Analyst Meetings Ahead Of Its IPO: Report appeared first on NewsX.
Comments are closed.