Quick overview

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SpaceX plans to sell 555.6 million shares at $135 each for its historic $75 billion IPO, according to Reuters. According to the report, SpaceX is deviating from the conventional IPO procedure, in which businesses set the price before trading starts and announce a price range to market the shares during investor roadshows.

Investors are keeping a close eye on a pipeline of possible offerings from other well-known tech companies, which has led to its quick march to market following a confidential filing in March and a public announcement last month.

OpenAI and Anthropic PBC, two AI competitors, aim to advance with their own listings, while Alphabet Inc. has revealed plans for a record $80 billion in equity. The company has its own large language models and AI infrastructure businesses.

Elon Musk’s satellite and artificial intelligence company is anticipated to reveal the terms of the offering as early as Wednesday, begin official marketing on June 4, and set a price as early as June 11. There is still a chance that the schedule will be delayed by a few days. In the offering, the company hopes to be valued at at least $1.8 trillion.

Morgan Stanley, Bank of America Corp., Citigroup, as well as JPMorgan Chase, are, along with eighteen other banks, at the forefront of the SpaceX offering.

Formally, the business was called Space Exploration Technologies Corp., which anticipates launching under the symbol SPCX on the Nasdaq and the Nasdaq Texas. The fundraising coincides with SpaceX’s negotiations to pay Wall Street firms razor-thin fees, though banks are still expected to earn roughly $500 million. Additionally, over 1,000 current and former SpaceX employees have banded together to negotiate.