Quick overview

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SpaceX revealed new details about its long-awaited initial public offering during a meeting held Monday night with its team of bankers, informing them that it intends to allocate a large portion of the shares to retail investors.

In that regard, the company will host about 1,500 of them at an event scheduled for June, after the IPO roadshow begins, according to two people familiar with the matter.

“The retail market will be a fundamental part of this and will have a larger weight than in any IPO in history,” Chief Financial Officer Bret Johnsen said during the virtual meeting. Johnsen added that the strong retail component is intentional, noting that “these are people who have supported us—and Elon Musk—incredibly for a long time, and we want to make sure that is recognized.”

The long-awaited market debut for Elon Musk

SpaceX is rewriting the playbook for initial public offerings with an unusually large share of retail investors in the deal, according to a report by Reuters last month.

The meeting brought together the full group of banks for the first time as part of the process for what is expected to become the largest IPO in history. The rocket manufacturer aims to raise about $75 billion, which could value SpaceX at up to $1.75 trillion.

The company led by Elon Musk plans to begin its roadshow during the week of June 8, when executives and bankers will present the IPO to investors, the sources said. Around 125 financial analysts from the 21 banks participating in the deal are scheduled to meet with the company the day before, they added.