Inside SpaceX’s $1.75 trillion IPO ambition

SpaceX has outlined new details of its long-awaited initial public offering in a meeting with its full syndicate of bankers on April 7, signalling plans for an unusually large allocation of shares to retail investors, according to two people familiar with the discussions, cited by foreign media.

Chief Financial Officer Bret Johnsen told participants that individual investors would play a central role in the offering. “Retail is going to be a critical part of this and a bigger part than any IPO in history,” he said, adding that the strategy reflects long-standing support from everyday investors and followers of founder Elon Musk.

The company is targeting what could become the largest IPO ever, aiming to raise $75 billion at a valuation of up to $1.75 trillion, as previously reported by Reuters. The deal structure is still being finalized, but Musk has pushed to allocate as much as 30% of shares to retail investors—far above the typical 5% to 10% seen in most listings.

SpaceX plans to launch its IPO roadshow in the week of June 8, with executives and bankers pitching the offering to investors. Around 125 analysts from 21 participating banks are expected to meet the company ahead of the roadshow. On June 11, SpaceX intends to host approximately 1,500 retail investors at a major event following the launch.

Retail participation is expected to extend beyond the US, with investors in the UK, EU, Australia, Canada, Japan and South Korea also able to take part. One lead underwriter told the syndicate that the level of retail demand and allocation would be unprecedented.

The IPO prospectus is expected to be published in late May. Leading the deal as active bookrunners are Morgan Stanley, Bank of America, Citigroup, JPMorgan and Goldman Sachs, alongside 16 additional banks supporting institutional, retail and international distribution.

The targeted $1.75 trillion valuation marks a sharp increase from the $1.25 trillion combined valuation established after SpaceX merged with Musk’s artificial intelligence venture xAI in February. It also far exceeds the company’s most recent tender offer in December 2025, which valued SpaceX at $800 billion.

Historically, these twice-yearly tender offers—allowing employees and early investors to sell shares—have served as the primary benchmark for SpaceX’s valuation as it remained private for nearly 25 years.

By Tamilla Hasanova