Source Credit : Portfolio Prints
SpaceX laid out fresh details of its highly anticipated IPO during a meeting with its banking syndicate on Monday, signaling an unusually large allocation for retail investors and plans to host 1,500 of them at a major event in June, according to people familiar with the matter.
“Retail is going to be a critical part of this — bigger than in any IPO in history,” Chief Financial Officer Bret Johnsen said during the virtual meeting, the sources said, requesting anonymity due to the private nature of the discussion.
Johnsen emphasized that the strategy is intentional, aimed at rewarding long-time supporters of the company and its founder, Elon Musk. “These are individuals who have backed us and Elon for years, and we want to recognize that,” he said.
The meeting marked the first full gathering of the IPO syndicate and is part of preparations for what could become the largest public offering on record. SpaceX is seeking to raise roughly $75 billion, potentially valuing the company at up to $1.75 trillion.
The Musk-led firm is expected to kick off its investor roadshow during the week of June 8, with executives and bankers pitching the offering to institutional investors. A day earlier, about 125 analysts from 21 participating banks are scheduled to meet with the company.
On June 11, SpaceX plans to host 1,500 retail investors at a large-scale event. The offering is also expected to be accessible to individual investors across multiple regions, including the United States, United Kingdom, European Union, Australia, Canada, Japan, and South Korea.
According to sources, one of the lead underwriters told participating banks that the scale of retail demand and allocation would be unprecedented.
While final details of the deal structure are still being worked out, earlier reports suggest that up to 30% of the offering could be reserved for retail investors — significantly higher than the typical 5% to 10% seen in most IPOs.
The company is expected to release its IPO prospectus in late May.
Leading the deal are major Wall Street firms including 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 would mark a sharp increase from the $1.25 trillion level established earlier this year when SpaceX merged with Musk’s AI venture, xAI.
Historically, SpaceX’s valuation has been anchored by its twice-yearly tender offers, allowing employees and early investors to sell shares in the privately held company. Its most recent tender offer in December 2025 valued the firm at approximately $800 billion, prior to the xAI merger.
SpaceX did not immediately respond to requests for comment.
