SpaceX's initial public offering paperwork could be made public as soon as Wednesday, offering a rare glimpse into the finances of the Elon Musk-led enterprise before its planned record-setting debut.
What to Expect in the Filing
The IPO filing is expected to include key financial details such as revenue and net income across SpaceX's rocketship-launch, Starlink satellite internet, and artificial intelligence businesses. Additionally, capital spending on major programs like the colossal Starship rocket will be disclosed.
The world's largest private company, formally known as Space Exploration Technologies Corp., is targeting as much as US$75 billion in its listing at a valuation of more than US$2 trillion, according to Bloomberg News.
Listing Venue and Bank Roles
SpaceX is expected to choose Nasdaq as its listing venue, which would set it up for potential inclusion in the Nasdaq 100. The filing will reveal the hierarchy of banks managing the deal. Goldman Sachs Group Inc. and Morgan Stanley are the lead firms, with Bank of America Corp., Citigroup Inc., and JPMorgan Chase & Co. also involved. Royal Bank of Canada is managing share orders from Canada.
Major Shareholders and Voting Control
SpaceX will list its largest shareholders, including Elon Musk and Alphabet Inc.'s Google. Other investors include Valor Equity Partners, Sequoia Capital, and Andreessen Horowitz. The company is considering a dual-class share structure, which could allow Musk to maintain control even with a minority stake.
The filing likely won't include the price range per share, number of shares offered, shares outstanding, or precise shareholdings. Those details typically come at the start of formal marketing, which could begin as early as June 4, ahead of pricing as soon as June 11.
