SpaceX targets fixed $135 IPO roadshow price at $1.75 trillion valuation, source says

本站添加: 2026-06-03

[00:00:00]Welcome back. Elon Musk's SpaceX is planning to set a fixed price of $135 per share ahead of officially marketing its initial public offering. A person familiar with the matter told us today.

[00:00:12]I'm told that will be made official in an amended filing after the bell.

[00:00:17]Typically at this stage of the process new issuers will offer a price range that allows the company and its advisers to gauge demand sensitivity at different levels, but in this case SpaceX took a unique approach after a slew of testing the waters meetings leading up to the roadshow launch. The company plans to sell 555.6 million shares implying a $75 billion offering size according to the person who spoke on the condition of anonymity because the details are still private.

[00:00:45]At the $135 per share price tag though SpaceX would be valued at $1.75 trillion, which assumes the EchoStar spectrum and cursor transactions close.

[00:00:56]Reuters earlier reported the pricing details. I'm told the fixed price was chosen in lieu of a range due to the depth of the testing the waters process in recent weeks that involved conversations with institutional investors who indicated enough demand existed at that $135 per share level.

[00:01:13]Retail investors who are expected to comprise about 30% of the IPO are still more of a wild card at this stage, but tend to be less price sensitive and have decades long track record of following Elon Musk. Advisers will be able to obtain more feedback from that cohort when the roadshow does kick off beginning tomorrow morning. Musk's company is planning on debuting at the Nasdaq on June June 12th next Friday. SpaceX which will go public under the ticker symbol SPCX is said to be the biggest IPO ever more than triple the size of Alibaba, which is the biggest US IPO to date. That one $25 billion.

[00:01:50]Carl, feels like just yesterday we covered that.

[00:01:53]It was just peanuts. Compared to this.

[00:01:55]And for those viewers who might have missed it, interesting discussion with Jim this morning about ways in which this could get out of control, I guess Jim would put it in terms of pricing for retail investors who get burned on market orders on day one or two.

[00:02:08]>> Yeah, I think it's a really important component here because typically on these big deals, especially ones with brand names and cult-like followings like Elon Musk has, you would actually cut back retail as part of the allocation because you'd want them to be the marginal buyer who comes in on day one and helps orchestrate a pop. 30% is really sizable for first of all, a deal of this size, which we've never seen before, and really for any deal that has kind of the buzz-worthiness, uh all of the interest pre-IPO, and now you're giving about 30% to retail, um which you don't have that same level of control perhaps as you would with these institutional investors who, if you are, uh you know, part of the sales force you've known for a long period of time, you can look them in the eyes and say, "Are you going to hold this thing?" With retail investors, they're so dispersed, there are so many of them, you can't have that same kind of level of control that you might have with institutional investors, which is why that has been the playbook up until now. So, we'll see kind of what happens over the course of the road show with that with that cohort.

[00:03:05]>> Yeah, it's going to be a fascinating day, uh to be sure, and dynamic as as some will I'm sure will applaud the the healthy allocation to retail and that it's not a sliver of the of the overall float.