By Echo Wang NEW YORK, April 21 (Reuters) - SpaceX is moving ahead with plans for one of the most anticipated IPOs in history as it hosts analysts this week for three days of closed-door meetings at
SpaceX to woo Wall Street with three-day analyst meet this week, sources say
SpaceX Analyst Meetings and IPO Plans
By Echo Wang
NEW YORK, April 21 (Reuters) - SpaceX is moving ahead with plans for one of the most anticipated IPOs in history as it hosts analysts this week for three days of closed-door meetings at its launch facility in Texas and mega-sized data center in Tennessee, according to three people familiar with the matter.
Elon Musk's company is holding the briefings for Wall Street's top aerospace and technology analysts as it looks to raise $75 billion, in an IPO that would be the world's biggest ever, with executives targeting a late June trading debut.
Analyst Briefings Schedule
The presentations kick off with an all-day meeting and analyst tour on Tuesday at the satellite and rocket maker's Starbase launch facilities in Boca Chica, Texas, the sources said.
Another group of analysts representing institutional investors, including big mutual funds and pension plans, will be briefed in a separate session at Starbase on Wednesday, they added.
On Thursday, the analysts have been invited to review the company's "Macrohard" project at its Colossus data center in Memphis, Tennessee, they said.
Security Measures and Confidentiality
Attendees are expected to surrender electronic devices to participate in the meetings, said one of the sources, who all spoke on condition of anonymity as the information was not public. SpaceX did not respond to a request for comment.
Reuters was the first to report on the plans to host analysts earlier this month. The inclusion of Starbase on the tour and the three days of briefings have not been reported previously.
IPO Process and Financials
Standard IPO Procedures
Analyst days are a standard part of the IPO process, in which companies brief analysts on their business, financial outlook and long-term strategy ahead of a public listing.
Some of the analysts set to attend have also received copies of SpaceX’s confidential registration filing, though the document contained limited information, two of the sources said.
Financial Health and Performance
The filing, excerpts of which were reviewed by Reuters, gives investors the first look at SpaceX's financial health after Musk combined the rocket maker with his social media and AI company xAI this year.
The combined company ended 2025 with about $24.7 billion in cash on hand, but more than $50 billion in liabilities.
SpaceX swung to a $4.94 billion consolidated loss in 2025 on $18.67 billion in revenue as it invested heavily in xAI's artificial intelligence infrastructure, from a $791 million profit and $14.02 billion in revenue the year before, the excerpts show.
Upcoming Modeling Day
About two weeks after the analyst days, SpaceX is expected to hold a separate "modeling" day for a select group of Wall Street analysts, some of whose banks are working on the deal, two of the people said.
At such sessions, companies typically walk analysts through financial projections, business thesis and the other key data that will help analysts calculate earnings estimates before the listing.
Valuation Challenges
SpaceX Chief Financial Officer Bret Johnsen has about two months to convince some of Wall Street's top analysts, and ultimately investors, that the company is worth an almost unfathomable $1.75 trillion.
Musk merged xAI with SpaceX in February, bringing under one roof the billionaire's rockets, Starlink satellites, the X social media platform and Grok AI chatbot.
The combination created a tech and aerospace conglomerate like no other, but it also makes valuing SpaceX tricky.
Benchmarking and Valuation Frameworks
To justify the $75 billion Musk hopes to raise as well as the lofty valuation, at least one large institutional investor has been using unusual benchmarks to explain the math, Reuters previously reported.
Rather than comparing SpaceX to legacy aerospace and telecom giants like Boeing and AT&T, that investor has been benchmarking it against Palantir Technologies and artificial intelligence infrastructure companies like GE Vernova and Vertiv — a framework described to Reuters by a person familiar with the valuation discussions.
Retail Investors and Deal Structure
Retail Investor Participation
Musk also plans to reward the retail investors who have sent shares of electric vehicle company Tesla to illogical heights, trading at a valuation closer to a tech company than an automaker.
He plans to set aside some 30% of SpaceX shares for retail investors, hosting 1,500 to tour Starbase after the roadshow kicks off in the June 8 week, people familiar with the matter have told Reuters.
Musk is also opening up initial share sales to international retail investors from the UK, EU, Australia, Canada, Japan and Korea, Reuters previously reported.
Deal Structure and Bank Involvement
The structure of the deal and precise amount of the retail allocation are expected to be finalized closer to the IPO launch. Morgan Stanley, Bank of America, Citigroup, JPMorgan and Goldman Sachs are leading the deal as active bookrunners, with 16 other banks in smaller roles spanning institutional, retail and international channels, Reuters previously reported.
Voting Control and Corporate Governance
Musk will retain voting control of SpaceX after the satellite and rocket maker goes public later this year through a dual-class share structure that limits other investors' say over corporate decisions, the IPO filing shows.
(Reporting by Echo Wang in New York; Writing by Dawn Kopecki; Editing by Jamie Freed and Clarence Fernandez)
