SpaceX launches IPO key three days: closed-door meetings with analysts, aiming for a $75 billion financing.

According to three informed sources, SpaceX is moving forward with one of its most anticipated IPO plans in its history. This week, a three-day closed-door meeting will be held at its launch site in Texas and a large data center in Tennessee, where analysts will meet. The company, owned by Elon Musk, is hosting briefings for top Wall Street aerospace and technology analysts, with a plan to raise $75 billion through this IPO - if successful, it will be the largest IPO in history, with executives aiming to complete the stock listing by late June. Sources say that the promotional activities will be held at the Starbase in Boca Chica, Texas on Tuesday, where analysts will be given a close-up look at the "Starship" launch site to see firsthand its breakthrough heavy-lift capability. Then on Wednesday at the Starbase, the agenda will shift to financial briefings specifically aimed at large long-term capital such as mutual funds and pension funds, focusing on the profit growth potential of the "Starlink" satellite network. Of particular interest is the final day of the meeting, where analysts will be invited to visit the "Giant" data center in Tennessee to inspect the "Macrohard" computing project, showcasing SpaceX's strategic positioning in the integration of artificial intelligence and space networks. One source stated that attendees are required to surrender electronic devices to attend. As information is not public, all sources requested anonymity, and SpaceX did not respond to requests for comment. Reports earlier this month disclosed the analyst meeting plan, but the itinerary including the Starbase visits and the three-day briefing was not previously reported. IPO Process Analyst Day is a standard part of the IPO process, where companies typically present their business, financial prospects, and long-term strategies to analysts before going public. Two sources revealed that some attending analysts have received copies of SpaceX's confidential registration documents, but the contents are limited. Summary documents show that this is the first time investors have seen the financial situation of Musk's rocket manufacturer SpaceX after merging with the social media and artificial intelligence company xAI this year: the post-merger company holds about $24.7 billion in cash by the end of 2025, but liabilities exceed $50 billion; there was a comprehensive loss of $4.94 billion in 2025, with revenue of $18.67 billion (mainly due to significant investments in xAI's artificial intelligence infrastructure), whereas the previous year saw a profit of $791 million, with revenue of $14.02 billion. In about two weeks, SpaceX is expected to hold a separate "modeling" day for some Wall Street analysts, with some analysts from participating banks in the transaction. In such meetings, companies usually provide detailed financial forecasts, business logic, and other key data to help analysts calculate profit forecasts before going public. SpaceX CFO Brett Johnson will need to convince top Wall Street analysts and investors within about two months to achieve a valuation for the company approaching an unimaginable $1.75 trillion. Musk merged xAI with SpaceX in February of this year, consolidating rockets, Starlink satellites, the X social media platform, and Grok AI chat Siasun Robot & Automation under one company. This created an unprecedented tech and aerospace group, but also complicated SpaceX's valuation. According to earlier reports, in order to justify the $75 billion in funding Musk hopes to raise and the high valuation, at least one large institutional investor has compared SpaceX not with traditional aerospace and telecom giants like Boeing Company (BA.US) and AT&T (T.US), but with artificial intelligence infrastructure companies like Palantir Technologies (PLTR.US), GE Vernova (GEV.US), and Vertiv Holdings (VRT.US), as disclosed by those familiar with valuation discussions. Capital Structure Design of SpaceX In capital structure design, SpaceX continues Musk's consistent strong control style and individualistic color. According to disclosed IPO registration documents, the company will use a dual-class share structure to ensure that Musk and his core management team can still firmly control the company's decision-making by holding shares with super voting rights after going public, preventing short-term profit-oriented Wall Street investors from interfering with their long-term visions such as Mars colonization. At the same time, Musk also plans to reward retail investors who push Tesla, Inc.'s stock price to irrational highs, making its valuation more in line with a tech company rather than an automotive manufacturer. Reports from informed sources have revealed that Musk plans to reserve about 30% of SpaceX shares for retail investors and, after the roadshow begins the week of June 8th, invite 1500 retail investors to visit the Starbase. This special bias towards individual investors is extremely rare in giant IPO cases, reflecting its strategy to disperse ownership pressure and maintain market excitement through a large fan base. Earlier reports also mentioned that Musk will open the first stock sales to international retail investors in the UK, EU, Australia, Canada, Japan, and South Korea. The specific amount of shares and allocation to retail investors is expected to be finalized on the eve of the IPO launch. Earlier reports indicated that Morgan Stanley, Bank of America Corp, Citigroup, JPMorgan Chase, and Goldman Sachs Group, Inc. will be the lead underwriters, with 16 other banks playing smaller roles in areas such as institutional, retail, and international channels. IPO documents show that after satellite and rocket manufacturer SpaceX goes public, Musk will retain voting control through the dual-class share structure, limiting the speaking rights of other investors in the company's decision-making. However, this highly anticipated capital feast is not without variables, as the restructuring of valuation logic and external controversies remain focus points for analysts. While SpaceX attempts to shift its brand positioning from aerospace stocks to AI infrastructure stocks similar to NVIDIA Corporation, its high dependence on a single core figure and significant funding needs have led some conservative institutions to adopt a wait-and-see attitude. Additionally, during the meeting, local environmental organizations in Texas have launched protests against the Starbase, lobbying large pension funds to pay attention to environmental governance issues. SpaceX currently plans to officially start the roadshow and list the company for trading in June 2026, with this three-day closed-door meeting becoming a key window for institutional investors to decide whether they want to foot the bill for its $1.75 trillion "stellar" future.