SpaceX told its banking partners this week it plans an unusually large retail allocation for its long‑anticipated initial public offering, and will host about 1,500 individual investors at a special event in June shortly after the IPO roadshow gets under way, people familiar with the discussions said on Monday. The company is targeting an early‑June launch of the roadshow and is aiming to raise roughly $75 billion in the offering, which would value the company at as much as $1.75 trillion.
The briefing, held virtually Monday night and attended by the full syndicate for the first time, underscored SpaceX’s effort to rewrite the traditional IPO playbook by prioritising ordinary investors. “Retail is going to be a critical part of this and a bigger part than any IPO in history,” Chief Financial Officer Bret Johnsen told bankers in the meeting, according to two people who spoke on condition of anonymity because the talks were private. Johnsen added the move was deliberate, saying retail investors “have been incredibly supportive of us and of Elon (Musk) for a long time, and we want to make sure that we recognize that.”
Allocating a substantial slice of shares to retail would mark a striking departure from recent large listings, which have typically favoured institutional investors and sovereign wealth funds. Reuters first reported last month that SpaceX was planning a heavy retail tilt, and Monday’s meeting offered the first concrete timeline and scale for those plans: an early‑June roadshow followed by a high‑visibility event convening thousands of individual shareholders or prospective shareholders.
The meeting brought together the banks that will underwrite and market the deal as SpaceX prepares what is expected to be the largest IPO in history. SpaceX has kept many details of its offering confidential; earlier filings and reporting have tied much of the company’s valuation to the growth potential of Starlink, its satellite broadband business. Confidential SEC filings reported in early April opened the door to valuations in the multi‑trillion dollar range, and subsequent reporting has placed the expected offering size in the tens of billions.
If SpaceX succeeds in raising $75 billion at a $1.75 trillion valuation, it would dwarf nearly every public listing to date and reshape expectations for space and satellite industry finance. The company’s approach — combining a blockbuster raise with an unusually large retail allocation and high‑profile public events — reflects both the strength of Elon Musk’s retail supporter base and a broader push by some issuers to broaden access to new shares.
Banks and advisers are now working through logistics and regulatory steps required to execute such an unprecedented retail programme, according to people briefed on the planning. The roadshow and follow‑up investor events will be scrutinised by regulators and market participants alike, given the size and novelty of the proposal.
SpaceX and its bankers declined to comment publicly. The company has not yet filed a formal registration statement that would set definitive terms and timelines for the sale; those details will determine whether the ambitious retail plans and the $75 billion fundraising target hold as the process advances.