SpaceX Accelerates Initial Public Offering Timeline, Eyes Nasdaq Listing on June 12

SpaceX Accelerates IPO Timeline, Eyes June 12 Market Debut

New York, May 15 (Reuters) - SpaceX, the rocket and satellite maker founded by Elon Musk, is planning to price its highly anticipated initial public offering as early as June 11 and has selected Nasdaq as its listing venue.

According to sources familiar with the matter, SpaceX has accelerated its IPO timeline, aiming to flip its prospectus public as early as next Wednesday, with a roadshow launch targeted for June 4 and a market debut as early as June 12. This represents a quicker-than-expected timeline for SpaceX's offering, pulling forward a process that had initially been targeted for late June.

The faster-than-expected review of the company's IPO paperwork by the U.S. Securities and Exchange Commission (SEC) was partially responsible for the company's move to bring forward the listing timeline. SpaceX had initially planned to list its shares around the time of Musk's birthday in late June.

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SpaceX has chosen the ticker 'SPCX' for its listing, which was previously used by Tuttle Capital Management's SPAC-focused ETF before the firm switched to the SPCK ticker in April. The move at the time triggered speculation about SpaceX potentially choosing the newly available ticker.

In related news, Nasdaq recently rolled out highly anticipated 'fast entry' rules to speed up the entry of newly listed large-cap companies to its benchmark Nasdaq-100 index. Other leading index operators have also launched similar rules to fast-track new listings to their respective benchmarks.

SpaceX is likely to target a raise of about $75 billion at a valuation of roughly $1.75 trillion, which would make it the biggest stock market flotation of all time. The company's valuation represents a significant step up from the $1.25 trillion combined valuation set when SpaceX merged with Musk's artificial intelligence startup xAI in February.

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The lead bookrunners for the offering include Morgan Stanley, Bank of America, Citigroup, JPMorgan, and Goldman Sachs, with 16 other banks in smaller roles spanning institutional, retail, and international channels.