SpaceX to Host Investor Meetings with Wall Street Analysts This Week

SpaceX Prepares for Historic $75 Billion IPO as Analysts Visit Texas and Tennessee Facilities

SpaceX, the pioneering space exploration company founded by Elon Musk, is moving forward with its highly anticipated initial public offering (IPO) as it hosts top aerospace and technology analysts for a series of closed-door meetings at its launch facilities in Texas and a mega-sized data center in Tennessee. According to three people familiar with the matter, the company is targeting a late June trading debut and aims to raise a record-breaking $75 billion in the process.

The briefings, which kicked off on Tuesday with an all-day meeting and analyst tour at the Starbase launch facilities in Boca Chica, Texas, are a standard part of the IPO process. Analysts will also be briefed on the company's "Macrohard" project at its Colossus data center in Memphis, Tennessee, on Thursday. Attendees are expected to surrender electronic devices to participate in the meetings, a condition that has been imposed to maintain confidentiality.

The presentations are designed to give analysts a comprehensive understanding of SpaceX's business, financial outlook, and long-term strategy ahead of the public listing. Some of the analysts set to attend have also received copies of the company's confidential registration filing, which provides a glimpse into SpaceX's financial health after the merger with xAI this year.

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The filing reveals that 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. This is a significant departure from the previous year, when the company reported a $791 million profit and $14.02 billion in revenue.

To justify the $75 billion Musk hopes to raise, at least one large institutional investor has been using unusual benchmarks to explain the math. 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.

Musk also plans to reward retail investors who have sent shares of electric vehicle company Tesla to illogical heights. 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. The structure of the deal and precise amount of the retail allocation are expected to be finalized closer to the IPO launch.

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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. 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.