SpaceX, the rocket and satellite manufacturer founded by Elon Musk, is gearing up for its highly anticipated initial public offering (IPO) with plans to set its price as soon as June 11. The company has selected Nasdaq for its listing, according to sources who spoke with Reuters.
Trading under the ticker “SPCX,” SpaceX appears to be accelerating its IPO timeline, intending to issue its prospectus by next Wednesday. A roadshow is expected to be announced on June 4, with the market debut potentially occurring as early as June 12. This shift indicates a quicker than anticipated process, as the original goal was late June, around Musk’s birthday.
This expedited schedule comes in part due to the Securities and Exchange Commission’s faster-than-expected review of SpaceX’s IPO documents, sources mentioned.
Interestingly, the SPCX ticker was previously associated with Tuttle Capital Management’s SPAC-focused ETF, which changed to SPCK back in April. This led to speculation that SpaceX might opt for this newly available ticker.
In March, it was reported that SpaceX was considering the Nasdaq for its listing, aiming for a swift entry into the Nasdaq 100 index.
SpaceX has not yet commented on the situation, and Nasdaq also declined to provide any input. The SEC couldn’t be reached for comment.
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Recently, Nasdaq introduced a new “fast entry” rule aimed at expediting the inclusion of large newly listed companies into its Nasdaq 100 index, which reflects a trend among major index companies to streamline the entry of new listings.
As startups like Anthropic and OpenAI prepare for their own public offerings, there’s an increasing drive for quicker inclusion in top indexes. Exchange operators are working to boost their IPO pipelines due to growing concerns over the declining number of publicly listed companies in the U.S.
SpaceX’s IPO is expected to target around $75 billion, with a valuation projected at about $1.75 trillion. If successful, this would mark the biggest stock market debut in history, significantly higher than its earlier valuation of $1.25 trillion. This ambitious strategy follows SpaceX’s merger with Musk’s AI startup, xAI, earlier this year.
Leading the offering are major financial institutions like Morgan Stanley, Bank of America, Citigroup, JP Morgan, and Goldman Sachs, alongside 16 other banks participating to various extents in different market channels.
