SpaceX is planning to set the terms of its initial public offering as early as Wednesday afternoon, according to people familiar with the matter, ahead of what's expected to be the biggest ever listing.
An amended filing for Elon Musk's rocket launch, satellite and AI company is expected to disclose the price range and number of the shares it intends to sell, the people said, asking not to be identified as the details aren't public.
Companies can begin formally marketing their IPOs after their filing has been public for 15 days. Setting the terms the night before the briefings begin would give investors more time to assess the valuation, especially given SpaceX is planning a relatively short roadshow with pricing as soon as June 11, Bloomberg News reported.
Details of the offering including timing could still change, the people said. The Information first reported the plan to release the filing earlier. A spokesperson for SpaceX didn't immediately respond to a request for comment.
The company is seeking to raise as much as $75 billion, people familiar with the matter have said, which would more than double the $29.4 billion raised by record-holder Saudi Aramco in 2019. SpaceX is currently targeting a valuation of at least $1.8 trillion in the IPO, Bloomberg News reported.
SpaceX's speedy timeline since it first filed confidentially in March and then publicly last month comes as AI rivals OpenAI and Anthropic PBC are looking to push ahead with their own listings. Alphabet Inc., which has its own large language models and AI infrastructure businesses, revealed plans for a record $80 billion equity offering late Monday, highlighting the race for capital between the leading AI companies.
Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. are leading the IPO along with 18 other banks. The company, known formally as Space Exploration Technologies Corp., expects to make its debut on Nasdaq and Nasdaq Texas under the symbol SPCX.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
