SpaceX, Elon Musk's rocket and satellite company, is planning to target a $1.75 trillion valuation in its blockbuster initial public offering, which will consist entirely of new shares, according to Reuters.
The IPO is expected to be structured as an all-primary offering, meaning all proceeds would go to the company and existing SpaceX shareholders will not be able to sell any of their shares in the IPO, the sources said.
Shareholders would likely have to wait until at least after the company reports its first quarterly earnings, under a staggered lockup.
After some early meetings with investors, or a "testing the waters" process, the company has indicated it plans to raise at least $75 billion in its base offering, the sources said.
The greenshoe option, set at 15 percent, would allow underwriters to sell additional shares if investor demand exceeds expectations.
The roadshow for the IPO is set to begin on Thursday.
June 12 debut
The listing is expected to kick off a wave of mega IPOs, with SpaceX, OpenAI and Anthropic together poised to add almost $4 trillion in market capitalisation to public markets.
SpaceX merged with Musk's AI startup xAI earlier this year in a deal that valued the rocket and satellite company at $1 trillion and the developer of the Grok chatbot at $250 billion.
Its revenue rose to $4.69 billion in the three months ended March 31 from $4.07 billion a year ago.
Losses widened to $1.27 per share versus 18 cents per share over the same period.
SpaceX is aiming to trade on the Nasdaq under the ticker symbol "SPCX."
The debut is expected as early as June 12, after the company accelerated its IPO timeline.
