SpaceX hosts secret analyst tours to pitch record-setting IPO bid

SpaceX is taking investors inside the machines behind its business, and asking them to price an offering that could reset the market for public listings.

The company began three days of closed-door analyst sessions on Tuesday, opening with an all-day tour at Starbase in Boca Chica, Texas, before moving to a second meeting for analysts tied to mutual funds and pension plans. On Thursday, SpaceX will bring analysts to Memphis, Tennessee, to inspect its Colossus data center and the company’s so-called Macrohard project. Attendees are expected to surrender electronic devices, underscoring how tightly SpaceX is controlling the message around a planned listing that could debut in late June.

The pitch goes well beyond rockets. SpaceX wants investors to see a company built around reusable launch systems, Starlink satellite communications, and a growing computing and infrastructure strategy that reaches into data centers and artificial intelligence. That framing matters because the public market will not just be buying launch cadence and spacecraft engineering. It will be buying a capital-intensive business with heavy upfront costs, long development cycles, and an ambition to turn space hardware, broadband and AI-linked infrastructure into a single growth story.

The scale of the offering is what makes the process extraordinary. SpaceX has confidentially filed for a U.S. initial public offering and is seeking to raise as much as $75 billion, a figure that would top Saudi Aramco’s roughly $29 billion 2019 IPO and would be the largest listing in history if completed at that size. Earlier discussions placed the raise at more than $50 billion, but the number has since climbed, reflecting both the company’s appetite for capital and investor demand for a rare Musk-led public market event.

The company is also moving to keep Elon Musk in control after the listing. The filing is structured around dual-class shares, with Class B stock carrying 10 votes per share and public Class A stock carrying one vote, allowing Musk and a small group of insiders to retain super-voting power. That governance setup will likely be central to the sale to institutions, which must decide how much premium to place on Musk’s influence, SpaceX’s launch record and the pull of Starlink against the usual public-market demand for accountability.

Recent valuations have only sharpened the spotlight. SpaceX was said to be worth about $1.25 trillion after a merger with Musk’s xAI, putting the company in a stratosphere of its own before a single share trades publicly. If the June debut happens, it will be more than a landmark for one company. It will be a test of whether Wall Street still wants to fund Musk’s most expansive bets at the scale he is asking for.