SpaceX is proceeding with an intensive outreach to Wall Street this week, hosting top aerospace, technology and institutional analysts for three days of closed-door briefings and site visits at its Boca Chica launch complex and at its large-scale data center in Memphis, Tennessee. Company executives are positioning the sessions as part of preparations for an intended public listing that would raise roughly $75 billion and target a trading debut in late June.
The schedule begins on Tuesday with an all-day meeting at the company's Starbase launch facilities in Boca Chica, Texas. Attendees will receive a tour of the satellite and rocket operations and participate in a full-day briefing on the business and strategy, according to people familiar with the arrangements. On Wednesday, a separate group of analysts representing institutional investors - including large mutual funds and pension plans - will be briefed at Starbase in a different session. The three-day program concludes on Thursday with a presentation at the Colossus data center in Memphis, where analysts have been invited to review SpaceX's "Macrohard" project.
Attendance is expected to be tightly controlled. Those taking part in the briefings are likely to be required to surrender electronic devices for the duration of the meetings, one of the people said. Several sources who described the plans spoke on condition of anonymity because the information has not been made public. SpaceX did not respond to a request for comment.
The role of analyst days in the IPO timetable
Analyst days are a customary step in the lead-up to an initial public offering. These sessions give prospective public-market analysts a structured view of a company's operations, long-term strategy and financial outlook ahead of a listing. In SpaceX's case, a subset of invited analysts has also received copies of a confidential registration filing; sources said the filing contained only limited information.
Roughly two weeks after the analyst days, the company plans to host a narrower "modeling" day for a selected group of Wall Street analysts, some of whom are employed by banks working on the transaction. Those modeling sessions are typically where management walks analysts through financial projections, business assumptions and the detailed metrics analysts will use to build earnings models prior to the public debut.
Valuation and corporate scope
SpaceX's finance team, led by Chief Financial Officer Bret Johnsen, faces the task of persuading market analysts and investors that the firm merits a valuation in the vicinity of $1.75 trillion - a mark that would be extraordinarily high for an aerospace-focused company. The valuation challenge is compounded by corporate changes earlier this year, when xAI was merged into SpaceX. That combination brought rockets, the Starlink satellite network, the X social platform and the Grok AI chatbot together under one corporate umbrella, creating a hybrid technology and aerospace conglomerate that is unusually complex to value.
Some institutional investors are using unconventional comparators to frame a valuation case. Rather than benchmarking SpaceX against legacy aerospace or telecommunications incumbents, these investors have considered software and AI infrastructure peers when discussing valuation metrics, a framework that reflects the company's multi-faceted businesses.
Retail allocation and international participation
Company plans for retail participation are expansive. Executives intend to set aside about 30% of the new shares for retail investors and to host roughly 1,500 retail individuals for a tour of Starbase after the roadshow begins, which is expected to occur during the week of June 8. The offering will also be opened to international retail investors in jurisdictions including the United Kingdom, the European Union, Australia, Canada, Japan and Korea, with final details on the deal structure and the precise retail allocation to be determined closer to the IPO launch.
On the underwriting front, a group of major investment banks are slated to serve as the active bookrunners on the deal. Morgan Stanley, Bank of America, Citigroup, JPMorgan and Goldman Sachs are leading the syndicate, with an additional 16 banks participating in roles that span institutional, retail and international distribution.
What remains uncertain
Key aspects of the transaction remain unresolved or are expected to be finalized in the weeks ahead. The detailed structure of the offering, including the precise allocation to retail and institutional channels, is subject to change and will be confirmed closer to the IPO launch. The confidential nature of the initial filing and the requirement that attendees leave electronic devices behind also mean that some information remains restricted until broader documentation is filed and distributed.
For the company's senior finance team, the coming weeks are critical. Bret Johnsen has roughly two months to make the investment case to analysts and investors that supports a substantial capital raise as well as the ambitious valuation targets management has outlined.
In sum, SpaceX's three-day analyst program combines facility tours with targeted briefings for different classes of investors, followed by a separate modeling session for selected Wall Street analysts. The sessions are designed to give market participants a view into the combined company's operations and strategy as it prepares for what would be the largest IPO in history, while a number of valuation and deal-structure questions remain to be resolved over the coming weeks.