SpaceX IPO, SpaceX Stock Split: Elon Musk-led rocket and satellite manufacturer company, SpaceX, is targeting a stock market listing as early as June 12 and has selected the Nasdaq as the trading venue for its highly anticipated debut, people familiar with the matter told Reuters on Friday.
The initial public offering (IPO), regarded as one of the most anticipated in years, is expected to headline a busy IPO schedule this year. The IPO calendar could also feature artificial intelligence leaders Anthropic and OpenAI, both of which are anticipated to enter the public markets.
SpaceX shareholders approve 5:1 stock split
A majority of SpaceX shareholders have approved a stock split of 5-for-1 recommended by the company’s board, Bloomberg News reported on Friday, citing people familiar with the matter.
Shareholders of the IPO-bound SpaceX were informed this through an email that the stock’s fair market value was adjusted to $105.32 per share from $526.59 following the split, the report said.
The stock split will be processed during the week of May 18 and is expected to be completed by May 22, Bloomberg reported.
SpaceX’s debut at a pivotal juncture
SpaceX’s debut comes at a crucial juncture for the primary market, which has recently bounced back following slump over the past couple of years caused by market volatility, U.S. tariff policies, and geopolitical tensions.
Slated to trade under the ticker “SPCX,” the company has accelerated its IPO schedule. It now aims to release its prospectus publicly as early as next Wednesday, kick off its roadshow on June 4, and execute the share sale as early as June 11, according to three sources familiar with the matter.
The revised mid-June timeline represents a quicker-than-expected timeline for SpaceX’s offering, moving forward a process that was originally planned for late June – closer to around the time of Musk’s birthday – the sources noted, asking for anonymity because the talks are confidential.
A faster-than-expected review of the company’s IPO paperwork by the US Securities and Exchange Commission was partially responsible for the company’s move to bring forward the listing timeline, the sources added.
Interestingly, SPCX was previously used by Tuttle Capital Management’s SPAC-focused ETF before the firm switched to the ticker ‘SPCK’ earlier in April. That change sparked rumours that SpaceX might be clearing the way to claim the vacant ticker.
Earlier in March, Reuters reported that SpaceX was favouring the Nasdaq in hopes of securing an early spot on the Nasdaq-100 index. Representatives for SpaceX did not immediately answer requests for comment, while both the Nasdaq and the SEC declined to comment.
SpaceX IPO: Marquee offering
The listing would represent a major triumph for the Nasdaq over its rival, the New York Stock Exchange. It comes on the heels of the recent rollout of Nasdaq’s highly anticipated ‘fast entry’ rules to speed up the entry of newly listed large-cap companies to its benchmark Nasdaq-100 index.
Competitors like S&P Dow Jones Indices and FTSE Russell have introduced comparable fast-track mechanisms for their own benchmarks in an effort to stimulate the IPO pipeline.
Nasdaq has previously noted that these fast-entry rules were developed after gathering extensive feedback from market participants and through a transparent governance process.
SpaceX is likely to seek around $75 billion in capital at a total valuation of approximately $1.75 trillion, which would make it the largest stock market debut in history, as previously reported by Reuters.
The $1.75 trillion target represents a significant step up from the $1.25 trillion combined valuation set when SpaceX merged with Musk’s artificial intelligence startup xAI in February.
Morgan Stanley, Bank of America, Citigroup, JPMorgan, and Goldman Sachs are the lead bookrunners for the offering, with 16 other banks in smaller roles spanning institutional, retail and international channels.
