SpaceX is accelerating preparations for what could become the largest initial public offering in history, hosting Wall Street’s top analysts this week for an unprecedented three-day deep dive into its operations.
The closed-door sessions, held at its Starbase launch site in Texas and its massive Colossus data center in Tennessee, mark a critical step as the company eyes a late June trading debut and aims to raise $75 billion.
According to three people familiar with the matter, who spoke to Reuters, the briefings begin Tuesday with an all-day meeting and tour of Starbase in Boca Chica, Texas—the heart of SpaceX’s rocket and Starlink satellite operations. A separate group of analysts representing major institutional investors, including big mutual funds and pension plans, will receive their briefing at the same facility on Wednesday.
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On Thursday, attendees head to Memphis, Tennessee, to inspect the company’s ambitious “Macrohard” project at the Colossus data center, a key piece of its integrated AI and computing infrastructure.
Attendees have been instructed to surrender electronic devices during the sessions, a sign of the extraordinary sensitivity surrounding the preparations.
The inclusion of Starbase on the tour and the three-day format have not been previously reported. Analyst days are a standard part of the IPO process, giving Wall Street professionals an inside look at a company’s business, strategy, and long-term vision ahead of listing.
Some analysts have already received copies of SpaceX’s confidential registration filing, though sources say the document contains limited financial detail.
The filing offers investors their first formal glimpse into the combined entity after Elon Musk merged SpaceX with his social media platform X and AI company xAI earlier this year. The newly formed conglomerate ended 2025 with $24.7 billion in cash but more than $50 billion in liabilities. Revenue reached $18.67 billion, but the company swung to a $4.94 billion consolidated loss as it poured heavily into xAI’s artificial intelligence infrastructure. That compares with a $791 million profit on $14.02 billion in revenue the previous year.
About two weeks after this week’s analyst briefings, SpaceX plans a separate “modeling day” for a smaller group of analysts whose banks are directly involved in the deal. These sessions typically involve walking analysts through detailed financial projections and key assumptions so they can develop earnings estimates.
CFO Bret Johnsen faces a formidable task: convincing some of the sharpest minds on Wall Street that the combined SpaceX-xAI-X entity is worth an almost unfathomable $1.75 trillion. The merger has created a unique aerospace, satellite, social media, and AI powerhouse unlike anything else in the market, but that very uniqueness makes traditional valuation methods difficult.
At least one large institutional investor has been using unconventional benchmarks to justify the lofty price tag, comparing SpaceX not to legacy aerospace or telecom giants like Boeing or AT&T, but to high-growth AI infrastructure and software names such as Palantir Technologies, GE Vernova, and Vertiv.
This framing underscores how Musk is positioning the company as a next-generation technology platform rather than a traditional rocket or satellite business.
Musk is also making a deliberate effort to reward the retail investors who have propelled Tesla’s valuation to extraordinary heights. Roughly 30% of the shares in the IPO are being set aside for individual investors. Musk plans to host about 1,500 retail shareholders for a tour of Starbase shortly after the formal roadshow begins in the week of June 8.
The offering will also be open to retail investors in the UK, EU, Australia, Canada, Japan, and Korea. Musk will retain voting control after the company goes public through a dual-class share structure that sharply limits other shareholders’ influence over corporate decisions.
Morgan Stanley, Bank of America, Citigroup, JPMorgan, and Goldman Sachs are serving as the lead bookrunners, with 16 additional banks involved in various institutional, retail, and international roles. The precise size of the retail allocation and final structure of the deal are expected to be finalized closer to launch.
This week’s tightly controlled briefings represent SpaceX’s best chance to shape the narrative before it steps into the glare of public markets. With Starbase showcasing reusable rockets and Starlink’s global satellite network, and Colossus highlighting its massive AI computing ambitions, the company is presenting itself not merely as a space pioneer but as a vertically integrated technology colossus spanning launch, connectivity, social media, and artificial intelligence.
A successful $75 billion raise at a $1.75 trillion valuation would shatter previous IPO records and instantly make SpaceX one of the most valuable public companies on Earth. Whether Wall Street analysts and ultimately investors buy into that vision, especially given the heavy losses tied to xAI’s buildout, will be tested in the coming weeks.