SpaceX is gearing up to take potential anchor investors in its IPO on a tour of its marquee sites across America, people familiar with the plans said, as billionaire Elon Musk's company targets the biggest ever market debut.
The rocket, satellite and artificial intelligence company is looking to showcase facilities in California and Texas over a few days in visits for investors who could take large stakes in the offering, such as sovereign wealth funds, according to the people.
SpaceX plans to charter a plane out of New York in the coming weeks for investor visits that could include Mississippi -- where xAI is building a huge data center campus -- one of the people said.
The company has filed confidentially to go public and is seeking to raise as much as $75 billion at a valuation of more than $2 trillion, Bloomberg News has reported, which would be the largest IPO of all time. A number of advisers on the listing are working around the clock, a different person said, asking not to be identified as the information isn't public.
The process has drawn a media frenzy that some executives aren't thrilled about. Chief Financial Officer Bret Johnsen is telling bankers he's unhappy about the leaks of detail on the blockbuster IPO plans, some of the people said. Johnsen has reminded the banks working on the IPO that the information is meant to remain confidential, they said.
In an internal email in December, SpaceX told staff the company is entering a regulatory quiet period, and that employees should refrain from commenting on or discussing the IPO, including topics such as the firm's growth or valuation, in accordance with the US Securities and Exchange Commission rules, people familiar with the matter have said.
The company is scheduled to host an analyst day later in the month, people familiar with the matter have said. SpaceX is expected to file publicly later in May for the IPO before kicking off formal marketing the week of June 8, some of the people said. The IPO is anticipated to price the week of June 15, they said.
Details of the site visits and the key dates could change and no final decisions have been made, the people said. Some of the dates were reported earlier by Reuters. A representative for SpaceX didn't immediately respond to a request for comment.
SpaceX has picked Bank of America Corp., Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley for senior roles on the IPO, people familiar with the matter have said, and has added more banks to the lineup.
Barclays Plc is in charge of UK IPO share orders; Deutsche Bank AG and UBS Group AG are working on European orders; Royal Bank of Canada is managing share orders from Canada; Mizuho Financial Group Inc. is working on Asia orders; Macquarie Group Ltd. is focused on Australia,Bloomberg News has reported.