Initial Thoughts on the SpaceX IPO

• SpaceX now plans to list on the NASDAQ on 12 June. The company is expected to raise $80 billion or more in this capital raise (largest ever in the world).

• After SpaceX, the two other mega IPOs that are expected to be completed in 2H 2026 include Anthropic and OpenAI.

• Although SpaceX’s valuation has not been finalized, it is expected that the SpaceX IPO could fetch about $1.75 trillion to $2.0 trillion, representing P/S (not P/E) of nearly 100x.