We’re less than two weeks away from Wall Street’s largest-ever initial public offering (IPO).
Based on several reports, Elon Musk’s SpaceX is aiming for a June 12 debut, as well as potential fast entry into the Nasdaq-100 as early as July 7
The company that combines two of the hottest addressable opportunities, artificial intelligence (AI) and the space economy, is expected to raise up to $75 billion and slot in directly ahead of Musk’s other trillion-dollar company, Tesla, in market cap. But narratives are rapidly shifting ahead of SpaceX’s IPO and following the public release of its registration statement (S-1). Report: SpaceX just slashed its valuation target by $200 billion It was reported shortly after SpaceX confidentially filed its IPO with regulators on April 1 that Musk’s company might seek a valuation of up to $2 trillion.
But according to people familiar with the SpaceX IPO, via Bloomberg News, the company is now seeking a valuation of “at least $1.8 trillion,” which is down $200 billion from its initial target. It’s likely no coincidence that this reduction comes a little over one week after the company made its prospectus public. While SpaceX attempted to dazzle investors with a $28.5 trillion addressable market (TAM) led by AI, several aspects of the company’s operating performance left much to be desired.