SpaceX filed an amended IPO prospectus on June 1 disclosing it will reserve up to 5% of Class A shares for certain employees and friends and family of executive officers through a direct share program [1, 2]. Participants in the program will be able to sell their shares immediately, as the shares will not be subject to a lock-up restriction that applies to most other stockholders [1, 2]. More than 60% of shares outstanding before the IPO remain under an extended lock-up period, including those held by Elon Musk [1].
Morgan Stanley will administer the direct share program, which is designed to reward key internal stakeholders and select associates around SpaceX's upcoming public offering [2]. The IPO roadshow could begin in the week starting June 1, with a potential Nasdaq debut as soon as June 12 [2].
SpaceX targets a valuation of at least $1.8 trillion in the offering, down from earlier reports of more than $2 trillion earlier this year [1]. The IPO is expected to raise approximately $75 billion, which would set a record for the largest public offering ever [2].
The company also revealed an agreement to supply Anthropic PBC with AI computing capacity. This includes about 325,000 Nvidia GPUs at a monthly cost of $1.25 billion. The contract runs through May 2029 but can be terminated by either party with 90 days' notice after an initial three-month period [1, 2].
SpaceX added water scarcity as a risk factor in the IPO due to drought, regulatory constraints, and competition affecting cooling of data centers [1].
The next major event in the IPO process will be SpaceX’s potential debut on the Nasdaq exchange as soon as June 12, subject to market conditions and regulatory approvals [2].
