spacex

According to market news, the subscription orders for SpaceX's initial public offering (IPO) have exceeded the number of shares available for issuance.

According to Bloomberg, informed sources say that underwriters for SpaceX's approximately $75 billion initial public offering (IPO) have been told not to accept subscription orders from investors in mainland China and Hong Kong, due to U.S. restrictions on the export of critical technologies. The lead underwriter for the transaction has further notified other banks in the underwriting syndicate that clients from mainland China and Hong Kong, including private banking clients, are not allowed to participate in placing orders.The report states that this move is primarily due to regulatory and compliance risk considerations, and the related arrangements have not been publicly disclosed.

S&P Global stated that it will maintain its existing eligibility requirements for major benchmark indices such as the S&P 500, rejecting proposals to expedite the inclusion of large companies like SpaceX into the benchmark index after their IPOs. On Thursday, S&P Dow Jones Indices noted in a press release that it will not shorten the current 12-month "maturity period" set for newly listed companies, nor will it waive existing profitability and public float requirements based on company size.This means that SpaceX will not be eligible for inclusion in the S&P 500 until at least one year after its IPO and must also meet the existing profitability and public float requirements of the index, which state that the company must be profitable according to GAAP in the most recent quarter and in the total of the most recent four quarters, and that the public float must be no less than 50%.

Fidelity has lowered the minimum account requirement for the SpaceX IPO from a maximum of $500,000 to $2,000.

According to the Financial Times, Goldman Sachs expects that one of the core assumptions for SpaceX's $1.78 trillion initial public offering valuation is that its AI division's revenue will grow approximately 100 times by 2030 compared to 2025, increasing from $3.2 billion to $322 billion; SpaceX's total revenue is expected to rise from $18.7 billion to $474 billion during the same period. The prospectus shows that xAI will incur a loss of $6.4 billion in 2025.Goldman Sachs also predicts that the division's revenue will grow by 388% year-on-year to $15.6 billion in 2026, reaching $34.5 billion in 2027; Starlink and rocket business revenues are expected to be $144 billion and $8.3 billion, respectively, by 2030.

According to CNBC, ARK Invest's Chief Futurist Brett Winton stated that SpaceX's upcoming IPO could become one of the most significant stock offerings in history, with its satellite internet business Starlink alone being sufficient to support a valuation of nearly $2 trillion.SpaceX has set the IPO price at $135 per share, planning to list on Nasdaq on June 12, with a pre-IPO valuation of approximately $1.77 trillion. The company plans to sell 555.6 million shares, raising about $75 billion, and underwriters may also purchase an additional 83.33 million shares at the IPO price, corresponding to about $11.2 billion. After the IPO is completed, Musk will hold over 82% of the voting control.Winton noted that SpaceX's growth prospects are not limited to launch services but are closely tied to the rapid expansion of AI. ARK estimates that by 2030, the combined enterprise value of companies developing and operating foundational AI models could reach $15 trillion to $20 trillion.Winton stated that investors typically focus on SpaceX's reusable rockets, but Starlink is the main driver of ARK's valuation logic. He mentioned that the current satellite constellation of Starlink can provide approximately 500 Tbps of bandwidth, generating annual revenue of about $13 billion. With the Starship rocket coming into operation, SpaceX can significantly reduce launch costs and deploy more satellites at a faster pace.

According to Tech Funding News, Impulse Space, a space infrastructure company founded by SpaceX's first employee Tom Mueller, has completed a $500 million Series D funding round, led jointly by 137 Ventures and BANNER VC, with a post-money valuation of $4.26 billion.So far, Impulse Space has raised over $1 billion in total funding. Founded in 2021, Impulse Space primarily addresses the maneuvering issues of spacecraft after launch into orbit. The company builds chemical propulsion spacecraft for rapid trajectory changes, orbital transfers, and in-orbit maneuvers. Its Mira precision maneuvering vehicle has completed multiple missions, and the Helios high-energy upper stage is scheduled for its first flight in 2027, aiming to quickly deliver payloads to GEO, the Moon, and heliocentric orbits.Tom Mueller, who was SpaceX's first employee, led the development of the Merlin engine used in Falcon 9 and the Raptor engine used in Starship. He stated that Impulse Space is not just building spacecraft but is constructing the economic and technological engine that drives humanity into space.

According to GlobeNewswire, Bitcoin treasury company Genius Group announced the official launch of its AI treasury, having completed the first batch of investments in the AGI Infinity Portfolio, purchasing 10,000 shares of Destiny Tech 100 and 800 shares of Fundrise Innovation Fund, marking the first funds allocated towards its goal of a $100 million AI treasury in phases.According to disclosed data, this allocation allows Genius Group to indirectly gain exposure to several leading private AI companies, including Anthropic (approximately 16% of the portfolio), SpaceX (11%), OpenAI (7.4%), Databricks (7.4%), Shield AI (2%), and Anduril Industries (0.7%).Genius Group stated that it will continue to expand the scale of the AI treasury through a monthly investment plan in the future.

Coinbase announced on the X platform that the Pre-IPO perpetual contract has been launched on Coinbase, with the first underlying asset being SpaceX, and it is now open for trading to eligible non-U.S. users. This contract supports 24/7 trading, settles in USDC, and has no expiration date. After the IPO, the related positions will automatically convert to regular perpetual contracts without the need for any action.

According to a report by Barron's, on the eve of SpaceX's IPO, insiders at Rocket Lab concentrated on selling over 124,000 shares, cashing out more than $18.41 million in total. This includes the company's General Counsel Arjun Kampani, Vice President of Space Systems Brad Clevenger, COO Frank Klein, and Alex Slusky, head of the shell company behind the company's listing, Vector Capital.Previously, the company's stock price had surged significantly due to the optimistic sentiment in the industry brought about by the increase in SpaceX's valuation. This Monday, Rocket Lab (RKLB) saw its stock price drop by 15% to $122.39 at one point.

According to the official announcement, Coinbase announced that the SpaceX Pre-IPO perpetual contract SPCX-PERP will be launched for trading on June 4, 2026, at 14:00 (UTC+8) or later. Trading in this market will commence in regions where liquidity conditions are met and local regulatory support is available.

According to a report by Reuters, SpaceX plans to set the initial public offering (IPO) price at $135 per share, intending to issue approximately 555.6 million shares, raising up to $75 billion, corresponding to a company valuation of about $1.75 trillion. If successfully completed, it will become one of the largest IPO projects in the history of the global capital market.The report states that SpaceX's roadshow will kick off this Thursday. Unlike traditional IPOs that usually provide a price range first, SpaceX has clarified its target issue price before the roadshow, which is a relatively rare arrangement. The market expects this roadshow to become one of the most closely watched IPO promotional events in recent years.It is noteworthy that SpaceX has previously completed a merger with xAI, forming a comprehensive platform covering aerospace, satellite communications, and artificial intelligence businesses. The raised funds will primarily be used to expand AI computing power infrastructure and further develop the Starlink satellite network.According to reports, SpaceX is also considering allocating up to about 30% of the offering shares to retail investors to meet market demand and expand the shareholder base. At the same time, Elon Musk will be required to hold his shares for at least 366 days after the IPO to signal a long-term holding commitment to the market.

Sources reveal that SpaceX plans to set the price at $135 per share in its public offering. SpaceX intends to issue 555.6 million shares in the IPO, aiming to raise $75 billion.

According to Globenewswire, Bitcoin treasury company Genius Group announced the official launch of its AI treasury, having completed the initial investments in the AGI Infinity Portfolio, purchasing 10,000 shares of Destiny Tech 100 and 800 shares of Fundrise Innovation Fund, marking the first funding towards its plan to phase in a target of $100 million for the AI treasury.

According to Jinshi, SpaceX is pressuring banks to achieve the historically lowest IPO fee rate.SpaceX is negotiating with the banks underwriting its initial public offering (IPO), seeking to pay an underwriting fee of less than 0.75%. Although SpaceX is negotiating to lower the underwriting fee, the banks are still likely to earn about $500 million from this IPO.

SpaceX disclosed in its latest S-1 filing that it holds approximately 18,712 bitcoins, with a current market value of about $1.4 billion, significantly higher than previous market expectations, with a cost of about $661 million. This bitcoin holding has become an important component of SpaceX's balance sheet, accounting for about 1.8% of total assets, making it one of the major corporate bitcoin holders, second only to a few institutions.The more critical issue lies in the financial volatility risk brought about by accounting treatment. Analysts say that measuring bitcoin at fair value will cause its price fluctuations to be directly reflected in the financial reports each quarter, potentially leading to significant profit volatility unrelated to core business (rocket launches, satellite business), creating significant "accounting noise." Market participants believe that this mechanism may make it more difficult for investors to assess SpaceX's true operational performance, with the bitcoin holding potentially evolving from a "strategic reserve asset" to a key variable affecting the stability of financial reports.