SpaceX set for pre-listing roadshow, adjusts valuation to around $1.8 trillion

2026-05-30

SpaceX will begin investor briefings as early as June 4 ahead of a mid-June initial public offering (IPO). The company is adjusting its market capitalization for the listing to around $1.8 trillion ($286 trillion yen). Optimism over growth is colliding with concerns about corporate governance in the pricing.

Investor briefings and gauging demand

SpaceX is set to begin its roadshow as early as June 4. It will speak directly with institutional investors and set the offer price after gauging demand. The company also plans to hold an event for retail investors, who will be allocated up to 30% of the shares to be circulated in the IPO.

Listing valuation slightly revised

The company could be listed on the U.S. Nasdaq market as early as June 12. The amount raised is expected to reach as much as $75 billion, making it the largest IPO in history.

The listing market capitalization is likely to be centered around $1.8 trillion. Bloomberg reported on the 28th that SpaceX had lowered its target from $2 trillion, which it was aiming for as of April, to $1.8 trillion. The report said the company made the downward revision after discussions with IPO advisers and investors.

Chief Executive Officer Elon Musk replied to a post on X that cited the report, saying 'it is wrong'. Musk also denied reports in April that SpaceX was aiming for a $2 trillion valuation. The market had previously viewed the company's market capitalization as around $1.75 trillion.

Governance concerns weigh

Concerns have also emerged about corporate governance, in which Musk holds extremely strong control, following the disclosure of the 'S-1' prospectus on the 20th. Through class shares, Musk holds more than 80% of voting rights and serves not only as CEO but also as chairman of the board and chief technology officer (CTO).

According to Reuters, a pension fund in Denmark said on the 29th that it would not invest in SpaceX because of governance concerns. It also said a valuation above $1 trillion was too high. Public pension funds in California and other western U.S. states have also raised concerns about corporate governance.

The company acquired U.S. artificial intelligence developer xAI in February and is pushing to transform itself from a space company centered on rockets and satellites into an AI company. However, its AI-focused growth strategy may not be sufficiently communicated to investors.

Franco Granda, an analyst at U.S. research firm PitchBook, said after the prospectus disclosure that a reasonable market capitalization would be around $1.5 trillion. He said 'xAI remains weak and is not strong enough to lift SpaceX's valuation.'

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