SpaceX, which operates in the field of space technologies and is managed by Elon Musk, is preparing to realize the largest public offering (IPO) ever recorded. According to Reuters, based on sources familiar with the matter, the process for the company’s IPO has been accelerated and SpaceX is expected to publicly announce its business plan next week. Pricing for shares scheduled to trade on the Nasdaq exchange could begin on June 11.
Public offering date was brought forward
The schedule for the public offering, which was previously postponed to the end of June, was brought forward by approximately two weeks with the latest developments. Three people interviewed by Reuters and with knowledge stated that SpaceX could complete the process early, thanks to the rapid review process of the US Securities and Exchange Commission (SEC). The company’s investor presentation will begin on June 4, and shares are planned to be traded on June 12.
It was reported that SpaceX filed its IPO application with the SEC in April. In the application, it was stated that the company targeted a revenue of approximately 75 billion dollars and the total valuation reached 1.75 trillion dollars. This rate is well above Saudi Aramco’s $29 billion IPO in 2019, which was recorded as the largest IPO in recent history.
Nasdaq preference and index impact
According to information provided by Reuters in March, SpaceX chose Nasdaq, the leading US electronics exchange, for its public offering. The reason behind this is the advantage of being included in important stock indices such as Nasdaq-100 more quickly. The company’s listing on Nasdaq may trigger rapid changes in the index.
In an analysis published by MSCI in February, it was emphasized that mega public offerings expected in 2026 could release billions of dollars of passive investment flows, cause major changes in sector-based portfolios, and pose a risk of liquidity loss in markets other than newly publicly offered companies.
It is said that these developments brought about discussions, especially on Wall Street, about how a large-scale offering would change the balances in the capital markets. According to experts, this historically large offering could closely affect both the traditional stock and digital asset ecosystems.
Possible impacts on the crypto market
In recent years, the correlation of bitcoin, ether (ETH) and other major cryptocurrencies with traditional indices, especially Nasdaq and S&P 500, has increased. Analysts are of the opinion that capital flows towards large IPOs and similar opportunities may slightly reduce interest in volatile markets such as crypto.
It is noteworthy that SpaceX, while becoming a public company, is directly listed on the stock market with the presence of bitcoin. The company holds 8,285 bitcoins through Coinbase Prime, and the total value of these assets is approximately $656 million. This will make SpaceX the first public company to have a significant bitcoin portfolio with new fair value accounting standards taking effect in 2024.
