SpaceX starts pre-IPO charm offensive with analysts ahead of a late-June listing

SpaceX has started the quiet part of its IPO process. This week, the company is holding private meetings for analysts in Texas and Tennessee as it works toward a late-June stock market debut.

A report from Reuters alleges that the meetings run for three days and bring in top Wall Street analysts from the aerospace and tech sectors. SpaceX is reportedly trying to raise $75 billion.

The plan is to get analysts in the room, walk them through the business, and show them the sites that sit at the center of the story.

SpaceX brings Wall Street to Starbase and Memphis before the stock starts trading

On Tuesday, SpaceX will be doing an all-day meeting and tour at Starbase in Boca Chica, Texas, and then on Wednesday, a second group is due at Starbase, this time representing institutional investors such as large mutual funds and pension funds.

On Thursday, analysts are set to visit the company’s Colossus data center in Memphis, Tennessee, where they will review Macrohard, a project tied to the company’s growing AI plans.

Meanwhile, The Information reported on Tuesday that Elon Musk bought $1.4 billion of SpaceX stock last year from current and former employees.

This purchase was reportedly made through Elon’s trust and was disclosed in a draft version of SpaceX’s confidential IPO prospectus, meaning Elon increased his stake ahead of listing.

SpaceX has also approved a plan last month that could give Elon another 60 million shares, a payout that would depend on two things.

The company would need to grow its market value from about $1.1 trillion to as much as $6.6 trillion, while also producing a complete plan to build data centers in space to provide computing power for AI developers.

The shares would vest in steps as SpaceX adds $500 billion in market value at a time, according to The Information, which added that the company plans to give Elon and a small group of insiders super-voting shares that have more power than the stock sold to regular investors.

After the offering, Elon is expected to stay on as CEO, CFO, and chairman of the company’s nine-member board.

Elon was paid $54,080 last year, though his real upside sits in the stock he holds and the stock he could still receive, according to the filing.

SpaceX leans on Starlink profits while AI spending drags the combined company into losses

By the end of 2025, the combined company xAI and SpaceX held about $24.8 billion in cash, and had $92 billion in total assets and $50.8 billion in total liabilities. Cryptopolitan has reported many times before that SpaceX is targeting a valuation of around $1.75 trillion in the IPO, alongside the planned $75 billion raise.

On the income side, satellite internet unit Starlink produced $4.42 billion in operating profit last year, which helped cover part of the losses tied to the xAI side of the business.

But even with that support, SpaceX reported $4.94 billion in consolidated loss in 2025 on $18.67 billion in revenue.

In 2024, SpaceX reported a $791 million profit on $14.02 billion in revenue, while in 2023, the company lost $4.63 billion on $10.4 billion in revenue.

The big reason sits in spending. Over two years, SpaceX raised capital spending almost fivefold to $20.74 billion last year. More than half of that was tied to AI.

Spending inside the AI segment climbed to $12.7 billion from $5.6 billion the year before, pushing total capex to more than $20.7 billion, which was more than double the prior year. Even so, SpaceX is still spending far less than some of the biggest tech companies.

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