SpaceX is moving forward with one of the most anticipated initial public offerings in history, hosting Wall Street's top analysts this week for three days of closed-door meetings designed to convince them that the company is worth nearly $1.75 trillion. The briefings, held at SpaceX's Starbase launch facility in Boca Chica, Texas, and its Colossus data center in Memphis, Tennessee, represent a critical moment for Elon Musk's effort to raise $75 billion, what would be the world's biggest-ever IPO, with a targeted late June trading debut .

The timing is significant because SpaceX merged with xAI in February, bringing together Musk's rockets, Starlink satellites, the X social media platform, and the Grok AI chatbot under one corporate roof. This combination has created a tech and aerospace conglomerate unlike anything Wall Street has seen before, making the valuation challenge extraordinarily complex. Rather than comparing SpaceX to traditional aerospace giants like Boeing or telecom companies like AT&T, at least one major institutional investor has been using unconventional benchmarks, comparing the company instead to artificial intelligence infrastructure firms and data analytics companies like Palantir Technologies .

What Exactly Is SpaceX Showing Investors This Week?

The three-day analyst roadshow is structured to give different groups of Wall Street professionals a comprehensive look at SpaceX's operations and future plans. On Tuesday, analysts will tour Starbase and attend an all-day briefing. Wednesday brings a separate session for institutional investors, including representatives from major mutual funds and pension plans. Thursday's agenda focuses on the "Macrohard" project at the Colossus data center in Memphis, Tennessee .

Notably, attendees are required to surrender electronic devices to participate in the meetings, underscoring the confidential nature of the information being shared. Some analysts have already received copies of SpaceX's confidential registration filing, though these documents contain limited information at this stage. About two weeks after this analyst day, SpaceX is expected to hold a separate "modeling" day for a select group of Wall Street analysts whose banks are working on the deal, where the company will walk through detailed financial projections and earnings estimates .

How Is SpaceX Planning to Reach Retail Investors?

• Retail Allocation Strategy: Musk plans to set aside approximately 30 percent of SpaceX shares for retail investors, a significant portion designed to reward the individual shareholders who have supported his other ventures like Tesla.
• International Expansion: The IPO will open initial share sales to international retail investors from the United Kingdom, European Union, Australia, Canada, Japan, and South Korea, dramatically expanding the potential investor base beyond the United States.
• Starbase Tours: Musk is planning to host 1,500 retail investors for tours of Starbase after the roadshow kicks off during the week of June 8, giving individual investors a firsthand look at SpaceX's operations.

This approach reflects Musk's track record with Tesla, where retail investor enthusiasm has helped push the company's valuation to levels typically reserved for technology companies rather than automakers. By allocating such a large share to retail investors and opening the offering internationally, SpaceX is attempting to replicate that retail-driven success on an even larger scale .

Why Is Valuing SpaceX So Difficult?

SpaceX's Chief Financial Officer Bret Johnsen faces an enormous challenge over the next two months: convincing Wall Street analysts and ultimately investors that the company justifies a valuation approaching $1.75 trillion. The difficulty stems from SpaceX's hybrid nature. It's simultaneously a rocket manufacturer, a satellite internet provider through Starlink, an artificial intelligence company through Grok, and a social media platform through X. Traditional aerospace valuation models simply don't apply .

The merger with xAI in February fundamentally changed how investors need to think about SpaceX's value proposition. Rather than being primarily a space launch company competing with traditional aerospace firms, SpaceX now represents a vertically integrated technology conglomerate with exposure to multiple high-growth markets. This is why some institutional investors have begun benchmarking SpaceX against AI infrastructure companies and data analytics firms instead of Boeing or Lockheed Martin. The company's ability to generate revenue from Starlink's satellite internet service, Grok's AI capabilities, and X's advertising platform adds layers of complexity to traditional valuation models .

The IPO structure itself is also being finalized closer to launch. Morgan Stanley, Bank of America, Citigroup, JPMorgan, and Goldman Sachs are leading the deal as active bookrunners, with 16 additional banks playing smaller roles across institutional, retail, and international channels. The precise amount of the retail allocation and other deal details will be confirmed as the June timeline approaches .

For investors watching from the sidelines, this IPO represents a watershed moment in how Wall Street values companies that blur the lines between traditional industries. SpaceX's success in raising $75 billion at the proposed valuation could reshape how analysts approach valuing other hybrid tech-industrial companies in the future. The three-day analyst briefing this week is essentially the opening act in what promises to be one of the most closely watched IPO processes in market history.