Tomorrow morning, the most powerful Wall Street investors will land in South Texas.
They're not there to watch a rocket launch. They're there to consider writing a check for shares of SpaceX.
Here’s how to claim your Pre-IPO stake right now.
Space Exploration Technologies PRIVATE roadshow officially begins April 21 at Starbase. This is the headquarters and launch facility at the southern tip of Texas. From there, the group heads to Memphis, Tennessee to tour xAI's AI data centers. It's a two-day trip designed to secure more than $75 billion in an upcoming stock offering.
I want to walk you through exactly what SpaceX is pitching — and where the hard questions will come from.
“The Pitch”
SpaceX is selling three businesses in one package:
1. the Falcon 9 launch franchise
2. Starlink's satellite broadband network
3. Orbital AI data centers
The company is responsible for more than half of all orbital launches worldwide. Starlink has surpassed 10 million active subscribers. And Musk believes that orbital data centers will eventually compete with ground-based cloud infrastructure.
That's the story. It's a compelling one.
The valuation
The target is $1.75 trillion.
That would make SpaceX the sixth most valuable company in America, ahead of Meta, Tesla, and Broadcom. Some earlier reports floated $2 trillion, which made several fund managers uncomfortable enough to say so privately. Musk publicly dismissed those reports.
The actual number that gets written into the S-1 will depend significantly on how this week's meetings go.
Behind the scenes
SpaceX is a serious company with a serious IPO. That means it's also managing the parts of the story that could create friction with institutional investors.
xAI was burning roughly $1 billion per month for most of 2025. Musk has directed the team to cut anything that doesn't generate revenue.
There's been a leadership transition too. xAI's CFO Anthony Armstrong has departed. SpaceX CFO Bret Johnsen is now running the IPO process. And a longtime SpaceX executive, Michael Nicolls, has stepped into a broader xAI operating role.
These aren't red flags. They're the kind of pre-IPO housekeeping that institutional investors expect to see.
SpaceX has never filed a public financial statement. Everything analysts know — including my estimates of roughly $16 billion in 2025 revenue and $7.5 billion in EBITDA — is derived from secondary sources.
Additionally, we know that significant xAI losses will show up on the income statement. And those losses may offset most – or all – of the profits from the core SpaceX business.
The upcoming public S-1 will reveal important financial details.
I’m not waiting for SpaceX to go public. Instead, I’m securing a stake at a deep discount to the IPO price. And you can too.
Ian Wyatt
Editor, IPO Watch