The SpaceX IPO meetup officially has a start date.
The event aims to get institutional investor support for the company’s $1.75 trillion valuation. And to secure $50 - $75 billion in growth capital for the company.
The week of April 20, some of the biggest fund managers on Wall Street will fly to the southern tip of Texas to tour Starbase.
This is the location where SpaceX is building the world's largest fully reusable rocket. Then they'll head to Memphis, Tennessee to visit xAI's massive data centers.
It's a two-day trip, and it's the opening act for what could be the largest IPO in history.
The pitch is centered on a specific vision: SpaceX plans to merge its satellite development capabilities with high-end chip infrastructure — eventually launching chips into space while simultaneously building out data centers on Earth. That's the story they're telling investors.
But the roadshow isn't happening in a vacuum.
There are real questions circulating among the fund managers being courted.
A previously reported $2 trillion target valuation has made some investors uncomfortable — and they've shared concerns with the investment bankers. Musk has since pushed back on those reports. The actual valuation will likely hinge on how the pitch lands over the next few weeks.
At the same time, SpaceX is quietly cleaning up the parts of the business that could raise red flags with institutional investors. xAI was reportedly burning around $1 billion per month for most of 2025. Musk has now directed the company to cut spending on anything that doesn't generate revenue.
One early casualty: an $80 million wastewater recycling facility in Memphis has been put on indefinite pause.
There's also been a notable leadership shakeup. Anthony Armstrong, xAI's CFO, has departed. He joined last fall to work on the $20 billion funding round and data center buildout. Following the SpaceX-xAI merger, he reported to SpaceX CFO Bret Johnsen — who is now leading the IPO process.
Much of xAI's senior leadership has quietly exited since the merger. A longtime SpaceX executive, Michael Nicolls, is now running much of xAI alongside his Starlink responsibilities.
The bottom line: SpaceX is showing investors exactly what they want to see while working behind the scenes to tighten up the financials. The meetup is as much about managing the valuation narrative as it is about the facility tours.
Here’s a link to invest – before Wall Street secures shares.
Ian Wyatt
Editor, IPO Watch