US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Space Exploration Technologies Corp., doing business as SpaceX, operates as an aerospace manufacturer and space transportation services company. The Company designs and manufactures rockets, human spaceflight, and global satellite internet services. SpaceX serves customers worldwide.

<ul>
<li>SpaceX prices IPO at $135/share for 555.5M shares, eliminating range uncertainty as market shifts to valuation debate ahead of 6/12 listing.</li>
<li>Mega-Cap offering expected to raise ~$74.4B–$85.7B in proceeds, funding AI compute, Starship/launch expansion, and global satellite constellation growth initiatives.</li>
<li>Strong institutional backing, expanded retail allocation (~up to 30%), and staged 91-day lock-up create multiple liquidity events and potential post-IPO volatility catalysts.</li>
</ul>


SpaceX prices IPO at $135/share for 555.5M shares, eliminating range uncertainty as market shifts to valuation debate ahead of 6/12 listing.
Mega-Cap offering expected to raise ~$74.4B–$85.7B in proceeds, funding AI compute, Starship/launch expansion, and global satellite constellation growth initiatives.
Strong institutional backing, expanded retail allocation (~up to 30%), and staged 91-day lock-up create multiple liquidity events and potential post-IPO volatility catalysts.


SpaceX (SPCX US): Elon Musk's SpaceX Sets Terms with Surprising Fixed Price, Set to Raise $75b

Applied Aerospace & Defense / Equity Capital Markets

Applied Aerospace & Defense, Inc. provides engineering and integrated manufacturing solutions for space and defense technology companies. The Company builds complex hardware for extreme operating environments in three core markets, including space and launch systems, defense aviation and airborne systems, and C5ISR and precision strike systems.

<ul>
<li>Applied Aerospace priced in the upper half of the range but failed to sustain early gains, closing 4.9% below its IPO price. </li>
<li>Shares opened 3.8% higher and briefly reached $20.95 before heavy selling pressure emerged within the first trading hour. </li>
<li>Investor attention may already be shifting toward next week's anticipated SpaceX IPO, limiting demand for secondary aerospace allocations.</li>
</ul>


Applied Aerospace priced in the upper half of the range but failed to sustain early gains, closing 4.9% below its IPO price. 
Shares opened 3.8% higher and briefly reached $20.95 before heavy selling pressure emerged within the first trading hour. 
Investor attention may already be shifting toward next week's anticipated SpaceX IPO, limiting demand for secondary aerospace allocations.


Applied Aerospace & Defense, Inc. (AADX): Falls Short of Liftoff on First Day

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

Data security platform that discovers, classifies, protects, and monitors sensitive data and AI usage across cloud, SaaS, and hybrid environments

<ul><li>Sacra estimates that Cyera hit $150M in annual recurring revenue (ARR) in May 2026.</li><li>As of June 2026, TechCrunch reported that Cyera was in discussions for a new financing round that would value the company at approximately $12 billion, implying a multiple of roughly 80x ARR.</li><li>Cyera&#39;s April 2026 FedRAMP High In Process designation and the launch of Cyera for Government open a near-term expansion opportunity in federal agencies handling FISMA high-impact data and AI workloads aligned to OMB M-25-21.</li></ul>

Sacra estimates that Cyera hit $150M in annual recurring revenue (ARR) in May 2026.As of June 2026, TechCrunch reported that Cyera was in discussions for a new financing round that would value the company at approximately $12 billion, implying a multiple of roughly 80x ARR.Cyera&#39;s April 2026 FedRAMP High In Process designation and the launch of Cyera for Government open a near-term expansion opportunity in federal agencies handling FISMA high-impact data and AI workloads aligned to OMB M-25-21.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>SpaceX is preparing to raise at least $75 billion at a valuation of nearly $1.75 trillion to $2.0 trillion. </li>
<li>My base case valuation of SpaceX is market cap of $1.6 trillion over one year. My valuation sensitivity analysis suggests a valuation range from $1.3 trillion to $1.9 trillion. </li>
<li>I would not subscribe to SpaceX at a valuation range of $1.75 trillion to $2.0 trillion. Rather, you could purchase Samsung Electronics (005930 KS) at a P/E of 7x, instead.</li>
</ul>


SpaceX is preparing to raise at least $75 billion at a valuation of nearly $1.75 trillion to $2.0 trillion. 
My base case valuation of SpaceX is market cap of $1.6 trillion over one year. My valuation sensitivity analysis suggests a valuation range from $1.3 trillion to $1.9 trillion. 
I would not subscribe to SpaceX at a valuation range of $1.75 trillion to $2.0 trillion. Rather, you could purchase Samsung Electronics (005930 KS) at a P/E of 7x, instead.


Anthropic, PBC operates as an AI safety and research company. The Company builds reliable, interpretable, and steerable AI systems. Anthropic serves customers in the United States.

<ul><li>The biggest product gap is memory and context: Cowork starts every session fresh, the context an agent needs is scattered across NotebookLM, Drive, Perplexity, the CRM, and Gong.</li><li>Slack has been really good at working with Claude. It&#39;s basically a Slack API for Claude—Claude Code within Slack.</li><li>You need a context file—an MD file with the role, the brand, the voice, the goals—in the project folder every session so it already starts with that context.</li></ul>

The biggest product gap is memory and context: Cowork starts every session fresh, the context an agent needs is scattered across NotebookLM, Drive, Perplexity, the CRM, and Gong.Slack has been really good at working with Claude. It&#39;s basically a Slack API for Claude—Claude Code within Slack.You need a context file—an MD file with the role, the brand, the voice, the goals—in the project folder every session so it already starts with that context.

Head Of Product Marketing At SaaS Startup On Automating Product Marketing With Claude Cowork

US ECM
Coverage of US IPOs & Placements

SpaceX (SPCX US): Elon Musk's SpaceX Sets Terms with Surprising Fixed Price, Set to Raise $75b

SpaceX prices IPO at $135/share for 555.5M shares, raising $74.4B–$85.7B for AI, Starship, and satellite growth, with potential post-IPO volatility.

IPO Boutique

Applied Aerospace & Defense, Inc. (AADX): Falls Short of Liftoff on First Day

Applied Aerospace IPO priced high but closed below, initial gains lost due to heavy selling pressure. Investor focus now on upcoming SpaceX IPO,...

IPO Boutique

Primer: Cyera - 03 Jun 2026

Data security platform that discovers, classifies, protects, and monitors sensitive data and AI usage across cloud, SaaS, and hybrid environments

Sacra

SpaceX IPO Valuation Analysis

Reuters reported that SpaceX is selling 555.6 million shares at $135 per share for total amount of $75 billion to be raised in this IPO. At this...

Douglas Kim

Head Of Product Marketing At SaaS Startup On Automating Product Marketing With Claude Cowork

Which tools do you use regularly, and which have you tried between Claude Cowork and OpenAI's Codex...

Sacra

SpaceX (SPCX US): Elon Musk's SpaceX Sets Terms with Surprising Fixed Price, Set to Raise $75b

​SpaceX prices IPO at $135/share for 555.5M shares, raising $74.4B–$85.7B for AI, Starship, and satellite growth, with potential post-IPO volatility.

IPO Boutique

Applied Aerospace & Defense, Inc. (AADX): Falls Short of Liftoff on First Day

​Applied Aerospace IPO priced high but closed below, initial gains lost due to heavy selling pressure. Investor focus now on upcoming SpaceX IPO,...

IPO Boutique

Primer: Cyera - 03 Jun 2026

Data security platform that discovers, classifies, protects, and monitors sensitive data and AI usage across cloud, SaaS, and hybrid environments

Sacra

SpaceX IPO Valuation Analysis

Reuters reported that SpaceX is selling 555.6 million shares at $135 per share for total amount of $75 billion to be raised in this IPO. At this...

Douglas Kim

Head Of Product Marketing At SaaS Startup On Automating Product Marketing With Claude Cowork

Which tools do you use regularly, and which have you tried between Claude Cowork and OpenAI's Codex...

Sacra

SpaceX prices IPO at $135/share for 555.5M shares, raising $74.4B–$85.7B for AI, Starship, and satellite growth, with potential post-IPO volatility.

Applied Aerospace IPO priced high but closed below, initial gains lost due to heavy selling pressure. Investor focus now on upcoming SpaceX IPO,...