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

<ul>
<li>SpaceX IPO is fully fixed at $135/share, removing price-range signaling and forcing investors to focus directly on scale, demand, and valuation discipline.</li>
<li>Channel checks suggest ~2–3x oversubscription reflecting more measured bidding given the deal’s unprecedented $75B+ size.</li>
<li>Tight ~4–5% free float, expanded retail allocation, and Elon Musk’s 366-day lock-up create a structurally constrained supply setup with heightened post-IPO volatility risk.</li>
</ul>


SpaceX IPO is fully fixed at $135/share, removing price-range signaling and forcing investors to focus directly on scale, demand, and valuation discipline.
Channel checks suggest ~2–3x oversubscription reflecting more measured bidding given the deal’s unprecedented $75B+ size.
Tight ~4–5% free float, expanded retail allocation, and Elon Musk’s 366-day lock-up create a structurally constrained supply setup with heightened post-IPO volatility risk.


SpaceX (SPCX US): Demand Picks Up as Investors Place Disciplined Bets on Musk's Mega IPO

Equity Long-Short

Mo Aziz

<ul>
<li>Our bottom-up, cradle-to-grave unit model finds orbital AI compute is not economically viable — base-case IRR is −51%, with the sensitivity surface entirely loss-making.</li>
<li>The constraints that break the model: GPU obsolescence at ~3 years while the satellite bus lasts 5–7 years; and cooling consumes ~26% of satellite mass with no in-orbit refresh possible.</li>
<li>Analysis validates our fair value of US$1.16–1.60tn (US$88.3/share low end); orbital AI is worth less than US$10bn on a probability-weighted basis. Maintain AVOID the IPO.</li>
</ul>


Our bottom-up, cradle-to-grave unit model finds orbital AI compute is not economically viable — base-case IRR is −51%, with the sensitivity surface entirely loss-making.
The constraints that break the model: GPU obsolescence at ~3 years while the satellite bus lasts 5–7 years; and cooling consumes ~26% of satellite mass with no in-orbit refresh possible.
Analysis validates our fair value of US$1.16–1.60tn (US$88.3/share low end); orbital AI is worth less than US$10bn on a probability-weighted basis. Maintain AVOID the IPO.


SpaceX (SPCX US): Starship Orbital AI Feasibility Analysis, Destroys Value & Supports Our AVOID Call

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.


<ul>
<li>Largest IPO in financial history — but priced beyond fundamentals. Our EV/Revenue FC range is US$1.16-1.60 trillion, or US88.4-122.3/share</li>
<li>You are buying Elon Musk, not a diversified conglomerate. Stop here if you don't like the man!</li>
<li>Starlink is the cash engine; Starship and AI are the long bets.</li>
</ul>


Largest IPO in financial history — but priced beyond fundamentals. Our EV/Revenue FC range is US$1.16-1.60 trillion, or US88.4-122.3/share
You are buying Elon Musk, not a diversified conglomerate. Stop here if you don't like the man!
Starlink is the cash engine; Starship and AI are the long bets.


SpaceX (SPCX US) Goes Public: Unassailable Moat, Unanswerable Valuation

Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

<ul><li>Space Exploration Technologies Corp. (NASDAQ: SPCX) has entered the final stretch before what is expected to become one of the most consequential public offerings in modern financial history.</li><li>The Elon Musk-led company has set an expected IPO price of $135 per share ahead of its anticipated June 12, 2026 debut , offering exactly 555,555,555 shares of Class A common stock in a transaction that would raise approximately $75 billion before any underwriter overallotment option and value the company at roughly $1.75 trillion .</li><li>Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan are serving as lead book-running managers for the offering.</li></ul>

Space Exploration Technologies Corp. (NASDAQ: SPCX) has entered the final stretch before what is expected to become one of the most consequential public offerings in modern financial history.The Elon Musk-led company has set an expected IPO price of $135 per share ahead of its anticipated June 12, 2026 debut , offering exactly 555,555,555 shares of Class A common stock in a transaction that would raise approximately $75 billion before any underwriter overallotment option and value the company at roughly $1.75 trillion .Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan are serving as lead book-running managers for the offering.

SpaceX Sets $135 IPO Price Without a Range as Historic June 12 Debut Approaches

United States

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SpaceX (SPCX US)

SpaceX (SPCX US): Demand Picks Up as Investors Place Disciplined Bets on Musk's Mega IPO

SpaceX IPO at $135/share removes price-range signaling, investors focus on scale, demand, and valuation discipline. Oversubscription, tight free...

IPO Boutique

SpaceX (SPCX US): Starship Orbital AI Feasibility Analysis, Destroys Value & Supports Our AVOID Call

Orbital AI compute not economically viable due to GPU obsolescence and cooling constraints, analysis values it at less than US$10bn. Avoid the IPO.

Mo Aziz

SpaceX IPO Valuation Analysis

Mirae Asset Securities' 2nd subscription round for SpaceX IPO on Monday was fully subscribed in less than two minutes, following a first-round...

Douglas Kim

SpaceX (SPCX US) Goes Public: Unassailable Moat, Unanswerable Valuation

Elon Musk's company's IPO is overpriced based on fundamentals, with Starlink driving revenue and Starship and AI as long-term investments.

Mo Aziz

SpaceX Sets $135 IPO Price Without a Range as Historic June 12 Debut Approaches

Space Exploration Technologies Corp. (NASDAQ: SPCX) has entered the final stretch before what is expected to become one of the most consequential...

IPO Prophet

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SpaceX (SPCX US): Demand Picks Up as Investors Place Disciplined Bets on Musk's Mega IPO

​SpaceX IPO at $135/share removes price-range signaling, investors focus on scale, demand, and valuation discipline. Oversubscription, tight free...

IPO Boutique

SpaceX (SPCX US): Starship Orbital AI Feasibility Analysis, Destroys Value & Supports Our AVOID Call

​Orbital AI compute not economically viable due to GPU obsolescence and cooling constraints, analysis values it at less than US$10bn. Avoid the IPO.

Mo Aziz

SpaceX IPO Valuation Analysis

Mirae Asset Securities' 2nd subscription round for SpaceX IPO on Monday was fully subscribed in less than two minutes, following a first-round...

Douglas Kim

SpaceX (SPCX US) Goes Public: Unassailable Moat, Unanswerable Valuation

​Elon Musk's company's IPO is overpriced based on fundamentals, with Starlink driving revenue and Starship and AI as long-term investments.

Mo Aziz

SpaceX Sets $135 IPO Price Without a Range as Historic June 12 Debut Approaches

Space Exploration Technologies Corp. (NASDAQ: SPCX) has entered the final stretch before what is expected to become one of the most consequential...

IPO Prophet

SpaceX IPO at $135/share removes price-range signaling, investors focus on scale, demand, and valuation discipline. Oversubscription, tight free...

Orbital AI compute not economically viable due to GPU obsolescence and cooling constraints, analysis values it at less than US$10bn. Avoid the IPO.

Elon Musk's company's IPO is overpriced based on fundamentals, with Starlink driving revenue and Starship and AI as long-term investments.