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 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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its past performance in our previous notes. In this note, we talk about the additional aspects on valautions.</li>
</ul>



SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its past performance in our previous notes. In this note, we talk about the additional aspects on valautions.


Aequitas: SpaceX IPO - Valuations - Now for a Bite of Reality - Retail Euphoria, Index Buying...

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a> an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its past performance in our previous notes. In this note, we talk about the fundmental valuation views.</li>
</ul>



SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its past performance in our previous notes. In this note, we talk about the fundmental valuation views.


Aequitas: SpaceX IPO - Fundamental Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/space-exploration-technologies-corp-spacex" target="_blank" data-smartkarma-citation="entities:33284:1" rel="noopener">SpaceX (SPCX US)</a>, an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.</li>
<li>SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.</li>
<li>We looked at its segments in our previous note. In this note, we talk about other remaining issues.</li>
</ul>



SpaceX (SPCX US), an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO.
SpaceX is set to be the largest IPO ever. It will also probably end up being one of the most controversial ones given the asking valuations and other worldly promises.
We looked at its segments in our previous note. In this note, we talk about other remaining issues.


Aequitas: SpaceX IPO - Additional Points - Revenue from Conn, Dreams from Space but TAM from AI

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The profit in 2024 was merely a fleeting phenomenon, essentially because xAI had not been included in the accounts. For every penny Starlink earned, it was quickly spent on AI/Starship.</li>
<li>If investors purchase SpaceX,they’re betting on Musk's grand vision of combining the physical control of space orbits with the next-generation AGI, rather than focusing on immediate profits from core business.</li>
<li>The proposed valuation range means the market will pay an “option premium” for AI/Starship/other long-term concepts. For ordinary investors, the risk lies in the high price of nearly 100x P/S. </li>
</ul>


The profit in 2024 was merely a fleeting phenomenon, essentially because xAI had not been included in the accounts. For every penny Starlink earned, it was quickly spent on AI/Starship.
If investors purchase SpaceX,they’re betting on Musk's grand vision of combining the physical control of space orbits with the next-generation AGI, rather than focusing on immediate profits from core business.
The proposed valuation range means the market will pay an “option premium” for AI/Starship/other long-term concepts. For ordinary investors, the risk lies in the high price of nearly 100x P/S. 


Pre-IPO SpaceX - About the Business, the Concerns and Thoughts on Valuation

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): 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

Aequitas: SpaceX IPO - Valuations - Now for a Bite of Reality - Retail Euphoria, Index Buying...

SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we talk about the retail frenzy,...

Sumeet Singh

Aequitas: SpaceX IPO - Fundamental Thoughts on Valuation

SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we take a fundamental look at...

Sumeet Singh

Aequitas: SpaceX IPO - Additional Points - Revenue from Conn, Dreams from Space but TAM from AI

SpaceX (SPCX US), aims to raise around US$75bn in its US IPO. We have looked at its segments in our previous notes, in this note we talk about some...

Sumeet Singh

Pre-IPO SpaceX - About the Business, the Concerns and Thoughts on Valuation

Investors buying SpaceX are banking on Musk's positive futuristic vision of AI. Although we know this is a capital extravaganza, when enthusiasm...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Aequitas: SpaceX IPO - Valuations - Now for a Bite of Reality - Retail Euphoria, Index Buying...

SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we talk about the retail frenzy,...

Sumeet Singh

Aequitas: SpaceX IPO - Fundamental Thoughts on Valuation

SpaceX (SPCX US) an Elon Musk led Space to AI company, aims to raise around US$75bn in its US IPO. In this note, we take a fundamental look at...

Sumeet Singh

Aequitas: SpaceX IPO - Additional Points - Revenue from Conn, Dreams from Space but TAM from AI

SpaceX (SPCX US), aims to raise around US$75bn in its US IPO. We have looked at its segments in our previous notes, in this note we talk about some...

Sumeet Singh

Pre-IPO SpaceX - About the Business, the Concerns and Thoughts on Valuation

​Investors buying SpaceX are banking on Musk's positive futuristic vision of AI. Although we know this is a capital extravaganza, when enthusiasm...

Xinyao (Criss) Wang

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.

Investors buying SpaceX are banking on Musk's positive futuristic vision of AI. Although we know this is a capital extravaganza, when enthusiasm...