Key Points
What may become the world’s biggest-ever initial public offering is right around the corner. A few weeks ago, rocket launch company SpaceX confidentially filed paperwork with the Securities and Exchange Commission for an IPO — and the operation could value the Elon Musk-owned company at $1.75 trillion, according to Bloomberg.
This clearly would be a historic market event, meaning many investors — whether they’re interested in immediately buying shares or not — are tuned in for the latest news concerning the operation. A confidential filing is just an initial step in the IPO process. Now, here’s what to watch for next, and this upcoming event actually could be a crucial one for investors.
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SpaceX’s successes
So, first, let’s take a quick look at SpaceX and consider why investors are so interested in this particular IPO. The company has become a powerhouse and innovator in a broad range of technologies. For example, SpaceX is a leader in rocket launches, having executed the most orbital launches — 165 — of any company last year, according to Bryce Tech data. Meanwhile, SpaceX’s Starlink satellite internet service is considered the revenue growth engine. Ark Invest, which currently holds shares of SpaceX through its venture fund, says it’s “the fastest-growing telecom network in the world by customer and revenue onboarding.”
And earlier this year, Musk merged his AI company xAI with SpaceX in a move that he said would create “the most ambitious, vertically integrated innovation engine on (and off) Earth.”
It’s also important to note that Musk himself, at the helm of electric vehicle maker Tesla, is seen by many as an innovator. His goals have always been ambitious — from working toward a fully autonomous vehicle to developing data centers in space. But his companies have achieved certain key goals along the way, making Musk a figure who has attracted many growth investors.
Now, let’s move along to the upcoming IPO and what lies just ahead. First, it’s important to consider what a “confidential” filing means. This means SpaceX has filed its financial information with the SEC for review but hasn’t yet made it available to the public.
What SpaceX must do before its roadshow
And this brings me to the subject of what’s next. SpaceX plans to launch its roadshow the week of June 8, according to a Reuters report, but it has to do something very important well before that.
The company must make its registration statement, on Form S-1, publicly available at least 15 days before roadshow activities. This means that if SpaceX aims to launch a roadshow as of June 8 to market the IPO to institutional investors, it must file its registration statement during the week of May 18 at the latest.
This will be a crucial moment for investors as it offers them the opportunity to take a look at the company’s financial information and potential risks for the business. If you’re interested in participating in the IPO — press reports have said that Musk plans to allot a significant percentage of shares to retail investors — or even purchase the stock once it begins trading, it’s crucial to carefully consider the company’s sales growth, profitability, and the level of spending needed to keep marching toward its goals. Risk factors also deserve a close look, as they might help you determine whether the business suits your investment style. For example, if you’re a cautious investor, you might not be comfortable with risks that could seriously impair the earnings opportunity.
This financial information will also help investors determine whether the stock looks expensive at the IPO price or reasonable considering potential growth down the road. And this, too, relates to your investment style — value investors may feel differently than growth investors regarding an investment at this valuation.
So, this next step along the path toward an IPO is, of course, obligatory for the company, and it’s a critical moment for the potential investor too: It offers information that may help you wisely decide whether you should get in on this record IPO, buy the stock soon after its launch, or remain on the sidelines.
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Adria Cimino has positions in Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
