The vampires of the capital market are getting bigger, and the crypto world is lacking blood.
SpaceX's IPO is rewriting Wall Street conventions: Retail allocation is expected to reach three times the usual amount, starting investor meetings after Easter.
SpaceX is notifying potential IPO investors that it plans to hold investor briefings hosted by company executives in April after the Easter holiday (testing-the-waters meetings), while secretly submitting the IPO application as early as this month. This IPO financing could reach a maximum of $75 billion, with a valuation potentially touching $1.75 trillion, likely surpassing Saudi Aramco's record of about $29 billion in 2019, making it the largest IPO in history.
In terms of allocation structure, Musk is considering distributing up to 30% of shares to retail investors, which is at least three times the usual 5% to 10% ratio. SpaceX CFO Bret Johnsen has communicated this plan to Wall Street. Musk's strategy is to rely on a loyal group of individual investors to stabilize the stock price after listing and reduce short-term selling behavior.
SpaceX has also designated "lane" roles for each underwriting bank based on client demographics and regions, rather than allowing banks to compete freely:
1. Bank of America: Responsible for high-net-worth individuals and family offices in the U.S.
2. Morgan Stanley: Servicing small and medium retail investors through its E*Trade platform
3. UBS: Responsible for international high-net-worth investors
4. Citigroup: Coordinating international retail and institutional distribution
5. Mizuho, Barclays, Deutsche Bank, and Royal Bank of Canada covering the markets in Japan, the UK, Germany, and Canada respectively.
The final scale and timetable of the IPO have not yet been determined. $BNB
