Overview
- SpaceX is holding closed-door briefings for top Wall Street analysts at its Starbase launch site and at a Memphis data center as it seeks to raise about $75 billion at roughly a $1.75 trillion valuation, according to people familiar with the meetings.
- The company has a confidential SEC filing in place and plans a separate modeling session for select analysts, with major banks leading the deal and a large retail share allocation under discussion for U.S. and international buyers.
- Index providers are racing to adapt, with Morningstar adding a new liquidity test for giant IPOs and Nasdaq planning fast entry to its Nasdaq‑100 in as little as 15 days, while some investors warn that quick inclusion could magnify swings when few shares are available to trade.
- Starlink drives most of SpaceX’s business with an estimated 2025 revenue base of $15 billion to $16 billion and about $8 billion in EBITDA, more than 10 million subscribers, and a constellation topping 10,000 satellites built and launched in-house.
- Rival efforts are gathering steam after Amazon moved on Globalstar for spectrum and distribution reach, yet analysts note SpaceX’s vertical integration and rapid launch cadence make it hard for competitors to match service breadth, pricing, and reliability for customers.