SpaceX cuts IPO valuation from $2 trillion to $1.8 trillion

\r\n[Financial News]  Elon Musk's space exploration company SpaceX is reportedly revising its valuation to at least $1.8 trillion, or about 2,715 trillion won, ahead of its initial public offering (IPO).
\r\nForeign media reported on the 28th, local time, that SpaceX set the target offering price after coordinating with lead underwriters and investors.
\r\nEarlier reports in April said SpaceX was aiming for a valuation of more than $2 trillion, but the company appears to have adjusted the target to a more realistic level in response to market feedback.
Sources said it is normal for pre-listing offering size and valuation to be adjusted, adding that "SpaceX plans to raise as much as $75 billion, or about 113 trillion won, through this IPO, which would make it the largest IPO in global stock market history."
\r\nAccording to the IPO filing SpaceX submitted to securities regulators on the 20th, the company has shown that it has evolved beyond a simple reusable rocket maker or satellite internet company such as Starlink.
At its investor presentation, SpaceX declared its ambition to become a major AI services and infrastructure player, including by building an "orbital data center." The company estimates its potential total addressable market at a staggering $28.5 trillion.
Market watchers expect SpaceX to begin full-scale IPO marketing as early as June 4 and set the offering price around June 11. However, the schedule could be delayed by a few days depending on investor response, and the target valuation could be raised again if the marketing campaign proves successful. A SpaceX spokesperson has not yet issued an official comment.
Major Wall Street investment banks are joining the blockbuster listing. Goldman Sachs, Morgan Stanley, Bank of America (BoA), Citigroup, and JPMorgan Chase & Co. are serving as joint lead underwriters, while 18 other banks have also joined the underwriting syndicate.
The company, legally named Space Exploration Technologies Corp., is expected to begin trading on Nasdaq and Nasdaq Texas under the ticker symbol "SPCX" after its listing.
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jjyoon@fnnews.com Yoon Jae-joon Reporter