BlackRock in talks to invest up to $10 billion in SpaceX IPO: Report

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BlackRock in talks to invest up to $10 billion in SpaceX IPO: Report

Musk’s rocket company targets a record-setting $1.75 trillion IPO on Nasdaq with a focus on satellite broadband and commercial launches.

by
Vivian Nguyen

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BlackRock has held discussions about investing as much as $10 billion in SpaceX’s anticipated initial public offering scheduled for next month, according to a Saturday report by The Information.

The report, citing people familiar with the matter, said the asset manager could commit between $5 billion and $10 billion to the offering. Such an investment would represent a major institutional bet on Elon Musk’s space and satellite company.

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SpaceX is moving ahead with plans for a blockbuster IPO, with pricing expected as early as June 11 and Nasdaq chosen as the exchange for the listing, Reuters reported Friday, citing sources familiar with the matter.

The company plans to trade under the ticker “SPCX” and is aiming to publicly release its prospectus next week. A roadshow could begin on June 4 ahead of a possible market debut on June 12.

Sources said the timeline has accelerated from previous plans targeting a late-June launch. The fast pace was partly driven by a quicker-than-anticipated review of SpaceX’s IPO filings by the SEC.

The listing is expected to become one of the largest in market history. SpaceX could seek to raise around $75 billion at a valuation of approximately $1.75 trillion.

Nasdaq’s recently introduced fast-entry rules for large-cap listings may also help SpaceX gain quicker inclusion in the Nasdaq-100 index. Morgan Stanley, Bank of America, Citigroup, JPMorgan, and Goldman Sachs are serving as lead bookrunners on the deal.

Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.