Musk dictated bank order sizes of several billion dollars and personally vetted investors with minimum $250 million commitments under limited disclosure. Nasdaq’s March rule change empowered SpaceX’s $75 billion IPO targeting a $1.75 trillion valuation with 30% reserved for retail buyers.
Nasdaq's March rule revision reduced waiting periods for large caps, allowing SpaceX to qualify for Nasdaq-100 inclusion shortly after its debut. This change cleared the path for the firm’s $75 billion IPO targeting a $1.75 trillion market valuation.
Under Musk’s direction, lead banks were assigned specific multi-billion-dollar order targets and investors faced personal interviews at SpaceX headquarters with CFO Bret Johnsen, requiring at least $250 million commitments and restricted financial disclosures.
The offering allocates 30% of shares to retail buyers, raising concerns over governance and valuation transparency. Potential investors face risks from Musk’s centralized control, ongoing losses and complex intercompany deals that could influence performance post-IPO.
