The mega-IPO race: SpaceX to set IPO terms today

Summary

SpaceX is pricing its IPO at $135 per share, a $75 billion offering that would be the largest in US history. The panel debates the difficulty of valuing the company, the impact of existing private investors, and the risks of massive equity supply hitting the market. They note high greed-driven demand but warn sentiment could turn quickly, especially with other mega-deals like Alphabet's $85 billion offering also in the pipeline.

• SpaceX sets IPO price at $135 per share, implying a $1.75 trillion valuation.
• The offering size of $75 billion is triple the previous US record held by Alibaba.
• The fixed-price IPO is marketed at a single price rather than a range.
• Retail investors are expected to account for about 30% of the offering.
• Existing private investors may look to exit after lockups, creating selling pressure.
• Index inclusion could bring passive buyers but timing is uncertain.
• Alphabet also upsized its equity offering to $85 billion, adding to supply.
• Panelists express caution, noting the market is already very concentrated in tech.