This is the largest IPO ever, both by proceeds raised and valuation of the company upon listing

Davis Polk is advising the representatives of the underwriters in connection with the $75 billion initial public offering of 555,555,555 shares of Class A common stock of Space Exploration Technologies Corp. (SpaceX). A portion of the shares were offered to retail investors in each of Australia, Canada, Denmark, France, Germany, the Netherlands, Norway, Spain, Sweden and Switzerland pursuant to local prospectuses, to institutional and retail investors in Japan pursuant to a public offering without listing and to retail investors in the United Kingdom pursuant to the Public Offer Platform regime. The underwriters have a 30-day option to purchase up to an additional 83,333,333 shares of Class A common stock. The Class A common stock is listed on each of Nasdaq and Nasdaq Texas under the ticker symbol “SPCX.” The offering is expected to close on June 15, 2026, subject to the satisfaction of customary closing conditions.

The deal is the largest IPO ever, both by proceeds raised and valuation of the IPO company upon listing. It is also the first-ever U.S. IPO to include concurrent public offerings in Australia, Canada, the European Union, Japan and the United Kingdom.

SpaceX is building the integrated hardware and software infrastructure of the future across space, connectivity and AI. SpaceX designs, manufactures, launches and operates the world’s most advanced rockets and spacecraft, safely and reliably transporting astronauts, satellites and other payloads, with an over 99% mission success rate with its Falcon rockets. Additionally, the company operates a high-speed, low-latency global broadband data and communications network powered by approximately 9,600 Starlink satellites that deliver connectivity to millions of customers across 164 countries, territories and other markets. SpaceX is also rapidly constructing AI compute infrastructure at an industry-leading pace and cost efficiency through its acquisition of xAI, the first company to deploy a coherent gigawatt-scale AI training cluster.

The Davis Polk capital markets team includes partners Byron B. Rooney, Stephen A. Byeff and Alan F. Denenberg, counsel Joze Vranicar and associates Raphaelle Desaleux, Gabriela N. Gura and Sophia Matton. Partner Sanders Witkow is providing bank finance advice. Counsel Marcie A. Goldstein is providing FINRA advice. The Tokyo team includes partner Christopher Kodama, counsel Chihiro Sasaki and associate Andrew Masaru Orita. The London team includes partner Will Pearce, counsel Mark Chalmers and John Taylor and associate Vivek Thanki. Partner Pritesh P. Shah and associates Ted (Edward) Talas and Alexander D. Langa are providing intellectual property and commercial transactions advice. Partner Matthew J. Bacal and associates Shreya R. Kundur and Bari Britvan are providing data privacy, cybersecurity and AI advice. The tax team includes counsel Dustin Plotnick and associate Shea Jendrusina. Partner Adam Kaminsky, counsel Charlotte R. Fabiani and associate Alexis Allen are providing executive compensation advice. Counsel Michael Comstock and associate David Sacasa-Ospina are providing environmental advice. Associate David Beizer is providing real estate advice. Members of the Davis Polk team are based in the New York, Northern California, Tokyo, London and Washington DC offices.

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