SpaceX S-1/A Amendment Publicly Visible on SEC EDGAR — Valuation Minimum $1.8T; Musk 1B Performance Shares Disclosed; T-2 to Roadshow

The SpaceX S-1/A Amendment filed June 1, 2026 became publicly accessible on SEC EDGAR on June 2 — two days before the management roadshow launches June 4–8. The amended filing disclosed additional details not in the original May 20 S-1: SpaceX redescribes itself as an 'AI services and infrastructure company' following the February 2026 xAI merger; Musk's compensation package includes approximately 1 billion performance-based restricted Class B shares vesting across 15 tranches tied to market capitalization milestones and a 1-million-person Mars colony milestone; the filing names Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan as joint bookrunners. Analysts at CoinPaper and Benzinga noted the amendment suggests a minimum implied valuation of approximately $1.8 trillion — broadly consistent with the $1.75T–$2T+ range in the original S-1, but framing the floor explicitly. The key equity-issuance risk factor added June 1 (covering potential future transactions including a SpaceX-Tesla merger) continued to generate institutional investor analysis ahead of the first roadshow meetings. The formal IPO price range is expected to be set during the roadshow period, with pricing confirmed June 11 and Nasdaq (SPCX) trading beginning June 12. Target raise: $75–80 billion, which would represent the largest IPO in history surpassing Saudi Aramco's 2019 record.