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SpaceX Raises $85.7B in IPO, Valuation Exceeds $2 Trillion

SpaceX raised $85.7B in its U.S. IPO after underwriters exercised the greenshoe option, the company said Monday, days after its Nasdaq debut sent shares up 19% and pushed its valuation past $2T.LATEST IPOS AND DIRECT LISTINGS:SpaceXopened on June 12 at $150. The company priced 555.56M shares at $135.00. SpaceX bills itself as "the only company building the integrated hardware and software infrastructure of the future across space, connectivity, and AI," including "the world's most advanced rockets and spacecraft." On Monday, SpaceX announced the closing of its initial public offering of an aggregate 638,888,888 shares of its Class A common stock, including the full exercise by the underwriters of their overallotment option to purchase an additional 83,333,333 shares of Class A common stock from SpaceX. The issuance of all shares closed on June 15, bringing the gross proceeds from the initial public offering to SpaceX to approximately $85.7B.Avalanche Treasury Co.started trading on Nasdaq on June 11. The operating company and digital asset treasury that allocates capital across the Avalanche economy announced the commencement of trading on the Nasdaq Stock Market.Forbrightopened on June 11 at $17.50. The company priced 7.9M shares at $18.00, at the bottom of the $18.00-$20.00 range. Headquartered in Chevy Chase, Maryland, Forbright operates a financial services platform spanning nationwide middle-market lending, digital consumer banking, strategic advisory and asset management services.ERockopened on June 10 at $21.10. The company priced 27.91M shares at $21.50. The deal priced at the midpoint of the $20.00-$23.00 target range. ERock markets natural gas generators to deliver onsite utility-grade power.WhiteHawk Mineralsopened on June 9 at $26.15. The company priced 7.7M shares at $26.00. The deal size was increased to 7.7M shares of common stock from 6.95M shares and priced at the midpoint of the $25.00-$27.00 range. WhiteHawk Minerals is focused on acquiring and managing high-quality natural gas mineral and royalty interests in premier U.S. basins, with a portfolio concentrated in the Appalachian and Haynesville Basins.RECENT SPAC IPOS:Snow Rothschild Acquisitionopened on June 9 at $10.01. Santander is acting as the sole book-running manager for the offering.Ocean Capital Acquisitionopened on June 9 at $10.20. The blank check company intends to conduct a search for target businesses without being limited to a particular industry.PERFORMANCE:Prices as of 10:45 am ET on Monday, June 15 -SpaceX – up over 7% at $172.52;Avalanche Treasury Co. – down about 3% at $1.31;Forbright – down a little over 1% at $17.78;ERock – up more than 2% at $17.31;WhiteHawk Minerals – down almost 3% at $26.50.RECENT IPOS TO WATCH:Lincoln Internationalis already seeing coverage roll out, while Conexeu Sciences, AMASS Brands Inc.and Optimi Healthare among stocks that could see new coverage this week as the quiet periods for banks that underwrote the companies' IPOs expire.UPCOMING IPOS:Upcoming IPO and direct listings expected include Bending Spoons, Kardigan, Inspire Brands, and Tarsier Pharma.Clickto see upcoming IPO calendar on TipRanks.Bending Spoons, a technology company whose main businesses include AOL, Brightcove, Eventbrite, Evernote, Harvest, komoot, Remini, StreamYard, Vimeo, and WeTransfer, announces that it has publicly filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its ordinary shares. The timing of the offering, number of shares to be offered, and the price range for the proposed offering have not yet been determined. Bending Spoons has applied to list its ordinary shares on the Nasdaq Global Select Market under the ticker symbol "BSP."Kardiganhas filed an initial public offering of shares of its common stock. The company has applied to list its common stock on the Nasdaq Global Market under the symbol "KARD." JP Morgan, Jefferies, Leerink Partners, and TD Cowen are acting as the underwriters for the offering.Inspire Brandsannounced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. Inspire Brands expects to use the net proceeds of the proposed offering to repay outstanding indebtedness under its existing term loan facility and pay offering fees and expenses.Tarsier Pharma Ltd.filed for an initial public offering of its ordinary shares and applied to list its ordinary shares on the NYSE American under the symbol "TARX". The prospectus stated: "Tarsier Pharma is developing TRS01 and TRS02, novel product candidates based on dazdotuftide, a new molecule with a new mechanism of action for uveitis and uveitic glaucoma. We are attempting to address a significant, underserved market opportunity and have engaged closely with the FDA on our clinical development strategy, including a Special Protocol Assessment agreement for our planned pivotal trial... Although we are still early in this journey, I believe we have the technology, the team, the discipline, and the persistence required to build an enduring company."Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.

SpaceX Files for IPO Aiming to Raise $80 Billion

SpaceX and OpenAI are moving toward blockbuster public debuts, with SpaceX formally filing its Form S 1 to list on Nasdaq under the ticker "SPCX" in what could become the largest IPO in history. Meanwhile, OpenAI is reportedly preparing to submit its own draft prospectus as early as this week for a potential September listing.LATEST IPOS AND DIRECT LISTINGS:Conexeu Sciencesopened on May 21 at $13.50 after a Nasdaq direct listing. The preclinical developer of a regenerative tissue device for wound care and aesthetics filed a resale prospectus with the SEC stating that it expected its common stock to begin trading on the Nasdaq on or about Thursday, May 21, in connection with its direct listing. The company registered 9.5M shares that may be sold by the Registered Securityholders identified in the prospectus. Conexeu Sciences will not raise new capital in its listing. The stock opened for trading earlier at a price of $13.50 per share.Lincoln Internationalopened on May 20 at $22.51. The company priced 21.05M shares at $20.00, at the top end of the $18.00-$20.00 target range. Lincoln International is an investment banking advisor whose services include mergers and acquisitions advisory, private funds and capital markets advisory, and valuations and fairness opinions.Amass Brandsopened on May 20 at $17 after a Nasdaq direct listing. The premium, multi-category beverage platform spanning non-alcohol, functional, and alcohol 2.0 products saw its common stock begin trading earlier on the Nasdaq Capital Market under the stock ticker symbol "AMSS". The direct listing did not involve the issuance of new common stock by the company, it noted.Optimi Healthopened on May 20 at $5.50 after a Nasdaq uplisting. The commercial-stage pharmaceutical company focused on manufacturing and distributing finished psychedelic drug products announced the pricing of its underwritten public offering in connection with the uplisting of its common shares to the Nasdaq Capital Market. The company offered 2.4M common shares at a public offering price of $6.25 per share.RECENT SPAC IPOS:Peace Acquisitionopened on May 22 at $10.01. The blank check company intends to focus its search on businesses throughout Asia. "However, the Company will not undertake an initial business combination with any entity based in or with its principal business operations in Mainland China, Hong Kong or Macau," it added.Aperture ACopened on May 21 at $10.01. The blank check company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.Research Alliance Corporation IIIopened on May 20 at $10.21. The blank check company intends to focus its search on a target business in the healthcare or healthcare-related industries.Amanat Acquisitionopened on May 19 at $10.15. While the company may pursue an initial business combination target in any business or industry, it intends to focus on opportunities in healthcare or healthcare-related industries.PERFORMANCE:Prices as of 10:15 am ET on Monday, May 26 -Conexeu Sciences – down about 5% at $13.70;Lincoln International – down more than 2% at $23.52;Amass Brands – down almost 11% at $3.85;Optimi Health – down about 5% at $5.57.RECENT IPOS TO WATCH:Pershing Square Inc., Pershing Square USA, Avalyn Pharma, Hemab Therapeuticsand Seaport Therapeuticsare already seeing coverage roll out, while Silver Bow Miningis among stocks that could see new coverage this week as the quiet periods for banks that underwrote the companies' IPOs expire.UPCOMING IPOS:Upcoming IPO and direct listings expected include SpaceX, Sunshine Silver Mining & Refining, Innio, Inspire Brands, and Tarsier Pharma.Clickto see upcoming IPO calendar on TipRanks.SpaceXofficially submitted its Form S-1 with the SEC to list its Class A common stock on the Nasdaq under the ticker symbol SPCX. Expected to be the largest IPO in history, the company targets raising up to $80B at a valuation exceeding $2T.Sunshine Silver Mining & Refining Companyannounced the launch of its initial public offering of 20M shares of its common stock. In connection with the offering, Sunshine expects to grant the underwriters a 30-day option to purchase up to 3,000,000 shares of common stock. The IPO price is expected to be between $13.50-$16.50 per share. Sunshine's common stock has been approved for listing, subject to official notice of issuance, under the ticker symbol "SSMR" on the New York Stock Exchange.Innioannounces that it has publicly filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of its common shares. The timing of the offering, number of shares to be offered and the price range for the proposed offering have not yet been determined. Innio has applied to list its common shares on the Nasdaq Global Select Market under the ticker symbol "INIO." Innio designs, manufactures and services power systems under its Jenbacher and Waukesha brands. The company delivers power for applications including data centers, microgrids, grid stabilization, industrial energy and gas compression.Inspire Brandsannounced that it has confidentially submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission relating to the proposed initial public offering of its common stock. Inspire Brands expects to use the net proceeds of the proposed offering to repay outstanding indebtedness under its existing term loan facility and pay offering fees and expenses.Tarsier Pharma Ltd.filed for an initial public offering of its ordinary shares and applied to list its ordinary shares on the NYSE American under the symbol "TARX". The prospectus stated: "Tarsier Pharma is developing TRS01 and TRS02, novel product candidates based on dazdotuftide, a new molecule with a new mechanism of action for uveitis and uveitic glaucoma. We are attempting to address a significant, underserved market opportunity and have engaged closely with the FDA on our clinical development strategy, including a Special Protocol Assessment agreement for our planned pivotal trial."OTHER IPO NEWS:OpenAI is preparing to file for a public listing as early as this week, with the AI lab aiming for a blockbuster initial public offering as soon as September, Financial Times' George Hammond. The company has been laying the groundwork for an offering expected to value it at north of $1T, working with bankers at Morgan Stanleyand Goldman Sachsand lawyers at Cooley over the past few months, according to people familiar with the matter. The group could file a draft IPO prospectus as early as Friday, starting the timer on a public listing for the autumn, they added. That timing could shift depending on the market and on the performance of Elon Musk's SpaceX, which is expected to go public next month in the biggest listing of all time, the author notes.Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.