OpenAI targets September listing, SpaceX also kicks off June IPO
According to an exclusive Wall Street Journal report, OpenAI plans to file for an IPO as early as May 22, targeting a listing around September. With ChatGPT's market share gradually eroding amid intensifying competition, the move is seen as aimed at raising capital to boost investment and reclaim share. The report also touched on the long-running feud with Elon Musk, who has criticized OpenAI's shift from its original nonprofit mission toward this listing.
SpaceX has completed its formal IPO filing and is set to begin its roadshow on June 8, with pricing targeted for June 11 and listing for June 12. It would be the largest-ever IPO by a space company, with proceeds earmarked for building space-based AI data centers and advancing the Starship rocket program. Starship Version 3 is scheduled to launch this Friday at 7:30 a.m. Korea time, ahead of the listing, likely to be used to bolster the company's valuation narrative.
SpaceX posted a first-quarter net loss stemming from its merger with AI company xAI, though its Starlink satellite internet and rocket launch services remain profitable. Mega IPOs typically see limited stock appreciation in the first year after listing, suggesting SpaceX may go through a valuation re-rating period rather than rallying immediately after its debut.
This wave of mega IPOs could draw significant liquidity out of the broader market, given their scale. Some observers suggested the timing also reflects a macro calculation to raise capital while liquidity remains available, ahead of concerns that funding conditions could tighten later in the year if Treasury yields keep climbing.
Domestically relevant investment names tied to SpaceX include launch vehicle and service providers Hanwha Aerospace, Innospace and Perigee Aerospace; satellite makers Hanwha Systems, Satrec Initiative, Lumir and Nara Space Technology; communication satellite firm Intellian Technologies and AP Satellite; and ground station operator Contec. Core space component makers cited include Hanwha Aerospace, Hyundai Rotem, Vitzrotech and Space Solution, along with special alloy maker SeAH Besteel Holdings, while Mirae Asset Securities was noted as holding a pre-IPO stake in SpaceX that stands to benefit from the listing.