SpaceX's listing date and rival Nvidia's record: what's important about the IPO by Ma. 17

Elon Musk's aerospace company SpaceX is set to go public on June 12 and could reveal the terms of its IPO, which has been kept secret, next week. AI chip developer Cerebras had the largest listing in U.S. semiconductor history and generated billions of dollars for its co-founders. Placement of shares of the National Fund of Uzbekistan in London gave investors access to the economy of the second most populous country in the post-Soviet space. The main events on the IPO market during the week are in our selection.

- SpaceX plans to hold an IPO as early as June 12 and has chosen Nasdaq as the platform for the offering, sources told Reuters. The company plans to trade under the ticker SPCX, the agency writes. SpaceX was expected to go public at the end of June, around the time of the birthday of its CEO Elon Musk. But according to Reuters' interlocutors, it has accelerated preparations and now expects to disclose the prospectus on Wednesday, May 20, start the road show on June 4, and on June 11 - to determine the price of the offering. As Reuters previously reported, SpaceX could raise about $75 billion at a valuation of about $1.75 trillion. If this happens, its IPO will be the largest in history. Bloomberg sources specify that the timing and volume may still change. A SpaceX spokesperson could not immediately respond to a request for comment.

- Italian precious metals dealer Gens Aurea has begun preparations for an IPO in Milan, which could be the largest for the country's stock market in three years, Bloomberg sources claim. The expected paper offering is expected to be between €300 million and €500 million. The listing is planned in the coming months, but the company will not receive new funds. The shares will be sold by existing investors, including the DVC Partners fund that bought the business in 2019. Gens Aurea buys and sells gold through its European brands Orocash and Superefectivo. The metal has an annual turnover of more than 10 tons and revenues of €855 million.

- Shares of AI chip developer Cerebras, which competes with Nvidia,soared 68% in debut trading after its biggest IPO of the year. By the session's close, the securities were worth $311.07 at an offering price of $185. This is the strongest since 2000 jump in quotations on the first day of trading for listings over $4 billion, Bloomberg writes. According to the agency's calculations, as a result of the IPO, including all options capitalization of Cerebras reached $83 billion. Listing brought competitor Nvidia $5.5 billion - 60% more than the original plan. The deal was the largest ever for a U.S.-listed semiconductor company. As a result, two new billionaires were added to the market: co-founder and CEO Andrew Feldman received a fortune of $3.2 billion, co-founder Sean Lee - $1.6 billion, and the value of OpenAI CEO Sam Altman's share rose to $30 million.

- Shares of geothermal energy developer Fervo Energy, invested in by Google and former Microsoft CEO Bill Gates, jumped 35% on the day of its Wall Street debut. The company offered 70 million shares, about 26% more than it had originally planned, at $27 apiece - above its already increased price range. Fervo Energy's capitalization at IPO was about $8 billion. By the end of 2026, the company aims to launch the 500-megawatt Cape Station power plant in Utah, expandable to 2 gigawatts, equal in capacity to two standard nuclear units. Although geothermal power still accounts for a small share of global generation, Fervo's borrowed technology from the oil and gas industry promises to reduce costs and expand geographically.

- Quotes of EagleRock Land, the owner of hydrocarbon blocks in the Permian Basin, rose by 18% on the first day after its $320 mln IPO in the US. The company offered shares at $18.5 apiece, which is in the middle of its stated range. It makes money from leasing the fields and royalties from production. Chevron and ConocoPhillips, as well as Devon Energy and Diamondback Energy, are drilling on its lands. Listings in the U.S. oil industry have been rare until recently because of the environmental agenda in the stock market. That said, EagleRock decided to go public amid a spike in oil prices due to the Middle East conflict, Reuters notes. This has increased demand for U.S. assets untouched by the war, the agency writes.

- Uzbekistan National Investment Fund (UzNIF) has raised $604 million by offering 31% of its shares through a dual listing in London and Tashkent. This is the first London IPO in the country's history, opening access to Central Asia's second economy. The stock exchange valuation of the state fund amounted to $1.95 billion - with a 20% discount to the value of its net assets of $2.4 billion. At the debut trading in the capital of Great Britain quotations of UzNIF grew by 4%. Uzbekistan fund owns stakes from 25% to 40% in 13 companies. It is managed by the structure of the U.S. investment company Franklin Templeton.

- New York and California pension funds, among the largest in the U.S., have come out against SpaceX 's post-IPO ownership and governance structure, calling it "extreme." According to Reuters, the fund managers in a joint letter called on Elon Musk to move to a "one share, one vote" principle, separate the CEO and chairman positions, give up the right to block his own firing and eliminate mandatory out-of-court dispute resolution. They emphasize that the company's planned governance scheme will leave long-term shareholders without an independent board of directors and without the right to full judicial protection.

This article was AI-translated and verified by a human editor