Elon Musk’s SpaceX is due to fly a Falcon 9 rocket later today from Cape Canaveral, sending 29 Starlink satellites into low-Earth orbit.

The launch comes just weeks before the company’s IPO roadshow is expected to open, with bettors pricing in what may become the largest public offering in history.

Liftoff for the Starlink 10-38 mission is targeted for 1:35 p.m. ET, with a backup window stretching until 5:33 p.m. The Falcon 9 booster will land on the drone ship A Shortfall of Gravitas hundreds of miles downrange.

Inside “Project Apex”

SpaceX held a three-day analyst meeting last week as part of preparations for the offering, which Reuters has reported is internally codenamed Project Apex.

Morgan Stanley, Goldman Sachs, Bank of America, Citi and JPMorgan are leading the deal as active bookrunners, with a $75 billion raise targeted at a $1.75 trillion valuation and roughly 30% allocated to retail investors.

Reuters reported on April 29 that Musk’s pay package would award 200 million super-voting shares if SpaceX reaches a market value of $7.5 trillion and establishes a Mars colony of at least 1 million people.

SpaceX has also leaned into AI ahead of the IPO, taking a $60 billion Cursor option on April 21 alongside its February xAI merger.

SpaceX is also preparing to fly Starship Flight 12, the maiden test of its next-generation Starship V3 rocket.

Starship is the rocket SpaceX needs to launch its next-generation Starlink satellites, which are too large for Falcon 9. NASA is also relying on it to put astronauts on the Moon.

The rocket has been grounded since October. Polymarket traders give the test a 57% chance of happening by May 31.

Polymarket Previews The Deal

On Polymarket, traders give a 65% chance the IPO lands in June and an 88% chance it ends up the largest public offering of 2026.

The closing market cap market puts the heaviest weight on the $1.5 trillion to $2 trillion bracket at 37%, with the $2 trillion to $2.5 trillion bracket next at 30%.

SpaceX is targeting a trading debut around Musk’s June 28 birthday.

The IPO will use a dual-class share structure that preserves Musk’s voting control. Tesla (NASDAQ:TSLA) is the closest public proxy on the Musk trade until SpaceX prices.

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