Senator Warren asks SEC to delay SpaceX IPO

Senator Elizabeth Warren has formally requested the Securities and Exchange Commission to postpone SpaceX's planned initial public offering, scheduled to begin trading on June 12. The request, delivered to SEC Chairman Paul Atkins on June 10, adds a layer of political scrutiny to what is poised to be the largest public listing in U.S. history. SpaceX aims to raise approximately $75 billion by offering 555 million Class A shares priced at $135, targeting a valuation between $1.75 trillion and $2 trillion.

Warren's letter outlines several concerns, arguing the IPO structure disproportionately risks retail investors and pension funds while primarily benefiting executives and early backers. She focused on corporate governance, highlighting Elon Musk's concentrated voting power, a dual-class stock structure, forced arbitration requirements, and restrictions on shareholder proposals. The senator also questioned the valuation, citing market analysts who characterize the price tag as disconnected from financial reality. SpaceX's target valuation represents a price-to-sales ratio of roughly 103 based on trailing revenue of approximately $19 billion, a figure significantly higher than...