SpaceX is moving forward with an insider share sale that values Elon Musk's rocket and satellite maker at about $800B, setting up what could be the largest initial public offering of all time, Bloomberg's Loren Grush and Edward Ludlow report. In a company message seen by Bloomberg on Friday, SpaceX said it's preparing for a possible public offering in 2026 that would be aimed at funding an "insane flight rate" for its developmental Starship rocket, artificial intelligence data centers in space and a base on the moon.

LATEST IPOS AND DIRECT LISTINGS:

Wealthfront (WLTH) opened on December 12 at $14. The company, which operates a tech-driven financial platform with a suite of products, including cash management, investing, borrowing, and financial planning solutions, priced 34.615M shares at $14.00. The offering consists of 21,468,038 shares of common stock being offered by Wealthfront and 13,147,346 shares of common stock being offered by existing stockholders.
Lumexa Imaging (LMRI) opened on December 11 at $18.65. The provider of diagnostic imaging services priced 25M shares at $18.50.
Cardinal Infrastructure (CDNL) opened on December 10 at $23. The infrastructure services company headquartered in Raleigh, North Carolina, priced its initial public offering of 11.5M shares of its Class A Common Stock at a public offering price of $21.00 per share, at the midpoint of the $20.00-$22.00 target range.
JM Group (JMG) opened on December 10 at $4.50. The Hong Kong-headquartered sourcing and wholesale solutions provider for an array of consumer products priced its initial public offering of 3.75M ordinary shares at a public offering price of $4 per share. The deal priced at the low end of the $4.00-$5.00 target range.

RECENT SPAC IPOS:

Twelve Seas Investment III (TWLV) opened on December 12 at $10. The blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses may pursue an initial business combination target in any industry or geographical location, but intends to focus its search on global companies located outside the United States, with an emphasis on established profitable enterprises in oil and gas and other sectors which it believes are proven.
ITHAX Acquisition III (ITHA) opened on December 12 at $9.98. While the blank check company may pursue an initial business combination target in any industry, it currently intends to concentrate its search for a target business operating in the asset management, leisure, hospitality, catering, travel, entertainment, gaming, lifestyle and related services sectors, driven by next-generation technologies including AI and digital assets.
Karbon Capital (KBON) opened on December 11 at $10.07. The blank check company intends to concentrate on investments in power generation, energy infrastructure and energy technology and security sectors and "seek to create significant value for its shareholders through both organic and inorganic growth strategies to further accelerate a target's penetration into its addressable markets," it stated.
Bluerock Acquisition (BLRK) opened 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.
Meshflow Acquisition (MESH) opened on December 10 at $10.05. The blank check company may pursue an initial business combination in any industry, sector or geographic region, but expects to target opportunities and companies that are operating at the infrastructure layer of the blockchain and digital asset ecosystem. "This includes crypto infrastructure platforms, decentralized coordination tools, Web3 middleware, asset tokenization rails, and other foundational protocols of decentralized economies," Meshflow stated.
Daedalus Special Acquisition (DSAC) opened on December 9 at $10.04. While the blank check company's strategy allows for an initial business combination in any business or industry or at any stage of its corporate evolution, its primary focus is to "build a diversified portfolio of profitable AI-powered consumer apps," it has stated.

PERFORMANCE: Prices as of 11.15 am ET on Monday, December 15

Wealthfront – fractionally up at $14.20;
Lumexa Imaging – fractionally up at $18.55;
Cardinal Infrastructure – down more than 8% at $27.23;
JM Group – down about 3% at $4.80.

RECENT IPOS TO WATCH: Gloo (GLOO) and Central Bancompany (CBC) are already seeing coverage roll out as the quiet periods for banks that underwrote the companies' IPOs expire.

UPCOMING IPOS: Upcoming IPO and direct listings expected include Grayscale (GRAY), Klook (KLK), Speed Group (SPED), Medline (MDLN), and Lendbuzz (LBZZ).

Click here to see upcoming IPO calendar on TipRanks.

Grayscale Investments filed a prospectus for an initial public offering on the New York Stock Exchange under the ticker symbol "GRAY." Grayscale says it is the largest digital asset-focused investment platform in the world, with $35B in assets under management as of September 30. "Our mission is to make digital asset investing simple and open to every investor. Founded in 2013, we have pioneered regulated access to the digital asset class. Our platform spans the full spectrum of institutional-grade solutions, providing investors with the broadest and most diverse suite of digital asset-focused investment products in the United States based on number of products," the company added.
Klook Technology, which identifies itself as "the largest pan-regional experiences platform in Asia-Pacific" by gross transaction volume in 2024, announced that it has filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of American Depositary Shares representing its ordinary shares. The company has applied to list the ADSs on the New York Stock Exchange under the ticker symbol "KLK". The number of ADSs to be offered and the price range for the proposed offering have not yet been determined.
Speed Group filed a prospectus for 2.5M share initial public offering. It expects the IPO price to be in the range of $4.00 to $5.00 per. The company's operating subsidiary, Speed Logistics, is an e-commerce logistics provider providing end-to-end logistics solution in Hong Kong, Europe and North America. The services include warehousing, customs clearance, air transportation, and final delivery from the European airports. For the years ended June 30, 2024 and 2025, Speed's revenues were $17.9M and $22.64M, respectively.
Medline filed a prospectus for an initial public offering on the Nasdaq under the symbol "MDLN." Goldman Sachs, Morgan Stanley, BofA and JPMorgan are acting as the bookrunning managers. Medline calls itself the largest provider of medical-surgical products and supply chain solutions based on total net sales.
Lendbuzz Inc. is offering an undetermined number of shares of its common stock and the selling stockholders identified in this prospectus are offering additional shares of common stock, according to an initial public offering prospectus filed with the SEC. The company has applied to list its common stock on the Nasdaq Global Select Market under the symbol "LBZZ." The prospectus states: "Our mission is to offer fair access to credit for underserved populations. We are a financial technology company that utilizes artificial intelligence, or AI, and machine learning algorithms to better assess consumer credit risk and expand access to credit. We seamlessly process large sets of data through advanced computational approaches to more accurately predict a consumer's creditworthiness. Our business benefits both consumers through expanded access to credit, and auto dealerships via increased vehicle sales."

Opening Day" is The Fly's recurring series of stories on the latest initial public offerings, their performance, and upcoming IPOs.

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