Intergalactic planetary
SpaceX’s Australian IPO prospectus reveals early local winners.
Good morning.
The Australian SpaceX IPO prospectus is here and now there’s a hype video. We’re gearing up for the largest IPO in history, as Elon Musk’s interplanetary play targets a USD1.75 trillion valuation ($2.52 trillion) with shares to be offered via CommSec and Macquarie Capital named Australian coordinator. So who’s already winning locally?
Law firm Gilbert + Tobin is in line for a $1.8 million payday for its legal advice. Mallesons is advising underwriters including Goldman Sachs, Morgan Stanley and JPMorgan, which have agreed to pay the firm $750,000 for advice. CommSec is set to gather up 0.2% of the shares it allocates. With Goldman Sachs anticipating SpaceX’s AI revenue to multiply 100 times by 2030, we’re headed for another dimension.
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Market movers
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Shares in Treasury Wine Estates rallied following an investor day presentation reaffirming the global wine distributor’s FY26 and FY27 earnings guidance and a continued focus on inventory levels across the US and China. The company projected FY26 earnings before interest and tax (EBIT) to be between $480 million to $490 million, while FY27 earnings are expected to be at least equivalent to FY26.
