Mallesons has advised the global underwriting syndicate on the Australian aspects of SpaceX’s proposed initial public offering, which has become the largest stock market debut in history.
The listing has brought one of the world’s most valuable private companies to public markets, giving Australian investors direct exposure to a business spanning launch service, satellite broadband and artificial intelligence.
The IPO has been conducted as a US-led global offering, with Australia selected as one of a limited number of jurisdictions in which shares are being offered, reflecting the strength and credibility of Australia’s capital markets.
Mallesons acted for all 23 underwriters, including leading global investment banks Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan, alongside a broader group of international institutions responsible for underwriting and distributing the offer globally.
A distinctive feature of the Australian offer is the use of a US prospectus supplemented for Australian investors. Mallesons advised the underwriters on the adaptation of the US prospectus for Australian use, including addressing additional disclosure requirements under the Corporations Act and supporting the execution of the Australian retail offer, working alongside Gilbert + Tobin, which acted as Australian legal adviser to SpaceX.
Macquarie Capital Limited is acting as Australian Co-ordinator and CommSec is acting as Lead Australian Retail Broker for the Australian offer.
The Mallesons team was led by M&A Partners David Friedlander and Jack Hill, supported by Partners Judith Taylor, Joe Muraca and Mark McFarlane, Senior Associate Mitchell Fairbairn and Solicitors Sean See and Bella Kidman.
Mallesons’ role on the transaction reflects the firm’s market-leading equity capital markets, space and satellite capability, with deep expertise advising on complex cross-border transactions, regulatory regimes and commercialisation across the full space-asset lifecycle.
Commenting on the transaction, Jack Hill said:
“This is a significant cross-border capital markets transaction involving a US issuer, a global underwriting syndicate and an Australian retail offer structure. It highlights the increasing integration of global capital markets and the need to seamlessly align international and domestic disclosure regimes.”
David Friedlander added:
“Against a backdrop of increasing focus on both public and private markets, this transaction highlights the strength and sophistication of Australia’s capital markets framework. It demonstrates Australia’s ability to facilitate participation in landmark global offerings and reinforces its position as a strategically important jurisdiction for international issuers and investors.”
The offering raised approximately US$75 billion, with SpaceX listing on Nasdaq under the ticker ‘SPCX’ and shares commencing trading on 12 June.
