New Delhi, June 4 -- SpaceX shares will be offered at $135, raising $75 billion by selling 555,555,555 shares, valuing Elon Musk's AI-rocket company at $1.75 trillion.

Those are the initial terms set out by the company and its bankers. There is still a lot to do over the next few days, though, before SpaceX starts trading, likely on June 12.

The IPO roadshow starts Thursday. Now, bankers can begin taking indications of interest and orders from their clients. Those institutional orders will get funneled through S&P Global's Equity Bookbuild platform.

Equity Bookbuild is part of the market infrastructure that receives little attention. It's like the table where the banking syndicate sits to review order flow and decide on IPO pricing and...