SpaceX IPO Tests Retail Appetite With a Record $75B Raise

The SpaceX IPO, the company’s first sale of stock to public investors, is set up as a $75 billion public offering at an expected $135 a share, with new Class A stock, a global retail push and the planned Nasdaq ticker SPCX. In its initial public offering launch announcement, the company said its U.S. Securities and Exchange Commission registration statement has been filed but has not yet become effective.

For European investors, the sale carries a separate retail path in selected markets. The approved prospectus covers a fixed European retail tranche, a higher order ceiling than the expected U.S. price, and a final price that will match the U.S. deal.

The Offer Starts at a Size No IPO Has Carried

The arithmetic sits in the filing, not in market chatter. The June 3 S-1/A filing detail lists the amended registration statement for Space Exploration Technologies Corp., and the roadshow material describes a fully primary base offering. That means the sale raises money for the issuer after underwriting costs and offering expenses.

• $75 billion is the expected base raise from 555,555,555 shares at $135 each, before fees.
• $85.7 billion is the approximate net proceeds figure in the European prospectus if underwriters use the extra-share option in full.
• $29.4 billion was Saudi Aramco’s total 2019 offering size after its over-allotment option was exercised.

The Aramco comparison comes from the company’s post-stabilisation and over-allotment announcement. Dividing the planned base raise by Aramco’s final size gives roughly 2.55. The gap widens further if the SpaceX underwriters buy their full option of additional shares.

Europe Gets a Retail Tranche With a Ceiling

The European route is where the deal starts to look different from the usual U.S.-centered mega-IPO. The European retail prospectus approved by Bafin, Germany’s Federal Financial Supervisory Authority, sets out who can buy through public channels and how the order price works.

The European maximum functions as an order ceiling. The final public offering price in Europe will equal the final U.S. IPO price, according to the prospectus. The company also reserves the right, after consultation with the underwriting representatives, to change the number of offered shares, alter the maximum public offering price, or extend or shorten the offer period.

Retail Buyers Get Access Before They Get Certainty

U.S. broker pages show how the retail channel is being opened. Fidelity’s SpaceX IPO FAQ says customers can participate with as little as $2,000 in a retail brokerage account because the issuer has reserved up to 30% of the offering for retail investors. Fidelity says ordinary IPOs often offer retail customers only 5% to 10% of the total offering.

• Eligibility – Fidelity requires a retail brokerage account with $2,000 or more for this offering.
• Order size – Customers can submit an indication of interest for as little as one share and in one-share increments.
• Allocation – Fidelity says demand may exceed the supply it receives and that a lottery may be used.
• Flipping rules – A sale within 15 calendar days can restrict future IPO access through Fidelity, with harsher limits after repeated flips.

Robinhood’s SPCX offering page lists the same $135 expected price and says public trading is expected on June 12, 2026. Allocation size and final price arrive near pricing, after investors have submitted interest through broker channels.

Voting Power Stays in the Class B Stock

Public buyers are being offered Class A common stock. The prospectus says each Class A share carries one vote, while each Class B share carries 10 votes and gives its holders the right to elect a majority of the board while Class B stock remains outstanding.

After the base shares are sold, Class A holders will have 11.5% of the combined voting power of the outstanding common stock. Class B holders will have 88.5%. The same prospectus says Elon Musk, the company’s chief executive, chief technical officer and chairman, will hold about 83.6% of the voting power immediately after the offering, assuming all base shares are sold at $135 and the underwriters do not use their option for additional shares.

That structure gives public investors exposure to the company’s share price while keeping corporate control concentrated. The prospectus also says the company does not anticipate declaring or paying cash dividends on common stock in the foreseeable future, with earnings expected to be retained to finance growth.

The Business Mix Goes Beyond Rockets

The financials put numbers beside a company that private markets had valued for years with limited public disclosure. The prospectus lists 2025 revenue at $18.674 billion, up 33.2% from 2024. It also lists a 2025 net loss of $4.937 billion. In the first quarter of 2026, revenue was $4.694 billion and net loss was $4.276 billion.

Starlink is the commercial base behind much of the pitch. As of March 31, 2026, the company reported about 10.3 million Starlink subscribers across 164 countries, territories and other markets. It also reported about 9,600 Starlink broadband and mobile satellites in low Earth orbit (LEO, the orbital region relatively close to Earth), plus satellite-to-mobile texting and voice services reaching about 7.4 million monthly unique devices across around 30 countries.

The proceeds section says money from the offering may fund artificial intelligence (AI, software and computing systems that perform tasks associated with human reasoning), launch infrastructure, launch vehicles, satellite constellations, general corporate purposes and possibly part of a bridge-loan refinancing. That links the IPO to earlier coverage of Google and SpaceX orbital AI data centers and the site’s look at the SpaceX and xAI merger.

The Valuation Leaves Little Room for Delay

The prospectus gives investors a long list of projects that still need capital and execution. It says in-orbit refueling of Starship is essential to lunar, Mars, asteroid-mining and other deep-space ambitions, and that the company has not yet demonstrated or attempted it. It also says orbital AI compute may require capital spending over years before related products and services become profitable.

The same filings set a compressed calendar. Final price and allocation details are expected on or about June 11, 2026. Trading in Class A shares on Nasdaq is expected to begin on or about June 12, 2026. Payment to the company against delivery of shares to underwriters is expected on or about June 15, 2026, with onward delivery to investors after that.

The remaining gate is regulatory. Until the SEC registration statement becomes effective, the securities cannot be sold and offers to buy may be withdrawn or revoked without obligation before acceptance after effectiveness.

Disclaimer: This article is for informational purposes only and is not investment advice. Public offerings involve risk, including allocation risk, dilution, volatility and possible loss of principal. Readers should consult a qualified financial adviser before acting. Figures are accurate as of publication on June 9, 2026.