BlockBeats report: On May 21, SpaceX officially filed its S-1 prospectus with the U.S. Securities and Exchange Commission (SEC), planning to list on Nasdaq under the ticker symbol "SPCX." This IPO is expected to raise approximately $75 billion, with a target valuation of up to $1.75 trillion, making it the largest stock offering in history.
According to the timeline disclosed in the prospectus, SpaceX will launch its investor roadshow during the week of June 8, host a retail investor event on June 11, complete pricing on the same day, and begin trading on Nasdaq on June 12. The standout feature of this IPO is the significantly increased allocation for retail investors. SpaceX’s Chief Financial Officer, Bret Johnsen, explicitly stated that retail investors will be a “key part” of this IPO, with their share exceeding that of any previous offering. Retail investors may receive up to 30% of the new shares—three to six times the industry standard of 5%–10%. Retail investors can participate through brokerages such as Charles Schwab, Fidelity, Robinhood, and SoFi, with Morgan Stanley’s E*TRADE platform also offering retail access. Additionally, SpaceX may eliminate the typical six-month lock-up period for retail investors, allowing shares to be traded freely on the first day of listing. Investors outside the U.S., including those in the UK, EU, Australia, Canada, Japan, and South Korea, will also have the opportunity to participate.
Notably, SpaceX warned in its prospectus that it expects significant retail demand, which could exacerbate post-listing stock price volatility. Analysts suggest that, due to extremely limited retail allocations at the IPO price, most retail investors are expected to purchase shares on the secondary market after trading opens on June 12. On the risk side, despite strong business growth—with 2025 revenue reaching $18.67 billion, Starlink surpassing 10 million users, and a quarterly profit of $1.19 billion—the company remains overall unprofitable, reporting a net loss of $4.9 billion in 2025 and negative free cash flow.
Additionally, Musk retains 85.1% of voting control through super-voting shares, leaving SPCX shareholders with little to no say in major decisions. A valuation of up to $1.75 trillion equates to 58 to 65 times the expected revenue for 2026, indicating that the market is already pricing in flawless execution—any shortfall could trigger a significant valuation correction.