Elon Musk’s SpaceX is reportedly set to list on Nasdaq on June 12, raising approximately $75 billion in funding, with an implied valuation of around $1.75 trillion. If accurate, this would rank as one of the largest initial public offerings globally and propel the rocket and satellite internet company into the core group of U.S. tech stocks.
The article states that SpaceX’s offering pricing was completed on June 11, with trading set to begin the following day. According to the article, the company’s projected annual revenue is approximately $20 billion. In addition to its rocket launch business, Starlink has over 9 million subscribers. The report also mentions that after integration is completed in 2026, SpaceX will hold assets from xAI.
Funding size and valuation are of concern.
The report cites a fundraising amount of $75 billion, significantly exceeding Saudi Aramco’s approximately $25.6 billion IPO in 2019. If finalized, SpaceX will set a new global record for IPO fundraising.
At a price of $135 per share, this offering primarily draws market attention to two key metrics: whether the massive capital raise can be successfully absorbed, and how the secondary market price will perform following the open at such a high valuation.
- Planned fundraising amount: $75 billion
- Estimated valuation: $1.75 trillion
- The offering price stated in the text: $135 per share
Higher retail allocation ratio
The report states that SpaceX plans to allocate approximately 30% of its offering to retail investors, amounting to about $22.5 billion. This percentage exceeds the typical retail allocation in conventional IPOs. The article cites Chief Financial Officer Bret Johnsen, saying this could become one of the largest retail participation events in IPO market history.
The platforms listed in the article are primarily geared toward the U.S. market, including Fidelity, Robinhood, SoFi, and Charles Schwab. The report also cites Polymarket’s estimate that this listing could create approximately 4,000 new millionaires, benefiting executives, engineers, and long-term employee shareholders.
Indian investors primarily participate through the secondary market.
For Indian investors, the article states that they cannot directly participate in the IPO subscription. Reasons include India not being on the list of eligible jurisdictions for this direct retail allocation, local brokers not being part of the underwriting syndicate, and India’s current securities regulations not permitting local platforms to facilitate subscriptions to overseas IPOs without special approval.
However, several compliant pathways remain available after the listing. The article mentions a more direct approach: using the Reserve Bank of India’s liberalized remittance scheme to transfer funds overseas to purchase shares on secondary markets, though the purchase price will be the post-listing secondary market price, not the $135 offering price.
Additionally, investors can gain exposure indirectly through global connectivity funds, potential future aerospace ETFs that may include SpaceX, or by holding related assets such as Tesla.
Expectations for the inclusion of the Nasdaq-100 will become the next focus.
The article also mentions that SpaceX could be added to the Nasdaq-100 Index within 15 days of its listing. If this occurs, passive funds tracking indices such as QQQ could generate approximately $22 billion to $27 billion in mechanical buying pressure.
This means that, in addition to the IPO pricing itself, the pace of index inclusion in the weeks following the listing will also be a key timing point for institutional capital.