Elon Musk's SpaceX is opening its doors to retail investors in an unprecedented way as it prepares for what could be the largest initial public offering in history. The target valuation is expected to exceed $2 trillion.
A Record-Shattering Valuation — Surpassing Saudi Aramco
SpaceX confidentially filed its IPO registration statement with the U.S. Securities and Exchange Commission (SEC) on April 1st. The initial target valuation stands at $1.75 trillion, and according to Bloomberg, the company presented a valuation of over $2 trillion in preliminary meetings with prospective investors. This would instantly surpass the previous all-time IPO record set by Saudi Aramco's $29 billion offering in 2019.
Five major banks — JPMorgan, Morgan Stanley, Bank of America, Citigroup, and Goldman Sachs — are serving as lead underwriters, with 16 additional banks handling institutional, retail, and international distribution channels. The roadshow is scheduled to kick off the week of June 8th.
The offering bundles SpaceX's core launch business and Starlink satellite internet division together with Musk's AI venture xAI. xAI was fully merged into SpaceX in February via an all-stock transaction, based on a combined private market valuation of $1.25 trillion as of 2026.
30% Retail Allocation — Breaking Wall Street Convention
The most striking feature of this IPO is the retail investor allocation. SpaceX CFO Brett Johnson has communicated to the underwriting banks that up to 30% of the total offering will be reserved for retail investors. Given that the typical retail allocation in an IPO is just 5–10%, this represents roughly three times the industry norm — a truly unconventional decision.
SpaceX plans to host a separate investor presentation for approximately 1,500 retail investors on June 11th, with eligible participants from the United States, United Kingdom, European Union, Australia, Canada, Japan, and South Korea. Global investment platform eToro has confirmed it will offer SpaceX share trading to its users on the day of listing. The company's intent appears to be building a long-term shareholder base rather than enabling short-term institutional flipping.
Analyst Day and the Rising Space Investment Theme
SpaceX announced plans to host an Analyst Day on April 21st, followed two days later by a site visit to xAI's Memphis, Tennessee data center, known as Macrohard. On the same day, Morgan Stanley analyst Adam Jonas unveiled the Space 60 Index, a benchmark covering the broader space industry. The index includes 60 publicly traded companies across seven sub-sectors spanning propulsion and fuel to satellite operators, with constituents including Rocket Lab, NVIDIA, Linde, and Honeywell.
In his research note, Jonas stated that "the convergence of scientific advancement, geopolitical dynamics, and economic tailwinds has driven investor interest in the space theme to its highest level since Morgan Stanley's Space team was established." The SpaceX IPO is widely seen as a catalyst that could elevate the broader space industry into a defining investment theme.
This article was compiled based on reporting from multiple international outlets including Reuters and Bloomberg.
