Requesting shares doesn't guarantee you'll receive them.
This week, a company that has spent two decades quietly reshaping humanity's relationship with the cosmos is inviting ordinary people to become its partial owners. SpaceX's decision to raise $75 billion through a public offering — reserving an unusual 30 percent for retail investors — is less a financial transaction than a cultural threshold: the moment a private dream of interplanetary civilization becomes a publicly traded asset. Whether the price reflects the company's true worth or the intoxication of the moment is the question every prospective shareholder must sit with.
- SpaceX is preparing to raise $75 billion — nearly triple the largest IPO in history — at $135 per share, with trading set to begin Friday on the Nasdaq under the ticker SPCX.
- The offering would value SpaceX higher than Tesla, Meta, and Berkshire Hathaway combined, a figure that has analysts debating whether ambition has outrun arithmetic.
- In a rare departure from Wall Street norms, up to 30 percent of shares are reserved for retail investors through Schwab, E*TRADE, Fidelity, Robinhood, and SoFi — though eligibility varies and allocation is not guaranteed.
- Historical data shows new public companies gain an average of 19 percent on day one, but Morningstar and other analysts are warning that SpaceX may be significantly overvalued at its offering price.
- The stock may eventually enter index-based ETFs, meaning millions of Americans could gain exposure through their retirement accounts without ever actively choosing to invest.
SpaceX is going public this week in a manner that breaks from convention in two ways: the sheer scale of the offering and its unusual generosity toward ordinary investors. The company is seeking to raise $75 billion — nearly three times what Saudi Aramco collected in the largest IPO ever recorded — with shares priced at $135 and trading set to open Friday on the Nasdaq under SPCX. Rather than directing the entire offering to institutional players, SpaceX is reserving up to 30 percent for retail buyers, roughly three times the typical allocation.
The valuation implied by the offering is difficult to hold in the mind all at once. SpaceX would enter the public markets worth more than Tesla, Meta, and Berkshire Hathaway combined — three of the most recognized corporate names on earth. Elon Musk, employees, and existing private investors will retain primary control, but the door is now open to anyone with a brokerage account.
Five brokerages are handling retail access: Charles Schwab, E*TRADE, Fidelity, Robinhood, and SoFi. Requirements vary — Schwab asks for a minimum liquid net worth of $100,000, Fidelity requires $2,000 in an account, while the others have no minimums. Investors can request a specific number of shares, but demand may exceed supply, meaning allocations could fall short of what was requested. Once trading begins, shares will be available to anyone on the open market, and the stock may eventually find its way into index ETFs and 401(k)s.
The temptation is real: research spanning more than 9,200 IPOs shows average first-day gains of around 19 percent. But seasoned analysts are urging patience. Renaissance Capital's Matthew Kennedy recommends watching how the stock behaves before committing capital, and Morningstar has argued the company looks significantly overvalued at its offering price. The $135 target could shift before trading begins, and the true measure of SpaceX's public worth will only emerge once the opening-day excitement gives way to the steadier judgment of the open market.
SpaceX is opening its doors to the public this week, and the company is doing something unusual: it's saving a meaningful slice of the offering for ordinary investors. The rocket maker is preparing to raise $75 billion—nearly three times what Saudi Aramco pulled in during the largest IPO on record—and it's reserving as much as 30 percent of those shares for retail buyers rather than hoarding them all for institutions and insiders. Shares are scheduled to price Thursday at $135 each, then begin trading Friday on the Nasdaq under the ticker SPCX.
The scale of this offering is staggering. If successful, SpaceX will enter the public markets with a valuation that dwarfs some of the world's most established corporations. Tesla, the electric vehicle company also led by CEO Elon Musk, carries a market value of $1.5 trillion. Meta Platforms is worth $1.4 trillion. Warren Buffett's Berkshire Hathaway sits at $1.04 trillion. SpaceX's expected valuation would exceed all three combined. The company itself will remain primarily controlled by Musk, employees, and existing private investors, but the decision to allocate roughly three times the typical share of an IPO to retail investors marks a departure from how these offerings usually work.
For someone wanting to buy in at the offering price, the path is straightforward but not unlimited. Five major brokerages are handling retail access: Charles Schwab, E*TRADE, Fidelity, Robinhood, and SoFi. Each has different eligibility requirements. Schwab requires a minimum liquid net worth of $100,000. Fidelity wants at least $2,000 in a retail brokerage account. E*TRADE, Robinhood, and SoFi have no account minimums. The process involves setting up an investor profile, confirming eligibility, and requesting a specific number of shares. But here's the catch: requesting shares doesn't guarantee you'll receive them. If you ask for 100 shares, you might get 100, or you might get far fewer, depending on how many are actually available when the allocation happens.
SpaceX is making 555,555,555 class A common shares available to the public—about 4.25 percent of the company's total stock. The remaining 70 percent of the IPO allocation goes to large institutional investors like hedge funds and mutual fund managers. After the stock begins trading publicly, anyone with a brokerage account can buy shares on the open market. Over time, SpaceX stock may also find its way into index-based exchange-traded funds, meaning Americans could gain exposure to the company through their 401(k)s without actively choosing to buy it.
Historically, newly public companies deliver strong first-day returns. Research analyzing more than 9,200 IPOs from 1980 to 2024 shows the average gain on day one is about 19 percent. That potential payoff is tempting. But experts are urging caution. Matthew Kennedy, a senior market strategist at Renaissance Capital, suggests waiting to see how SpaceX trades before committing money. IPO shares can be volatile in the days immediately following their debut. Morningstar, the investment research firm, has gone further, arguing that SpaceX appears significantly overvalued and that investors will likely find better entry points once the initial trading frenzy settles. The company's price could shift before trading begins—it might go up or down from the $135 target—and the real test will come when ordinary investors and institutions begin buying and selling in the open market.
Citas Notables
If you ask for 100 shares, maybe you'll get 100. More likely you'll probably only get a fraction of the shares that you asked for.— Jay Ritter, Director of The IPO Initiative at the University of Florida
SpaceX has been significantly overvalued and investors will have a chance to buy stock at more attractive levels after the IPO.— Morningstar investment research firm
La Conversación del Hearth Otra perspectiva de la historia
Why is SpaceX setting aside so much of this IPO for retail investors when most companies don't?
It's partly a signal of confidence and partly pragmatic. Elon Musk and the company want to build a broad base of public shareholders. There's also the reality that demand from retail investors has become enormous—they have more access to trading platforms than ever before. Setting aside 30 percent instead of the usual 10 percent or so acknowledges that appetite.
But if I request 100 shares, why might I only get a fraction?
Supply and demand. If millions of retail investors are all requesting shares at the same time, and only a certain number are available, the brokerages have to ration them. It's first-come, first-served in some cases, or they might allocate proportionally. You might get 30 shares instead of 100.
Is the $135 price final?
No. That's the expected price, but SpaceX can move it up or down before trading actually begins. It depends on how much demand they see from institutional investors and what the market conditions look like.
What's the real risk here?
Overvaluation. Morningstar thinks the company is priced too high right now. You might buy at $135 and see the stock drop once the initial excitement wears off. The 19 percent average first-day gain is tempting, but that's an average—plenty of IPOs don't deliver that.
So waiting is smarter?
For most investors, probably. You'll have a clearer picture of how the market actually values SpaceX after a few days of trading. You might pay a bit more per share, but you'll be making a more informed decision.
Could I end up owning SpaceX stock without choosing to?
Yes. Once it's public and added to major index funds, your 401(k) or other retirement accounts might automatically include it. You'd own a piece without actively buying it.