ByTy Roush,
Forbes Staff.
Ty Roush is a breaking news reporter based in New York City.
Topline
A much-anticipated stock debut for SpaceX is expected to offer retail investors unusually broad access, but some analysts have warned that early exposure to Elon Musk’s aerospace firm will ly be risky.
Elon Musk’s firm said it would offer s at $135 each.
AFP via Getty Images
Key Facts
SpaceX disclosed to the Securities and Exchange Commission that it would offer 555.6 million s at an IPO price of $135 per to raise a record-setting $75 billion, and the company is reportedly considering allocating as much as 30% of the offering to individual investors.
That would value SpaceX at about $1.77 trillion, ranking ahead of Saudi Aramco’s record valuation of $1.7 trillion in 2019, with trading expected to begin on June 12.
The final IPO price will be set on June 11 and could shift based on investor demand and other market conditions, according to SpaceX.
here’s where traders can invest in spacex’s ipo
In its SEC filing, SpaceX said allocated s for retail investors would be made available through Charles Schwab, Fidelity, Robinhood, SoFi Technologies and Morgan Stanley’s E*Trade. Fidelity, which has historically required a minimum of $100,000 in brokerage accounts to invest in an IPO, lowered its minimum to just $2,000. Fidelity noted demand will ly be “significant” and said customers can alert the brokerage of interest in purchasing a minimum of a single , up to a maximum of 1 million. Schwab requires a brokerage account balance of at least $100,000, while neither Robinhood, SoFi nor E*Trade states a minimum amount is required. It’s not immediately clear how many s will be distributed across each. Fidelity said it would not consider the size of an investor’s indication of interest when allocating IPO s, only that investors won’t receive more s than they request. SoFi and Robinhood said stock allocations may be disallowed or limited for customers who participated in earlier IPOs and sold s within 30 days of the offering.
these analysts warn against early spacex trading
Morningstar analysts, in a Monday note, wrote that SpaceX is “significantly overvalued” and argued investors could buy the stock at “more attractive levels” ing its IPO. The analysts said most of SpaceX’s market value relies on its success in developing technologies they claimed are “novel and untested,” with SpaceX ly incurring “significant” spending costs over several years. Truist analysts warned of potential volatility with SpaceX, citing the stock’s exposure as a “key factor” for its early trading period. “Big Short” investor Michael Burry, in a Substack post over the weekend, wrote that there was “nothing” in SpaceX’s IPO filing to suggest the company is worth $1 trillion, “let alone $2 trillion.” Other analysts have expressed concerns about volatility surrounding SpaceX’s stock listing, including PitchBook’s Franco Granda, who wrote in March that s may trade similarly to Tesla “on steroids” (Musk-led Tesla is notoriously volatile among mega-cap stocks). Jay Ritter, a finance professor at the University of Florida, told Forbes that SpaceX’s stock will ly be influenced by the “Elon Musk effect,” which will ly boost demand for the IPO while adding long-term volatility tied to Musk. Long-term trading in SpaceX could also come with additional risks, Ritter said, noting there was “substantial downside potential” in part because Musk will have substantially more voting power than other holders.
how well have other ipos performed?
IPOs have been volatile in recent years, and debuts last year underperformed the S&P 500, gaining 13.9% over the year compared to the index’s 16% growth, according to FactSet data. Companies listing this year through April raised the most through sales since Q1 2021, Reuters reported. Morgan Stanley wrote that after the IPO market was marred by market volatility and higher interest rates in recent years, it’s expected to build throughout 2026 amid broader investor engagement.
spacex’s heavy reliance on starlink
SpaceX, in its S-1 filing last month, disclosed a net loss of $4.28 billion through its latest quarter after losing $4.94 billion in 2025. A majority of SpaceX’s business was generated through Starlink, its satellite internet, which accounted for 69% of its first-quarter revenue. Connectivity, which includes SpaceX’s Starlink business, was the only profitable part of the company after its space unit lost $619 million and its AI arm shed $2.5 billion
big number
9,365%. That’s how much larger SpaceX’s projected valuation of $1.77 trillion is than its 2025 revenue. In comparison, Lineage, the largest IPO by market valuation in 2024 ($18 billion), had a valuation roughly 240% larger than its revenue. Medline, the largest IPO by market valuation in 2025 ($55 billion), completed its debut with a market value about 116% larger than its revenue.
could spacex merge with tesla?
Musk reportedly held internal discussions about the possibility of combining his SpaceX and Tesla, CNBC reported. Some analysts have speculated a future tie-up between the two firms for months: WedBush Securities analyst Dan Ives said his firm placed odds of 80% or higher for Tesla and SpaceX merging in 2027, writing a note that the “groundwork is already in place for both operations to become one organization.” Ives said Musk’s goal of controlling more of the AI market would make a potential merger his “holy grail.” Gerber Kawasaki Wealth & Investment Management CEO Ross Gerber argued SpaceX will ly take control of Tesla rather than the two combining as equals, with Musk’s signature firms being folded into “one ball of Elon.” Betting markets also favor a merger, with Kalshi placing odds of 52% of a tie-up before May 1, 2027, and Polymarket placing odds of 41% before the end of the year.
elon musk: The world’s first trillionaire?
An IPO of $135 per would make Musk the world’s first trillionaire, rising from his $823.3 billion estimated net worth as of Thursday, according to Forbes’ estimates. The world’s richest person owns 4.8 million s of SpaceX, or a roughly 42% stake, plus 350 million stock options with an exercise price of $8.39 per . Those combined assets would be worth about $688 million if SpaceX were to open on its projected IPO.
further reading
ForbesSpaceX Could Face ‘Musk Effect’ With Major Risks After IPO, Analyst WarnsBy Ty RoushForbesSpaceX’s Reported IPO Price Would Make Elon Musk The World’s First TrillionaireBy Matt Durot
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