SpaceX targets record IPO with huge retail allocation and June roadshow

Elon Musk’s SpaceX is preparing for what could become the largest initial public offering (IPO) in history, with a potential valuation of up to $1.75 trillion and a fundraising target of $75 billion. The company has submitted a draft registration with the U.S. Securities and Exchange Commission (SEC) and is targeting a June listing. If successful, the offering would surpass Saudi Aramco’s 2019 IPO, which raised $29 billion.

A key feature of the IPO is the unusually large allocation to retail investors, with Musk reportedly planning to reserve up to 30% of the offering for individual investors—roughly three times the standard allocation. This approach aims to foster long-term ownership and stabilize the stock post-listing. SpaceX’s CFO, Bret Johnsen, has shared the proposal with investment banks, and major Wall Street firms, including Bank of America, Goldman Sachs, JPMorgan Chase, and Morgan Stanley, are involved in the underwriting process.

The valuation is largely driven by SpaceX’s Starlink satellite broadband service, which ended 2025 with 9.2 million subscribers and over $10 billion in revenue. Analysts project Starlink’s revenue could reach $24 billion by the end of 2026. Additionally, SpaceX’s recent all-stock acquisition of xAI, Musk’s artificial intelligence venture, has increased the combined entity’s valuation to $1.25 trillion.

The IPO is expected to serve as a barometer for investor sentiment in the technology and AI sectors. Analysts note that the offering could test whether the market is willing to support high valuations for tech companies amid broader economic uncertainties. SpaceX’s decision to allocate a significant portion of shares to retail investors reflects confidence in the loyalty of its fan base and the potential for strong demand.

The company is also considering a dual-class share structure to maintain insider voting control. A formal prospectus is expected to be filed with the SEC in April or early May, with a 15-day waiting period before investor marketing can begin. The IPO is anticipated to be one of the most closely watched financial events of the year, with implications for both the tech sector and broader market dynamics.