NEW YORK, June 8, 2026, 04:15 (EDT)
SpaceX hasn’t started trading publicly yet, but demand is already strong for access to shares. Brokers and platforms offering tokenized equity are already courting retail buyers ahead of Space Exploration Technologies Corp.’s planned Nasdaq listing under the SPCX ticker on June 12. There’s still no public quote.
$135 a share is the working number, not the market price. In its Canadian preliminary prospectus, SpaceX said it planned to offer 555,555,555 Class A shares at $135 each, putting about $75 billion of stock up for sale. Reuters previously reported a $1.75 trillion target valuation for the company. An IPO—initial public offering—is when a company first sells stock to the public.
This is grabbing attention now. A company that stayed private for years is heading for a public listing while investor demand is already about twice the shares on offer, Reuters said, citing people familiar with the deal.
SpaceX is making an unusually large chunk of the deal available to retail. Reuters said up to 30% of the offer could go to individual investors. Fidelity dropped its IPO eligibility minimum to $2,000 from $500,000, Reuters reported. Robinhood, SoFi and E*Trade are showing up as retail channels on the deal.
Crypto exchanges keep looking to expand into new areas. Bybit said registration and subscription for its SpaceX IPO Express product are open from June 7 through June 11, and spot trading for allocated tokens is set to start June 12. The tokens give users exposure to the stock’s economics, but Bybit says these are not the actual shares—there are no voting rights, no dividends, and holders don’t own the underlying equity.
Kraken says it’s giving clients in eligible areas the chance to get exposure to xStocks ahead of the open-market listing, at the offering price plus a 5% spread. The company says these IPO xStocks offer price exposure rather than ownership, and they’re not open to clients in the U.S., UK, Canada, or Australia.
SpaceX’s pitch to investors goes past rockets. Its roadshow materials stress launches, Starlink satellite internet and talk up artificial intelligence plans, like space-based computing. Reuters said IPO funds are expected to help pay for AI computing and the satellite network.
Valuation sits at the center of the debate. Morningstar values SpaceX at $780 billion, which is far below where the company wants to price the IPO. “We don’t see Grok as one of the leading AI labs today,” Morningstar’s Nicolas Owens told Reuters. He said investors might get a better entry point post-IPO. Reuters
Some in the market point to the pricing method as a signal itself. Weiheng Chen, senior partner at Wilson Sonsini, told Reuters Musk was using a “take-it-or-leave-it” stance. Craig Coben, a former Bank of America capital-markets executive, said the most-anticipated IPO can put the onus on investors to accept its process. Reuters
Finding a direct public comp for SpaceX isn’t easy. Reuters points out there aren’t many clean peers, although Rocket Lab comes the closest on valuation. At the IPO asking price, SpaceX would come to 93.7 times 2025 revenue, while Rocket Lab trades at 118 times, according to Reuters. Elsewhere in IPO chatter, Anthropic and OpenAI aren’t in the space sector, but could end up fighting for the same group of growth investors if they enter markets.
Index demand can rival stock pick decisions. Nasdaq changed its listing rules, Reuters said, letting big new names like SpaceX get into the Nasdaq 100 more easily. S&P Global stuck to current rules, which keep SpaceX out of the S&P 500 for now since it’s not profitable. “Making exceptions because companies are so large and have been private so long yet are still not profitable, didn’t make a great deal of sense,” Art Hogan, chief market strategist at B. Riley Wealth, told Reuters. Reuters
But the risks are plain. SpaceX took a $4.94 billion loss in 2025, while revenue climbed to $18.67 billion, Reuters said. Most of the IPO premium is tied to markets like orbital data centers and AI infrastructure that are still early. If IPO allocations fall short, index buying is less than expected, or investors drop unprofitable AI growth names, the stock could slip below the $135 offer price on its debut.
