SpaceX's IPO is entering its final week before trading begins on June 12. The offering has attracted attention for its size, retail investor access, exposure to Starlink and xAI, and the valuation SpaceX is seeking in public markets.
On June 5, SpaceX increased the size of its Japan offering to $2.5 billion after the initial $2 billion allocation was oversubscribed. Regulatory filings show that between 14.8 million and 18.5 million shares are expected to be sold in Japan at the same fixed price.
Here are seven things investors are watching before SPCX begins trading.
/1. SpaceX wants a $1.75 Trillion valuation at $135 per share
SpaceX plans to sell 555.6 million shares at a fixed price of $135 each, giving the company a target valuation of about $1.75 trillion. The company expects to raise $75 billion through the offering. The previous record IPO was Saudi Aramco in 2019, which raised $29.4 billion.
Unlike most major IPOs, SpaceX has set a fixed price rather than a pricing range. Final pricing is scheduled for June 11, with trading expected to begin on June 12. At the proposed valuation, SpaceX would trade at roughly 94 times its reported 2025 revenue of $18.67 billion.
/2. Retail investors can apply for IPO shares through five brokerages
SpaceX's S-1 prospectus identifies Fidelity, Robinhood, Charles Schwab, SoFi, and E*Trade as official retail distribution partners. Fidelity said eligible customers can participate with as little as $2,000 in a brokerage account. Schwab requires at least $100,000 in eligible brokerage assets for IPO participation.
Robinhood users can submit an indication of interest through the platform's IPO Access feature without a minimum account balance requirement. Submitting an order does not guarantee an allocation. Investors who do not receive IPO shares will be able to buy them once trading begins on June 12.
/3. SpaceX is holding a retail investor event before pricing day
SpaceX is scheduled to host a live investor presentation on June 11, the same day final pricing is expected to be determined. The event will be open to 1,500 individual investors. Company disclosures show participation is available to investors in the United States, the United Kingdom, the European Union, Australia, Canada, Japan, and South Korea.
SpaceX CFO Bret Johnsen told the underwriting syndicate that retail investors would play a significant role in the offering. Japan's allocation was increased to $2.5 billion on June 5 following strong demand for the original offering.
Damilare Odedina
/4. SPCX includes Starlink, xAI, Grok, and X
The IPO includes more than SpaceX's launch and satellite businesses. In February 2026, SpaceX completed an all-stock merger with xAI, Elon Musk's artificial intelligence company. The combined business includes Grok, X, and the Colossus data centre operations in Memphis, Tennessee.
The AI business reported a $6.4 billion operating loss in 2025 and a further $2.5 billion loss during the first quarter of 2026. SpaceX reported a net loss of $4.94 billion in 2025 and an accumulated deficit of $41.3 billion.
Starlink generated $11.4 billion in revenue and $4.4 billion in operating income during 2025, according to company filings. The satellite internet service reported 10.3 million subscribers across 164 countries.
/5. Morningstar and Goldman Sachs see SpaceX very differently
Morningstar has assigned a fair value estimate of $780 billion for SpaceX, below the company's proposed IPO valuation of $1.75 trillion. Morningstar analyst Nicolas Owens wrote that xAI presents a potential risk to shareholder value and said Grok is not currently among the leading AI laboratories.
Goldman Sachs has projected that SpaceX's AI-related revenue could grow from $3.2 billion in 2025 to $322 billion by 2030. The difference between those forecasts has become a major focus ahead of the offering. Also, Morgan Stanley forecasts SpaceX revenue at $3.4 trillion by 2040.
/6. Investors are watching a key Anthropic contract disclosure
SpaceX's prospectus states that Anthropic agreed to pay SpaceX $1.25 billion per month through May 2029 for access to computing capacity at the Colossus data centres. Over 36 months, the arrangement would represent roughly $45 billion in revenue if maintained for the full term outlined in the filing.
On May 28, Musk wrote on X that SpaceX had "not committed to leasing Colossus for years" and described the arrangement as a shorter-term agreement that could later be terminated with notice. SpaceX later filed an amended prospectus stating that, after an initial three-month period, either party can terminate the agreement with 90 days' notice.
/7. Elon Musk will retain control after the IPO
SpaceX will issue Class A shares to public investors, each carrying one vote. Musk's Class B shares carry 10 votes each. According to the amended prospectus, Musk will control more than 82% of the company's voting power following the IPO. The filing states that the structure may limit the ability of public shareholders to influence corporate decisions or board elections.
New York City Comptroller Mark Levine, New York State Comptroller Thomas DiNapoli and CalPERS CEO Marcie Frost sent a joint letter to SpaceX raising concerns about the governance structure.
The filing also shows that about 78% of the IPO proceeds, or roughly $62.8 billion, have been earmarked for obligations including payments to investors, creditors, and other counterparties. Less than $18 billion would remain available for other corporate purposes. Final pricing is scheduled for June 11. SPCX is expected to begin trading on Nasdaq on June 12.
Louis Eriakha
