SpaceX's $75 billion IPO is generating unprecedented global retail interest, with the company raising its Japanese fundraising target by 25% to $2.5 billion due to overwhelming demand. According to Bloomberg, the deal is multiple times oversubscribed and is expected to stop taking orders from institutional investors on Wednesday in New York. Japan, with its $15 trillion in household financial assets, is experiencing particularly fervent enthusiasm, with the company setting off a scramble for what many see as a generational investment opportunity. As reported by Moneycontrol, Japanese investors will account for about 3% of the total fundraising and likely a bigger slice of the retail portion, making it a rare opportunity in a country where there's only been one initial public offering that size or larger since SoftBank Corp.'s mega listing in 2018.
SpaceX is planning an unusually large 30% retail allocation for its $75 billion IPO, with offerings planned across eight European countries: UK, Germany, Denmark, France, Netherlands, Norway, Spain, Sweden and Switzerland. According to reports from The Hindu BusinessLine, this represents the most significant retail offering in Britain since the state-owned Royal Mail flotation in 2013, with Ygal El Harrar, BNP Paribas' global head of equity capital markets, noting that "the retail interest here is unlike any other deal, investors want to be part of the dream." In the UK specifically, eight online investing platforms have begun inviting customers to apply for shares, with Hargreaves Lansdown reporting 35,000 clients have registered interest since the offer was first rumoured in April. UK-based Marex Financial is operating a public offer platform where the eight retail platforms can send prospective investors' orders, as reported by The Hindu BusinessLine. To further support retail participation, SpaceX is hosting a special event on June 11 for 1,500 everyday investors across the US, UK, EU, Canada, Australia, Japan, and South Korea, as confirmed by the company's public roadshow launch. Interactive Brokers announced on June 5, 2026, that it will open subscription channels for eligible UK clients to participate in the IPO, which is set to list on NASDAQ on June 12, 2026.
The $1.77 trillion valuation of the loss-making SpaceX has drawn caution from financial experts, with the company trading at 100 times price-to-sales ratio compared to the typical 2-3 times for well-valued companies. As reported by The Hindu BusinessLine, Meziane Lasfer, Professor of Finance at Bayes Business School, warned that "it's at 100 times price to sales, which is extremely high...Normally about twice to three times is very good," while three academics and one consumer rights advocate advised caution due to the small float size of less than 5% and lack of voting rights. However, SpaceX is aiming for an even higher $1.75 trillion IPO valuation, representing a 2.2x premium over Morningstar's calculated fair value of $780 billion. Morningstar analyst Nicolas Owens told Fortune that this signals the company believes demand is sufficient to raise $75 billion without needing price discovery, though it may limit downward repricing mechanisms if institutional interest proves softer than expected. The company disclosed a $4.9 billion loss in 2025 on revenues of $18.7 billion in a filing last month, with 2025 net income margin at -26% compared to SpaceX's target of 45%. The IPO is expected to issue approximately 555.6 million shares at a price of $135 each, potentially raising up to $75 billion and valuing the company at around $1.77 trillion, which would set a record in U.S. stock market history.
Brokerage firms are implementing unprecedented anti-flipping measures to protect the 30% retail allocation worth approximately $22.5 billion from immediate resale. According to NerdWallet, Fidelity is enforcing a 15-calendar-day holding period with escalating penalties: first violation triggers a 6-month ban, second violation results in a 1-year suspension, and third violation leads to a permanent ban tied to a Social Security number. The firm also cut its minimum IPO eligibility threshold to $2,000 specifically for this deal, down from the $50,000 standard, signaling the deliberately broad retail access design. SoFi operates a 30-day anti-flipping window with escalating penalties: first offense triggers an 180-day ban, second results in a 365-day ban, and third leads to permanent exclusion. Additionally, SoFi may charge a $50 fee for any retail investor selling IPO shares within the first 120 days of trading. Robinhood matches the 30-day window with a 60-day timeout from future IPO purchases on first violation, while E*TRADE enforces a 30-day preference period with discretionary language reserving the right to exclude early sellers. Charles Schwab stands as the lone outlier, with no anti-flipping policy applying to the SpaceX IPO unless the issuer requires it directly. As NerdWallet's lead investing writer Sam Taube explains, "The brokers that offer these things want people to buy into IPOs because they believe in the company and want to hold the stock long term."
SpaceX's IPO process has been unusual in multiple ways, with the company planning to go to market at a fixed price of $135 per share rather than the typical route of offering a price range to test investor demand. As reported by Reuters, Lukas Muehlbauer, IPOX research associate, noted that "SpaceX is so large and extraordinarily valued that it doesn't lend itself as a normal test case for the IPO market." The company has locked in its official IPO timeline, planning to raise $75 billion by selling roughly 556 million shares at $135 each, with potential to reach $85.7 billion if demand exceeds expectations. Goldman Sachs is leading the underwriting process, supported by major financial institutions such as Morgan Stanley, Bank of America, Citigroup, and JPMorgan. SpaceX's pitch to investors has leaned heavily on science-fiction ambitions, with Musk speculating about colonizing other planets and eventually branching into interplanetary hospitality with "moon hotels." Musk told investors that the monster IPO was necessary to provide the company with the capital to harness the power of the sun and colonize other planets, including terraforming Mars to make it habitable for humans. The company behind the more popular S&P 500 index, though, is not making changes that would allow SpaceX faster entry, while Nasdaq-100 inclusion remains possible within 15 trading days after listing, which would trigger buying from QQQ and other Nasdaq-100 funds, providing some institutional demand boost.
SpaceX's IPO is bringing excitement to corners of the world where investors have long been starved of marquee deals, with Japan being the only country in Asia and one of few globally where retail investors can directly buy into the offering. In Japan, 20-year-old Getto Hagiya exemplifies the enthusiasm, stating "The odds of winning shares look slim, but if I'm successful it would really feel like hitting the jackpot. I have huge respect for Elon Musk and see limitless opportunities for the space business." However, some potential buyers remain cautious, with Yujin Hwang waiting for more information on SpaceX's other businesses before investing, noting "I wouldn't rush to buy immediately. Instead, I would consider investing once the share price has stabilized to some extent. Many recent IPOs have become overheated on expectations right after listing and then undergone significant corrections." In Australia, demand is heating up among retail investors, with investors waiting almost an hour on Monday in call center queues to reach broker Commonwealth Securities Ltd., according to local media reports. In other Asian markets, millions of retail investors have been shut out of direct participation due to underwriter restrictions around critical technology exports, with Hong Kong and China specifically excluded from the offering. For the more than 130 million retail investors in India, most brokers do not allow locals to subscribe to US IPOs directly, even if the SpaceX offering was available. The Japanese portion of the IPO is being run by Mizuho Financial Group Inc., whose US investment banking unit is one of the 23 underwriters, handling investor orders through its local brokerage as well as Rakuten Securities Inc. and SBI Securities Co.
