Retail buyers are expected to receive at least 20% of available shares ahead of Friday's Nasdaq debut under the ticker SPCX
Ethan Swope / Bloomberg via Getty Images
Individual investors stand to receive no less than 20% of the shares on offer. Given the $75 billion deal size, individual investor demand would far outstrip what that share of the offering could satisfy. Bloomberg noted that nothing is finalized and the terms, retail allocation among them, remain subject to revision.
Sources said that the deal's key parameters — a price of $135 per share and a total of 555.6 million shares — are expected to hold. That would raise approximately $75 billion and value the company at around $1.8 trillion. Less than 10% of shares are set to go to international buyers, Bloomberg reported.
Roughly 1,000 institutional investors have submitted orders. Total demand across all investor categories has exceeded $250 billion, according to Reuters, citing unnamed sources. Banks were expected to stop taking institutional orders on Wednesday, ahead of pricing Thursday and trading Friday.
When it prices, the deal is poised to claim the title of the largest IPO ever recorded, displacing Saudi Aramco's 2019 offering, which brought in $29.4 billion. The deal is being led by Goldman Sachs $GS, Morgan Stanley $MS, Bank of America $BAC, Citigroup $C, and JPMorgan $JPM Chase, with another 18 banks filling out the syndicate. The company will trade under the ticker symbol SPCX.
SpaceX set aside up to 30% of the offering for retail participants — a notably large share compared with the 5% to 10% that individual investors typically receive. Platforms including Robinhood and Charles Schwab $SCHW are among the brokerages through which individual investors can place orders. The generous retail allocation reflects CEO Elon Musk's substantial individual investor following; BNP Paribas analyst James Picariello has estimated that retail investors account for around 40% of Tesla $TSLA's outstanding shares, a figure Bloomberg cited as evidence of the loyalty Musk commands among individual investors.
The listing is also expected to create more than 4,400 millionaires among current and former SpaceX employees, based on the $135-per-share target price. The company posted revenue of $18.67 billion in 2025, a 33% increase from the prior year, while swinging to a net loss of $4.94 billion.
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