SpaceX is set to begin trading June 12 on the Nasdaq under the ticker SPCX, with the company aiming to raise about $75 billion at $135 per share in what would be the largest IPO on record and one of the biggest market debuts ever attempted by a U.S. company.
Demand has been strong heading into the offering. Reports on the order book indicate investor interest had approached roughly four times the shares available earlier this week, signaling unusually heavy appetite ahead of pricing and opening-day trading.
The company’s public filing shows why the deal is drawing that level of attention. As of March 31, SpaceX said it had deployed more than 9,600 Starlink broadband and mobile satellites and had about 10.3 million Starlink subscribers across 164 countries.
SpaceX’s filing also points to the central role Starlink now plays in the business. The company disclosed 2025 revenue of $18.7 billion, with Starlink contributing about $11.4 billion, making satellite internet the largest piece of the company’s commercial operation as it heads into the public markets.
One of the most unusual parts of the offering is the size of the retail allocation. SpaceX has reserved about 30% of the IPO for individual investors, far above the single-digit percentages more commonly seen in large offerings. That structure could widen participation, but it could also add volatility once trading begins.
The governance structure is another major factor for investors. SpaceX’s prospectus gives Elon Musk dominant voting control through a dual-class share structure, leaving public shareholders with limited influence over board control and long-term strategy even after the company lists.
That concentration of power has become part of the broader debate around the IPO. Some market participants have argued that the company’s size, business mix, and market position justify the premium valuation, while others have pointed to governance risks and the difficulty of valuing a company that combines launch services, satellite internet, and an unusually ambitious long-term growth story.
The offering could also affect the broader market more quickly than most new listings. Because of its scale, SpaceX may qualify for accelerated inclusion in major indexes soon after it goes public, which could force passive funds and ETFs to buy the stock earlier than usual for a new issuer.
That possibility is one reason the deal is being watched well beyond the aerospace sector. A listing of this size could pull in retail capital, institutional demand, passive fund flows, and foreign investment at the same time, making the IPO important not only for SpaceX but also for broader equity and currency markets.
For now, the basic picture is clear. SpaceX is heading into the market with massive demand, a record-setting fundraising target, a large retail allocation, and a business anchored by Starlink’s scale and launch operations. Whether the stock can support that valuation after trading begins will be tested in public. But before the first shares change hands, the company has already turned its listing into one of the year’s biggest market events.
