SpaceX is moving closer to what could become the largest initial public offering (IPO) in history, with new details revealing how the aerospace and rocket company plans to reshape the traditional IPO model—this time by putting everyday investors front and centre.
According to a report from Reuters, citing sources familiar with the discussions, SpaceX is preparing to launch its IPO roadshow in early June, with executives expected to begin pitching the offering to institutional investors the week of June 8. A day earlier, roughly 125 analysts from more than 20 participating banks will meet with the company, signaling the start of what is expected to be one of the most closely watched public offerings in years.
But unlike most IPOs, SpaceX is taking an unconventional approach. The company plans to allocate an unusually large portion of shares to retail investors, a move rarely seen at this scale.
“Retail is going to be a critical part of this and a bigger part than any IPO in history,” Chief Financial Officer Bret Johnsen reportedly told bankers during a recent meeting. He added that the decision is intentional, noting retail investors “have been incredibly supportive of us and of Elon (Musk) for a long time, and we want to make sure that we recognize that.”
To support that effort, SpaceX is planning a major investor event on June 11 that will host approximately 1,500 retail investors. Participation is expected to extend beyond the United States, with investors in Canada, the U.K., Europe, Australia, Japan, and South Korea also able to take part in the offering.
The IPO itself is expected to raise as much as $75 billion, with a target valuation of up to $1.75 trillion. If achieved, that would place SpaceX among the most valuable companies in the world, alongside tech giants like Apple, Microsoft, and NVIDIA. It would also represent a significant leap from the company’s most recent private valuation of around $800 billion in late 2025, prior to its merger with xAI.
While the final structure of the deal is still being finalized, earlier reports suggest SpaceX could allocate as much as 30% of shares to retail investors—far above the typical 5% to 10% seen in most IPOs. Major financial institutions including Morgan Stanley, Bank of America, JPMorgan, Citigroup, and Goldman Sachs are leading the offering, alongside a broader syndicate of banks handling global distribution.
The company is expected to publicly release its IPO prospectus in late May, giving us a look at share pricing, allocation, and governance structure. A dual-class share structure is anticipated, allowing insiders to retain significant control.
