The SpaceX roadshow launched June 4 — ahead of its originally reported week-of-June-8 start — after the U.S. Securities and Exchange Commission completed its review of the filing significantly faster than expected. Share pricing is expected after market close on June 11, with the first trading day targeted for June 12 on Nasdaq under the ticker SPCX. If the deal closes as structured, it will be the largest initial public offering in market history.

SpaceX said it plans to sell 555.6 million shares, which would amount to a $75 billion fundraise. The underwriters have an option to purchase an additional 83.33 million shares at the IPO price, amounting to $11.2 billion. SpaceX, which will go public under the ticker symbol SPCX, is set to be the biggest IPO ever, more than triple the size of Alibaba, which is the largest U.S. IPO to date. Saudi Aramco's 2019 raise, the previous record, came in at $29.4 billion.

What the S-1 actually shows

In a prospectus with the Securities and Exchange Commission, SpaceX said it plans to list under ticker symbol SPCX on the Nasdaq. On May 20, 2026, Space Exploration Technologies Corp. filed its S-1 registration with the SEC, confirming a Nasdaq listing under the ticker SPCX. The filing revealed a company that generates substantial revenue and loses substantial money at the same time. Net loss for fiscal year 2025 came in at $4.9 billion, driven by $3 billion in Starship R&D plus xAI integration costs.

Cost of revenue in the AI segment jumped 29% to $2.18 billion in 2025, due to infrastructure and cloud computing costs. The AI segment's research and development costs skyrocketed over 300% to $5.06 billion, led by $1.67 billion in higher graphics processing unit depreciation and $1.44 billion in higher infrastructure and cloud expenses. The company has $25.45 billion in contractual commitments, including for cloud capacity. But 95% of the total is for 2026 and 2027.

In February 2026, SpaceX merged with Elon Musk's AI company xAI in a $250 billion all-stock deal. Following the merger, the group now encompasses not only the rocket program but also the satellite internet service Starlink as well as AI products such as the chatbot Grok, which are to be marketed under the SpaceXAI brand. In the updated filing, SpaceX also noted that its xAI unit purchased $269 million worth of Tesla megapacks in April. Tesla previously disclosed that it sold $430 million worth of its giant backup batteries to xAI last year.

Who controls it and who gets to buy it

Musk will own over 82% voting control after the offering, the filing said. Goldman Sachs is the lead banker for the offering, followed by Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase. The governance structure gives public shareholders essentially no ability to influence decisions requiring a shareholder vote. Board composition, executive compensation, and capital allocation all fall within Musk's vote alone.

A 30% retail allocation is routed directly through Robinhood, Fidelity, and Charles Schwab — the largest direct-to-retail carve-out any IPO of this size has ever extended. Traditional IPOs hand 90% or more of the book to institutional clients of the underwriting syndicate. The SPCX structure inverts that decades-old norm. Still, demand is expected to far exceed supply, so most retail traders should expect a partial fill or no allocation, and to buy in the open market starting June 12.

Approximately 125 analysts from 21 participating banks are expected to meet SpaceX management, and a dedicated event for around 1,500 retail investors is planned for June 11.

For small-business owners and solo operators, the retail allocation window is narrow but real. Anyone with a Robinhood, Fidelity, or Schwab account can enter for IPO shares at $135 — the same price Goldman's institutional clients are paying. The practical ceiling is partial fills at best, and first-day volatility in mega-cap IPO debuts tends to be severe. Options will not be tradeable on day one. The Options Clearing Corporation and the listing exchanges typically require three to five trading days after an IPO before listing options on the new security. A small business that holds SpaceX shares as treasury will have no hedge available in the opening week.

SpaceX made its case for why orbital data centers are a worthwhile investment, and said they are coming in a matter of years. "We believe orbital AI compute is an incredibly difficult technical challenge that only we can solve at scale in the near term," SpaceX wrote in the filing. Whether that claim holds is a question for 2028. The question for June 11 is whether the order book closes at $135 or above it.