SpaceX is preparing to go public in what would be the largest IPO ever, targeting a $75 billion raise at $135 per share. The resulting valuation would land somewhere between $1.75 trillion and $1.8 trillion, a number so large it would make SpaceX worth more than every publicly traded company on Earth except a small handful of tech giants.

Here’s the part that actually matters for regular people: up to 30% of the shares are being allocated directly to retail investors. SpaceX is flipping that script, making shares available through brokerages like Fidelity and Robinhood.

The numbers behind the hype

The company plans to list on Nasdaq under the ticker SPCX, with trading expected to begin around June 12, 2026. Pricing is anticipated roughly a day before that.

Institutional appetite has been staggering. More than $10 billion in institutional orders have reportedly piled up ahead of the formal roadshow. The offering appears significantly oversubscribed before retail investors have even had their shot.

A $1.29 billion Bitcoin wrinkle

There’s an interesting crypto angle buried in SpaceX’s balance sheet. The company holds approximately $1.29 billion in Bitcoin, making it one of the larger corporate Bitcoin holders heading into the public markets.

Pre-IPO secondary trading of SpaceX shares on crypto platforms has already declined 27% over the past three weeks. That drop likely reflects investors pulling back from secondary markets in anticipation of being able to buy shares directly through the official offering.

What this means for investors

There’s also the Elon Musk factor. His attention is spread across Tesla, xAI, X, Neuralink, The Boring Company, and his various government advisory roles. Public market investors tend to scrutinize CEO bandwidth more aggressively than private market backers do.