Retail investors want in on SpaceX so badly that their orders alone have surpassed $100 billion, a figure that exceeds the entire amount the company is trying to raise.

The company is set to debut on Nasdaq under the ticker “SPCX” on June 12, 2026, with shares priced at $135 each. At that price, SpaceX would command a valuation between $1.75 trillion and $1.77 trillion.

The numbers behind the frenzy

The company has targeted a retail allocation in the low-to-mid 20% range. That figure has actually come down from earlier projections of around 30%.

Total investor interest, combining both retail and institutional orders, has reportedly exceeded $250 billion. That makes the offering multiple times oversubscribed against the $75 billion raise target.

Major brokerage platforms including Robinhood, Fidelity, Schwab, and SoFi are all positioning themselves to facilitate retail participation. Final allocations are still being determined, which means most individual investors submitting orders will likely receive only a fraction of what they requested.

If the numbers hold, this would be the largest IPO in history. The previous record holders, including the likes of Saudi Aramco’s 2019 listing, would be left in the rearview mirror by a comfortable margin.

What’s actually being sold here

SpaceX recently merged with xAI, Musk’s artificial intelligence venture, creating a conglomerate that spans space exploration, satellite internet, and AI development.

The revenue engine driving much of the valuation is Starlink, SpaceX’s satellite internet service, providing broadband connectivity to millions of users across the globe, including in remote areas where traditional internet infrastructure doesn’t reach.

The merger with xAI bundles two Musk-controlled entities under one publicly traded umbrella. For retail investors who have been locked out of both companies during their private phases, the IPO represents a first chance to own equity in either venture.

What this means for investors

When $250 billion in orders chase $75 billion in shares, the investors who didn’t get their full allocation tend to buy on the open market instead. That typically pushes prices higher in the short term.

A $1.75 trillion valuation prices in enormous expectations for future growth. SpaceX will need to demonstrate that Starlink’s revenue trajectory and xAI’s commercial potential justify a market cap that rivals the most valuable companies ever created.