SpaceX Sets Dual Nasdaq Listing for Record $75 Billion IPO with Unprecedented 30% Retail Allocation

SpaceX will begin trading on Friday, June 12, under the ticker SPCX, after raising a staggering $75 billion in what is set to become the largest initial public offering in history. The space exploration company has filed its Form 8‑A with the Securities and Exchange Commission, registering its Class A shares on both the Nasdaq Global Select Market and the newly launched Nasdaq Texas exchange — a dual-listing structure that underscores the sheer scale of the offering.

The move has forced Nasdaq to issue a rare warning to market-data providers: the ticker SPCX was previously assigned to a different security, so historical price feeds must not be linked to the new SpaceX listing. Brokers and data vendors that ignore the caution risk displaying distorted charts from day one.

Chief Financial Officer Bret Johnsen signed off on the registration, which pegs the par value of each share at $0.001. The formal filing, executed under Section 12(b) of the Securities Exchange Act, was a necessary procedural step before the first trade could be set.

A $5 Billion Loss — But Revenues Are Climbing Fast

Beneath the headline numbers, SpaceX’s financials paint a starkly two-sided picture. Revenue surged 33% in 2025 to $18.7 billion, driven largely by the Starlink satellite constellation, which now supplies the bulk of the company’s top line. However, the aggressive expansion of both Starlink and the Starship rocket program produced a net loss of nearly $5 billion last year. The bleeding continued in the first quarter of 2026, with an additional deficit of $4.28 billion.

The entire $75 billion raised in the IPO will flow directly into the company’s coffers — no existing shareholders are cashing out. The cash is earmarked for scaling up the Starlink network and funding the multibillion-dollar Starship development program.

Should investors sell immediately? Or is it worth buying SpaceX?

A Rare Bet on the Retail Crowd

In a departure from typical mega-listings, SpaceX has reserved up to 30% of the offering for individual investors. By comparison, conventional IPOs of this size usually allocate only 5% to 10% to retail buyers, according to Fidelity. The company has explicitly warned that the heavy retail participation could amplify price swings once trading starts.

Institutional investors closed their order books on Wednesday afternoon, with demand reported to be so intense that not all applicants will receive shares. The company fixed the issue price at exactly $135 per share, and the underwriters have a 30‑day option to purchase an additional 83 million shares on top of the 555 million being offered.

Valuation Warnings Loom

Despite the euphoria, analysts are sounding cautionary notes. Based on last year’s revenue, SpaceX trades at a price-to-sales ratio of roughly 95 — an astronomically high multiple that leaves little room for error. Historical data shows that large tech IPOs have typically declined 55% on average during their first year of trading.

The bull case rests on SpaceX’s near-total domination of the commercial launch market, where it controls about 90% of all payloads sent to orbit. That market power, combined with the long‑term promise of Starlink’s subscriber base and the revenue potential from Starship missions, is what backs a valuation approaching $1.8 trillion.

Whether the stock can hold that altitude on its first day will depend on the balance between institutional discipline and the wave of retail orders that hits the tape at Friday’s opening bell.