Elon Musk's SpaceX is just a day away from what could become the largest initial public offering (IPO) in history, and investors around the world are scrambling to secure a piece of the company behind reusable rockets, Starlink satellite internet and humanity's long-term ambitions of reaching Mars.
The demand has been extraordinary.
According to reports, retail investors alone have submitted more than $70 billion worth of orders for SpaceX shares ahead of its market debut, highlighting the intense excitement surrounding the company. Total demand for the offering has reportedly exceeded $250 billion, making the IPO several times oversubscribed.
However, not everyone seeking shares is likely to get them.
SpaceX is expected to allocate only around 20% of the offering to retail investors, meaning a large portion of individual investor orders may go unfulfilled despite the overwhelming demand.
The company is aiming to raise approximately $75 billion by selling about 555.6 million shares at a fixed price of $135 per share. The offering values SpaceX at roughly $1.75 trillion, instantly placing it among the world's most valuable publicly traded companies.
If the target valuation holds, SpaceX would debut with a market value larger than many established corporate giants and become one of the biggest public listings ever seen on Wall Street.
What makes this IPO particularly unusual is the company's decision to give retail investors a larger allocation than is typical for mega-listings. While most blockbuster IPOs heavily favor institutional investors, SpaceX has made individual investors a significant part of the offering, reflecting the loyal following Musk has built over the years through ventures such as Tesla, Starlink and SpaceX itself.
The company is expected to sell roughly 4.2% of its equity through the IPO, while Musk and other insiders will continue to control the overwhelming majority of shares. Such a relatively small public float could have a major impact once trading begins, as limited supply often amplifies price movements when investor demand remains strong.
International investors are also showing strong interest. Reports indicate that around 10% of the offering has been reserved for overseas buyers, with Japan's allocation reportedly increased from $2 billion to $2.5 billion due to demand.
The excitement surrounding the IPO stems from more than just Musk's reputation.
SpaceX has transformed the commercial space industry through its Falcon rocket program, while its Starlink satellite network now serves millions of customers worldwide. The company has repeatedly stated that its mission is to build the infrastructure needed for future generations both on Earth and beyond.
"We are building the systems and technologies necessary to provide global connectivity on Earth and beyond, to understand the true nature of the universe, and to extend the light of consciousness to the stars," the company said on its website.
Following a roadshow that began last week, trading is expected to commence on Friday, marking one of the most closely watched market debuts of the decade.
How much could investors earn?
No one can accurately predict how a newly listed stock will perform once trading begins.
Still, strong demand for the IPO has led many investors to speculate that SpaceX shares could trade significantly above their $135 offering price after listing. Some pre-listing market indicators have suggested prices well above the IPO level, reflecting the enthusiasm surrounding the company.
For illustration purposes:
- If shares rise from $135 to $150, investors would gain about 11%.
- If the stock reaches $200, the return would be approximately 48%.
- If shares climb to $270, an investor's initial investment would effectively double.
Those potential gains remain hypothetical, and market analysts caution that even the most anticipated IPOs can experience significant volatility after listing. Some experts have warned that retail investors should remain cautious despite the excitement, noting that many high-profile technology IPOs have historically suffered steep declines after their debut.
For now, however, Wall Street's attention is firmly fixed on one company.
Whether SpaceX's market debut becomes a triumph or a reality check, it is already shaping up to be one of the defining financial stories of 2026.