Everything investors are asking about SPCX.

SpaceX is targeting June 12, 2026 to begin trading on the Nasdaq under the ticker SPCX. Pricing is June 11, 2026 after the order book closes. The investor roadshow opens the week of June 8. Dates are subject to SEC review and market conditions — see our IPO Details page for the full timeline.

The ticker is SPCX. The stock will list on the Nasdaq Global Select Market with a parallel dual listing on Nasdaq Texas. Both venues clear against the same consolidated tape.

The target is approximately $1.75 trillion. Bloomberg has reported the valuation could reach $2 trillion depending on roadshow demand. The capital raise is up to $75 billion — surpassing Saudi Aramco's 2019 $29.4 billion as the largest IPO in recorded history.

The exact share count and price range are set in the first S-1 amendment (S-1/A) ahead of the roadshow, expected approximately June 3, 2026. At the $1.75T valuation and $75B raise, the offering represents roughly 4.3% of post-money equity — a relatively thin float by mega-cap standards.

Not yet. The price range is set during the roadshow (week of June 8) and revealed in the first S-1/A amendment. The final offer price is determined June 11 after the order book closes. Until that amendment is filed, no published indicative price range is official.

180 days from pricing date — the standard underwriting term. Insiders, employees, and pre-IPO investors are restricted from selling, hedging, or pledging shares without consent from the lead bookrunners (Goldman Sachs and Morgan Stanley). The window expires on or around December 9, 2026.

The greenshoe — formally the over-allotment option — is a standard provision allowing underwriters to issue an additional ~15% of shares within 30 days of pricing if demand is strong. Morgan Stanley as stabilization agent also uses it to buy back shares in the open market if the price falls below the offer price during the stabilization window.

On SEC EDGAR at sec.gov. The first public S-1 was filed May 20, 2026. The confidential draft was filed April 1, 2026. Future amendments (S-1/A) will appear at the same location. See our S-1 summary page for a section-by-section explanation in plain English.

$18.674 billion on a consolidated basis (post-xAI merger). Up from $14.015 billion in 2024 and $10.387 billion in 2023 — a two-year increase of 79.8%. The Connectivity (Starlink) segment alone contributed $11.4 billion with operating income of $4.4 billion. See our full financials page for the segment breakdown.

No. SpaceX reported a $4.9 billion net loss for FY2025 — driven by approximately $3.0 billion in Starship R&D, plus xAI integration costs and continued capacity build-out for Starlink V2. The Connectivity segment is profitable; the consolidated company is not yet.

The S-1 does not disclose blended ARPU. Working backward from $11.4 billion in segment revenue and approximately 10.3 million subscribers in Q1 2026 implies a blended monthly figure near $92, but mix-shift across residential, business, maritime, aviation, and direct-to-cell tiers — and currency/regional variation — makes a single ARPU number imprecise. Analysts will look for explicit ARPU disclosure at first earnings.

$3.0 billion in FY2025 R&D, and $930 million in Q1 2026 alone — a ~$3.7B annualized pace. Starship is the single largest discretionary item on the income statement and the line investors will scrutinize at every quarterly print until first commercial payload to orbit, which the S-1 targets for H2 2026.

Per the S-1, the Connectivity (Starlink) segment ran at ~38.6% operating margin on $11.4B of revenue. Launch, Starshield, and xAI segment margins are not fully disclosed — partial redaction protects national-security customer pricing. The consolidated operating margin was approximately (14)% on the $18.67B top line.

On or after June 12, 2026 you can buy SPCX through any U.S. broker that offers Nasdaq access — Fidelity, Schwab, Robinhood, Interactive Brokers, E*TRADE, Webull, and others. Pre-IPO exposure is available indirectly today. See our full how to buy page for the step-by-step.

Yes. Fidelity, Robinhood, Interactive Brokers, and Webull support fractional share orders on virtually all listed stocks, including new IPOs. Schwab supports fractional shares only for current S&P 500 constituents — SPCX will not initially be in that index, so Schwab fractional support typically follows index inclusion (usually after at least one quarterly print).

That is a personal decision based on your risk tolerance and conviction. Hyped IPOs commonly swing 20–40% in the first 90 minutes. If you do buy at the open, use a limit order — never a market order. The Nasdaq opening cross prints volatile, and a market order will accept whatever the auction sets, possibly far from where you wanted to enter.

Waiting until the November 2026 first 10-Q gives you audited, SEC-filed segment data on a public-company basis. Waiting until after the December 9 lock-up expiry removes the insider-supply overhang. Trade-off: you may pay more if SPCX prices well and rises. Investors who prioritize information over momentum will reasonably wait.

The Cambria ERShares Private Investments ETF (XOVR) trades on NYSE Arca. As of April 2026, its SpaceX position (held via SPV) reportedly exceeded 40% of fund assets. Buying XOVR through any U.S. broker gives you indirect SpaceX exposure today. The ETF carries a materially higher expense ratio than passive funds — read the prospectus before buying.

Yes — Forge Global (NYSE: FRGE), EquityZen, and Hiive regularly list SpaceX secondary shares originating from employee tenders. Pricing carries a discount to the latest primary-round tender plus platform fees of 3–5%. Lock-up restrictions around the IPO window apply — verify with the platform before trading.

Multiple compression. At ~94× trailing P/S the multiple has no clean public-market precedent. Even NVIDIA — the most expensive mega-cap on a sales basis — trades at ~30–35×. A re-rating to even that level implies meaningful price downside. See our valuation analysis for the full framework.

Significant. The S-1 lists Starship technical execution among its top risk factors. First commercial payload to orbit is targeted for H2 2026; every quarter of slippage compresses the optionality value embedded in the IPO multiple and adds to the R&D burn on the income statement.

FCC spectrum coordination, FAA launch licensing, ITU international coordination, and U.S. State Department export controls all touch SpaceX's operations. Any one of these agencies can stand the company down on short notice. Orbital debris management and constellation crowding are active regulatory topics in 2026.

The S-1 explicitly names key-person risk associated with Mr. Musk. He retains majority voting power via Class B shares and serves as CEO, Chief Engineer, and Chairman. A health event, regulatory enforcement action, or controlling-shareholder dispute could revalue the equity overnight. The S-1's Class B sunset provisions describe what happens to voting power under certain trigger events.

Yes — and arguably also an opportunity. The xAI segment is loss-making in FY2025 as compute capex outpaces model revenue. Integration overhead, compute cost trajectory, and the X platform's monetization rebuild are all unproven. Bulls credit xAI as free optionality embedded in the SPCX multiple; bears see it as a money-losing segment grafted onto the cash engine.

Same controlling shareholder (Musk), capital-intensive vertically integrated manufacturing, and a similar narrative-driven multiple history. TSLA trades at ~10–12× sales with profits; SPCX targets ~94× sales without. The Tesla premium for Musk-led companies is one input to the SPCX multiple but not sufficient on its own to justify the gap. See peer comparison.

RKLB is the only other publicly traded pure-play launch + space-systems operator at meaningful scale. RKLB trades at ~10–18× P/S. The gap to SPCX reflects Starlink's $11B+ recurring revenue (RKLB has nothing comparable) and Starship's binary optionality. Both are working on next-generation reusable medium-lift vehicles; only SPCX has a commercial broadband constellation.

Both are direct-to-cell competitors but at very different stages. ASTS is pre-revenue at scale, trading on the optionality of building a direct-to-handset constellation. Starlink Direct to Cell is already generally available with T-Mobile US as the anchor MNO. ASTS represents the higher-beta bet on the same end-market; SPCX has incumbency.

Aramco priced its 2019 IPO at $25.6/share, raising $29.4B at a $1.7T valuation — the previous record. SPCX targets $75B at a similar $1.75T valuation. Different businesses entirely: Aramco was profitable, paying a dividend, in a mature commodity industry. SPCX is growth-stage, unprofitable, with binary technical optionality. The size record is the only direct parallel.