According to a June 10 report by ThinkMarkets, SpaceX's (SPCX) institutional investor subscription orders closed on June 9, and Reuters confirmed that the total order amount had reached about $150 billion, roughly double the targeted funding size of $75 billion. Bloomberg reported that some institutional investors placed single orders of $10 billion or more. SpaceX priced at a fixed offering price of $135 per share.
SpaceX IPO pricing structure and listing timeline
Offering structure (confirmed in company announcement): The number of shares to be issued is 555.6 million shares, with a fixed offering price of $135 per share, targeting a funding size of about $75 billion, and an expected IPO valuation of about $1.8 trillion.
An unusual pricing approach: SpaceX set the offering price at a fixed $135 instead of a typical price range, eliminating valuation uncertainty before the listing, with all price discovery completed on the first day of trading.
Listing timeline: Pricing: June 11, 2026; Nasdaq listing: June 12, 2026 (SPCX); existing stock lock-up period: 180 days; public float ratio: about 4%.
Historical comparison (confirmed by CNBC): If completed according to the target size, this IPO would surpass Saudi Aramco's 2019 IPO of $29.4 billion, becoming the largest IPO in global history; based on its ranking at the time the listing application was filed, SpaceX's market value would surpass Tesla, becoming the 7th-largest company by market cap in the United States.
SpaceX financial data
Revenue and profit/loss: Full-year 2025 revenue was $18.67 billion (up 33% year over year); 2025 net loss was $4.94 billion; 2024 net profit was $791 million.
Starlink (first quarter of 2026): Number of users: 10.3 million; revenue: $3.26 billion (about 69% of SpaceX's total revenue in Q1).
xAI merger (confirmed): SpaceX merged in February 2026 with xAI (the AI company owned by Musk; developer of the Grok language model).
Third-party valuation (Morningstar): Analysts assigned a SpaceX valuation of $78 billion, less than half of the IPO target valuation of $1.8 trillion.
Retail subscription policy
SpaceX has reserved up to 30% of the shares for retail investors to subscribe (about $22.5 billion), far above the usual 5-10% share reserved for large IPOs. The company plans to hold an exclusive event for approximately 1,500 individual investors on June 11. Musk has publicly supported the decision to prioritize retail investors; CFO Brett Johnson confirmed that retail participation is "intentional," aimed at thanking the company's long-term supporters.
Confirmed requests in the letter from Senator Warren to the SEC
Warren confirmed three major concerns in the letter:
Accounting concerns over the xAI acquisition: The letter states that SpaceX's acquisition of Musk's xAI may involve "inaccurate or misleading accounting or valuation."
Musk's conflict of interest: The letter states that as a controlling shareholder, Musk has "unique, unrestrained" power, creating a conflict of interest.
Risk for passive index fund investors: Warren warned that SpaceX being quickly added to major stock indexes would pose "significant risk" to both active and passive investors, and passive index fund investors may be forced to hold SpaceX.
In the letter, Warren said: "Given the unprecedented threat that the largest IPO in history poses to investor protections and market integrity, you must correspondingly delay any actions to make an accelerated registration statement effective." As of ThinkMarkets' June 10 report, the SEC has not issued a public response to Warren's letter.
FAQ
What are the offering price, target size, and listing timeline for the SpaceX IPO?
SpaceX's fixed offering price is $135 per share, with 555.6 million shares being issued, and a target funding size of about $75 billion. Pricing is expected to be announced on June 11; the shares will be listed on Nasdaq under the ticker SPCX on June 12; the existing stock lock-up period is 180 days.
How much do the institutional subscription orders total, and when is the deadline?
Based on Reuters' report, the total amount of orders from institutional investors is about $150 billion, roughly double the targeted funding size of $75 billion. Subscription orders were due by 4:00 p.m. EDT on June 9, 2026. Bloomberg reported that some institutional investors placed single orders of $10 billion or more.
What are the three main reasons Elizabeth Warren gave to the SEC to request delaying SpaceX's listing?
According to the 12-page letter from Warren to the SEC (shared with CNBC), the three main reasons are: SpaceX's acquisition of xAI may involve "inaccurate or misleading accounting or valuation"; Musk, as a controlling shareholder, has "unique, unrestrained" power that creates a conflict of interest; and SpaceX being quickly added to major stock indexes would pose "significant risk" to passive index fund investors.
