SpaceX locked its IPO price at $112 per share late Friday, valuing the company at $210 billion and setting up what will become the largest public offering since Saudi Aramco in 2019. The pricing came without warning. Charles Schwab, Fidelity, Robinhood, SoFi, and Morgan Stanley's E-Trade confirmed platform availability within hours, but none disclosed their retail allocations.
The offering raises $8.4 billion in primary capital, with an additional $2.1 billion secondary sale from early employees and venture backers. Lead underwriters Goldman Sachs and Morgan Stanley priced at the top of the $105–$112 range. Trading begins Wednesday under ticker SPAX. The pricing decision bypassed the usual roadshow theatrics—management held three private sessions with anchors in New York, Hong Kong, and Abu Dhabi, then set the number.
The retail allocation fight matters because SpaceX is structuring this as a two-tier offering. Institutional anchors received 68% of the primary shares. The remaining 32%—roughly 2.7 billion in stock—goes to retail, split across the five platforms. Robinhood and SoFi are pushing for weighted allocations based on account funding levels, which would favor their higher-net-worth users. Fidelity and Schwab want pro-rata distribution across all interested accounts. E-Trade has not commented. The allocation methodology determines whether 40 million retail accounts get $67 each or 4 million accounts get $670 each. That spread creates secondary-market volatility before the stock even prints.
Hanmi Semiconductor's $33 million SpaceX stake, disclosed Friday in Seoul, signals the second-order positioning already underway. Hanmi bought the shares in a private March transaction at $97, a 15.5% discount to IPO price. The move suggests SpaceX offered pre-IPO liquidity to supply-chain partners, a tactic Musk used with Tesla's battery suppliers in 2010. Hanmi's shares rose 22% in Seoul on the disclosure. Watch for similar announcements from Harmonic Drive, Nvidia, and Celestica before Wednesday.
The timing locks SpaceX into a narrow earnings window. The company must file its S-1 amendment with Q1 2026 financials by Tuesday morning to maintain the Wednesday pricing. That filing will show whether SpaceX's Starlink subscriber growth held at 4.2 million net adds per quarter or decelerated. The last private round in November priced at $112 per share, the same as this IPO, which means zero markup for late private investors. If Starlink growth slowed, the flat pricing makes sense. If it accelerated, the company left money on the table.
Allocators should monitor three events. First, the S-1 amendment Tuesday morning—Starlink's churn rate and the Starship development budget are the only numbers that matter. Second, the retail allocation announcements, expected Monday evening from at least three platforms. Third, the greenshoe option, which underwriters can exercise within 30 days to sell an additional 15% of shares if demand persists. The greenshoe at $112 would add another $1.26 billion in liquidity.
The $210 billion valuation prices SpaceX at 18.2x forward revenue, assuming Starlink hits $11.5 billion in 2026 sales. That multiple sits between Amazon Web Services at 12.4x and Palantir at 23.1x. The difference is capital intensity. SpaceX will spend $4.2 billion this year on Starship alone, with no clear revenue path until 2028. The IPO funds that gap, but the pricing assumes flawless execution on a vehicle that has exploded twice in the last nine months.
The takeaway
SpaceX priced at **$112**, raising **$8.4 billion**—retail gets **32%**, but five platforms have not disclosed how they split it.
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