SpaceX priced its initial public offering at $175 per share Tuesday evening, valuing the aerospace manufacturer at $318 billion post-dilution and distributing a $12.4 billion retail allocation across five named brokerage platforms. Charles Schwab received 38% of the retail book, Fidelity 29%, E-Trade 18%, Robinhood 11%, and SoFi 4%. Access opens at 9:30 a.m. Eastern on Wednesday, with per-account caps ranging from $25,000 at Robinhood to $500,000 at Schwab for verified high-net-worth clients.

The company sold 71 million primary shares in the base offering and granted underwriters a 10.65 million share greenshoe, implying gross proceeds of $14.3 billion before fees. Lead underwriters Morgan Stanley and Goldman Sachs structured the deal with a 2.1% blended fee, below the 3-4% standard for offerings above $10 billion. The retail allocation represents 17.5% of total share count, the highest percentage for a U.S. technology IPO above $100 billion valuation since Snowflake in September 2020. Musk retains 42% voting control through a dual-class structure that converts to single-class shares in 2029.

The allocation split reflects negotiated retail distribution capacity rather than open-market demand. Schwab and Fidelity committed to absorbing customer service volume for first-day volatility and agreed to 30-day hold recommendations in client communications, though no contractual lock-up applies to retail buyers. Robinhood negotiated its 11% slice by guaranteeing same-day fractional share access and waiving its usual $0.02 per share routing fee for the first 72 hours. SoFi's 4% reflects its smaller active-brokerage user base but included a side agreement for SpaceX to evaluate SoFi's embedded finance rails for future employee equity administration. E-Trade's 18% came with Morgan Stanley's balance-sheet backstop for volatility stabilization in the first five trading sessions.

The offering follows three years of private-market accumulation in which SpaceX raised $11.8 billion across eight rounds between January 2022 and December 2024, with the final pre-IPO round pricing secondary shares at $143. The 22.4% step-up from last private price to IPO reflects underwriter markup and the $6.3 billion Colossus computing contract announced Monday with AI startup Reflection, which converts SpaceX's Bastrop, Texas data center into a commercial compute-for-hire platform. Anthropic, Google and Cursor signed earlier contracts totaling $3.1 billion over three years, establishing a $600-700 million annual run-rate revenue stream separate from launch services. That diversification supported the valuation multiple expansion institutional buyers required to clear $175.

Allocators should monitor first-hour trading volume against the 14.2 million average daily volume SpaceX's private shares traded in the final 90 days before the IPO, a ratio that indicates whether retail distribution displaces or complements institutional positioning. The 30-day lock-up expiration for employees and early venture holders occurs July 9, releasing 41 million shares—watch for coordinated selling if the stock trades above $210 by that date, a level at which 68% of employee option grants fully vest. Fidelity's decision to include SpaceX in its target-date funds within 45 days of listing will signal whether passive allocators treat this as a defense-industrial holding or a technology growth position, a distinction that shifts the comparable-company set and forward multiple assumptions.