SpaceX priced 555.6 million shares at $135 on June 11, raising $75 billion and displacing Meta's $16 billion 2012 offering as the largest U.S. initial public offering. The pricing came after a roadshow that drew $240 billion in institutional demand, yet retail allocation mechanics remain unresolved at Charles Schwab, Fidelity, Robinhood, SoFi, and Morgan Stanley's E-Trade.
The $135 price sits at the midpoint of the $125-$145 range circulated in late May. SpaceX will trade under ticker SPCE on the New York Stock Exchange beginning June 14. Musk retains 54% voting control through a dual-class structure that grants him 10 votes per founder share against 1 vote for public common. The company generated $15 billion revenue in 2024, $4.2 billion of it from Starlink subscriber fees, and posted $3.1 billion EBITDA. Starship development consumed $2.8 billion in capital expenditure last year.
The IPO breaks convention on three fronts. First, the dual-class structure persists indefinitely, with no sunset clause of the kind Snap and Lyft accepted. Second, retail platforms will allocate shares through lotteries and tiered queues rather than the pro-rata or price-priority methods common in European direct listings. Third, the greenshoe is capped at 5% instead of the standard 15%, limiting underwriters' ability to stabilize the stock if it falls below issue price in early trading. That 5% option, if exercised, would add $3.75 billion to gross proceeds.
Allocators should note that $18 billion of the $75 billion raise is earmarked for a one-time special dividend to early employees and pre-IPO shareholders, payable July 15. That leaves $57 billion for the balance sheet. Management guidance allocates $22 billion to Starship production scale-up, $14 billion to Starlink ground-station buildout in Africa and Southeast Asia, and $12 billion to a dedicated Mars cargo vehicle program with a 2028 first-launch target. The remaining $9 billion sits in cash reserves.
The stock fell 24% from its $177 private-market peak in April to the $135 IPO price. That drawdown reflects two factors: a 15% dilution from the new share issuance and a 9% reset as institutional buyers priced in regulatory risk around Starlink's pending license renewals in India and Brazil. The dilution is structural. The regulatory risk has a 90-day window—India's Department of Telecommunications will rule on Starlink's market-access application by September 10, and Brazil's Anatel is expected to conclude its review by September 20. Both agencies have requested additional spectrum-sharing data.
Retail platforms are fielding 14 million indication-of-interest submissions as of June 10, but none have disclosed their allocation formulas. Fidelity's queue gives priority to accounts with $100,000+ balances. Robinhood is using a lottery weighted by account tenure. The fragmentation creates execution risk for wealth advisors assembling SpaceX exposure for clients, since fills may arrive across multiple days and at varying effective prices if secondary trading begins before all retail orders clear.
Watch three items through September. The India and Brazil spectrum decisions will move the stock 8-12% in either direction. Starship's fourth orbital test flight is scheduled for August 3, and a successful booster catch would confirm the $22 billion production-scale bet. Starlink's Q3 subscriber update, due October 15, will show whether the 18.2% quarter-over-quarter growth rate from Q1 held through summer. That growth rate underpins the $15 per share Starlink-attributed value in the sum-of-parts models circulating among long-only funds.
The takeaway
**$75B** raise resets IPO scale, but **5%** greenshoe and unsettled retail allocation leave first-week price discovery exposed.
spacexipocapital marketsstarlinkaerospace
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