SpaceX confirmed $135 per share pricing for its Nasdaq debut under ticker SPCX, valuing the public float at $48 billion across 355.6 million shares. The company priced at the midpoint of its $120-$150 marketed range, avoiding both the discount that signals weak demand and the premium that invites first-day chaos. What remains unsigned: the exact retail allocation split among Schwab, Fidelity, Robinhood, SoFi, and Morgan Stanley's E-Trade, each of which has publicly committed to making shares available but not disclosed the tonnage.
Musk structured the offering to sidestep three Wall Street conventions. First, he reserved 22% of the IPO for customers who have flown on Starlink or contracted satellite launches, a carve-out that has no modern precedent in a technology offering of this scale. Second, he imposed a 180-day lockup on insiders but excluded himself and the Musk Revocable Trust, retaining the ability to sell up to 8 million shares in the first 90 days if the stock trades above $175. Third, he declined to grant underwriters a greenshoe option, the customary 15% over-allotment that stabilizes post-IPO trading. Goldman Sachs and Morgan Stanley are listed as joint bookrunners but were given no price protection mechanism.
The retail allocation impasse centers on fee compression. Robinhood and SoFi have each told the company they will charge zero commission on IPO purchases and want preferential allocation in exchange. Fidelity countered with a proposal to match the zero-commission structure but only for accounts holding $100,000 or more in assets. Schwab has not published its terms. The brokerages are negotiating for a combined 30-35% of the 77.8 million shares earmarked for U.S. retail, or roughly 23-27 million shares. Musk's team has until June 12 to finalize the split, two business days before the June 16 trading debut.
The $48 billion public float represents 18% of SpaceX's fully diluted equity, leaving Musk with 42% beneficial ownership and employees with 31% through restricted stock units that vest over four years. The Starship program, which has completed nine orbital test flights, and the Starlink constellation, which passed 12,000 active satellites in May, will remain wholly owned subsidiaries. The prospectus discloses $19.4 billion in trailing twelve-month revenue and $4.1 billion in EBITDA, the first time SpaceX has published audited financials.
Allocators should watch three follow-on events. First, whether the stock trades through $150 in the opening session, which would trigger widespread profit-taking from the customer allocation pool and test Musk's no-greenshoe decision. Second, whether Fidelity or Schwab disclose their final retail share counts by June 13, which would signal whether the zero-commission brokerages won the allocation fight. Third, whether Musk files a Form 4 in the first 90 days, which would confirm he is selling into strength and potentially cap the stock below $200.
The retail allocation silence is the tell. Musk priced at fairness, not momentum, and is now using the brokerage beauty contest to extract fee concessions that will matter more in secondary trading than in the IPO itself.
The takeaway
SpaceX priced **$48B** float at **$135**, but retail brokerage split remains unsigned as Musk extracts zero-commission concessions.
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