SpaceX IPO Oversubscribed, Expected to List on Nasdaq on June 12
N.R. Finch
SpaceX plans to raise $75 billion at a fixed price of $135 per share, valuing the company at roughly $1.8 trillion — the offering is already oversubscribed and would more than double Saudi Aramco's record, but the S&P 500 is off the table for at least a year.
How big is this IPO?
SpaceX plans to sell roughly 555.6 million Class A shares at $135 each, raising about $75 billion at a valuation of approximately $1.8 trillion.
This means → it would more than double Saudi Aramco's 2019 record of $29.4 billion, making it the largest IPO in history.
The company's formal name is Space Exploration Technologies Corp. It will list on Nasdaq under the ticker "SPCX", headquartered in Starbase, Texas.
What does oversubscription tell us?
Bloomberg, citing people familiar with the matter, reports that orders already exceed shares on offer. SpaceX plans to price on June 11 and begin trading the next day.
This means → the demand floor for a full raise is already in place — buyers lined up before the price was even set.
The roadshow is still in its early stages, however, and both the pricing date and deal details could still change.
Why skip the price range?
SpaceX is using a fixed-price offering, bypassing the standard U.S. large-IPO process of publishing a range and adjusting based on investor feedback.
In plain terms = most companies let the market "vote" on a price band. SpaceX simply named $135 — no negotiation.
Fixed-price deals are more common in Europe and Asia but almost unheard-of for large U.S. listings. This reflects SpaceX's confidence that $135 needs no market-testing.
Five top-tier banks — Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan — are leading the deal, with 18 additional banks in the syndicate.
Which indexes could it join quickly?
Nasdaq has revised its rules to let SpaceX enter the Nasdaq-100 within just 15 trading days of listing, weighted at a 3× multiplier — based on a $225 billion market cap, not the $75 billion free float.
This means → SpaceX's price swings will be amplified and transmitted directly into the broader Nasdaq-100 index.
FTSE Russell has also compressed its waiting period to just five trading days, paving the way for rapid inclusion.
Why is the S&P 500 off limits for now?
S&P Dow Jones Indices announced on June 5 that it will maintain its existing inclusion rules: a 12-month listing history and a profitability requirement.
SpaceX posted a $4.94 billion net loss in 2025, and its free float sits at roughly 3% to 4% — failing on both counts.
In plain terms = the S&P 500 is the world's largest pool of passive capital, and SpaceX won't tap that "automatic bid" for at least a year. Whether it can achieve GAAP profitability and lift its float above 10% within 12 months of listing is the key milestone to watch.
Content is for reference only, not financial advice.