Elon Musk’s SpaceX, the commercial spaceflight giant, is about to make history in the global capital markets. The countdown to this milestone has entered its final 1 day.
For countless investors eager to seize this once-in-a-generation opportunity, the biggest questions are how to participate in the SpaceX IPO, at what price, and through which channels. As a global leader in digital asset trading, Gate has created a direct pathway for users to access this historic IPO.
SpaceX IPO: Redefining Space Exploration and Capital Markets
The Largest IPO in History: Breaking Wall Street’s Pricing Traditions
In June 2026, SpaceX officially kicked off its IPO. According to the latest prospectus filed with the U.S. Securities and Exchange Commission, SpaceX plans to list on Nasdaq under the ticker SPCX on June 12 (local time).
For pricing, SpaceX has adopted an unconventional "fixed issue price" strategy, setting the IPO price at $135 per share with no traditional price range. This move breaks with Wall Street’s longstanding IPO pricing model—typically, companies determine a price range after roadshows and gauging market demand. Instead, SpaceX announced a "take it or leave it" price before the roadshow even began.
At $135 per share, SpaceX plans to issue approximately 555.6 million shares, raising a base amount of $75 billion and valuing the company at about $1.77 trillion. If underwriters exercise the over-allotment option, total fundraising could reach as high as $86.25 billion. This would shatter the previous record set by Saudi Aramco’s $29.4 billion IPO in 2019, making it the largest IPO in global capital markets history.
After listing, SpaceX’s market cap will surpass Tesla’s (currently about $1.6 trillion), ranking it as the seventh-largest publicly traded company in the U.S.
Unprecedented Market Frenzy: Over 4x Oversubscription
The response to the SpaceX IPO can only be described as "frenzied." As of June 10, the IPO was more than four times oversubscribed, with total orders exceeding $250 billion—far surpassing the $75 billion fundraising target.
Due to overwhelming demand, underwriters reportedly stopped accepting institutional orders on the afternoon of June 10. Some analysts note that many institutional investors have placed massive orders, and SpaceX may consider issuing additional shares or raising the price further to meet demand.
SpaceX has also broken with tradition by reserving as much as 30% of shares for retail investors—a rarity in modern IPOs, where retail allocations typically hover around 5%. Several major U.S. brokers, including Fidelity, Robinhood, Charles Schwab, and SoFi, are participating in the distribution.
Valuation Debate: Wall Street’s Divergence and Consensus
Despite the extraordinary market enthusiasm, Wall Street remains divided on SpaceX’s valuation.
Goldman Sachs, the lead underwriter, emphasized in its report that investors are not just buying into Starlink, but also betting on explosive growth from xAI. Goldman’s model forecasts xAI revenue will soar from about $3.2 billion in 2025 to $322 billion in 2030—a nearly 100-fold increase in just five years.
However, some institutions remain cautious. Barron’s pointed out that SpaceX’s valuation equates to a price-to-sales ratio of 40x based on 2026 projected revenue, and an eye-popping 175x EBITDA multiple. Some analysts believe its fair value may be closer to $1 trillion. NYU professor and "valuation guru" Aswath Damodaran estimates SpaceX’s equity value at $1.3 trillion, or about $99 per share.
Deep Dive: Business Segments and Financial Performance
SpaceX currently operates three core business segments: launch services (centered on Falcon 9 and Starship), Starlink satellite internet, and the AI subsidiary xAI, which was formally integrated in February this year.
Starlink is the company’s most powerful profit engine. As of Q1 2026, Starlink has surpassed 10.3 million users, launched over 10,000 satellites, and covers more than 160 countries. In 2025, Starlink generated about $4.4 billion in operating profit with an EBITDA margin of 63%. The company plans to launch Starlink V3 satellites in the second half of 2026 and deploy next-generation V2 Mobile satellites in 2027 to further expand direct-to-device services.
Launch services: SpaceX now commands about 90% of the global commercial rocket launch market. The latest Starship Block 3 boasts a payload capacity of over 100 tons and completed its maiden flight in May 2026. The company is building a Gigabay factory at Starbase, targeting annual production of 1,000 Starships. Mass production is expected to significantly reduce per-launch costs.
Artificial Intelligence and Space Computing: SpaceX’s most imaginative growth engine. In a pre-IPO deep dive, CFO Brett Johnsen revealed that SpaceX’s AI infrastructure business has reached $3.75 billion in annualized revenue, making it the world’s fifth-largest AI computing company. The company aims to deploy large-scale satellite computing infrastructure via Starship, with plans to launch orbital AI computing satellites as early as 2028 and deploy about 100 GW/year of orbital data center capacity over the next 4 to 5 years.
Financially, SpaceX posted $18.7 billion in revenue for 2025, up 33% year-over-year, but recorded a net loss of about $4.9 billion. For Q1 2026, revenue was about $4.7 billion with a net loss of $4.3 billion, bringing cumulative losses to $41.3 billion. The losses are mainly due to xAI’s massive R&D and capital expenditures.
Musk’s Absolute Control
SpaceX uses a dual-class share structure to maintain control. Elon Musk currently holds 12.3% of Class A shares and 93.6% of Class B shares. Since each Class B share carries 10 votes, Musk will retain 85.1% of the company’s total voting power post-IPO, ensuring firm control over SpaceX’s strategic direction.
After the IPO, Musk’s SpaceX holdings will be valued at over $866.5 billion. Combined with his nearly $300 billion stake in Tesla, his net worth could reach $1.1 trillion, making him the world’s first "trillionaire."
SPCX: Investment Opportunities in SpaceX Stock
Listing Timeline and Pricing Window
The SpaceX IPO timeline is now clear: the final offer price will be set on June 11, and trading will begin on Nasdaq on June 12. The IPO price is locked at $135 per share and will only change under extreme market conditions.
Assessing the Investment Potential
SpaceX offers unique investment value from several perspectives:
First, vertically integrated business model moat. SpaceX has built a closed-loop system: "lower launch costs → satellite scale-up → increased network capacity → user growth → capital reinvestment in space and AI R&D." This cycle is nearly impossible for competitors to replicate in the short term.
Second, diversified growth curves. CFO Brett Johnsen describes SpaceX’s business as a "five-in-one super loop"—Starship launches, Starlink, orbital computing, ground-based AI computing, and in-house Terafab chips. These five segments interlock and operate synergistically, with each layer open to external partners, expanding scale and reducing costs across the board.
Third, a historic window of opportunity. SpaceX’s IPO comes amid a wave of AI companies going public. AI unicorn Anthropic filed confidentially with the SEC this Monday, and OpenAI plans to file for a secret IPO in the coming weeks. Major tech IPOs are shaping up as a defining trend in the 2026 U.S. stock market.
Key Risks to Watch
Potential investors should also consider the following risks:
- Valuation risk: Some institutions believe SpaceX’s current valuation is high and may face correction pressure in the future.
- Ongoing losses: xAI posted an operating loss of about $6.4 billion in 2025 and $2.5 billion in Q1 2026, with no clear path to profitability in the near term.
- Technical uncertainty: Cutting-edge projects like Starship development and orbital data centers face technical, regulatory, and cost challenges.
- Insider selling: SpaceX employees can sell portions of their shares in stages before the lock-up expires, which may put pressure on the stock price.
Gate IPO Access: Direct Investment Opportunities in SpaceX for Everyday Investors
Traditional IPO participation often comes with high account minimums, geographic restrictions, complex subscription processes, and institutional priority allocation. Even investors passionate about companies like SpaceX are often blocked by these barriers.
To address this, Gate has launched IPO Access—an innovative service that allows regular investors to submit an Expression of Interest (EOI) before a company’s public listing. Eligible users can participate in the subscription process before the IPO completes and receive shares after the stock officially lists, ensuring a seamless transition from IPO allocation to secondary market trading.
How Gate IPO Access Works
For the SpaceX IPO Access round, Gate has implemented the following core mechanisms:
- Accepted currency: Only USDT is accepted for subscription.
- Participation threshold: Minimum subscription is 100 USDT; maximum per user is 500,000 USDT.
- Allocation mechanism: Uses the EOI model, with allocation weights based on users’ average locked USDT during the period—early participation and continuous locking increase allocation weight.
- Allocation results: Depending on the final project issuance and Gate’s actual allocation, users may receive full, partial, or no allocation.
- Fees: No subscription, custody, or performance fees—zero hidden costs.
- Holding and trading: Once shares are allocated, users can either exit early via pre-market trading or hold and trade the stock post-IPO through the Gate Stocks product, which supports direct USDT trading of over 10,000 leading U.S. stocks and ETFs, covering major liquidity venues like NYSE and Nasdaq, with a minimum trade size of 0.01 shares.
Step-by-Step Guide: How to Participate in the SpaceX IPO via Gate
Here’s a basic guide to using Gate IPO Access (refer to the latest platform announcements and interface for details):
- Register and complete identity verification: Make sure you have a Gate account and have passed KYC.
- Deposit USDT: Fund your account with enough USDT for your intended subscription.
- Access the IPO Access page: Find the IPO Access feature on Gate and select the SpaceX (SPCX) project.
- Submit your EOI: Enter your desired subscription amount (minimum 100 USDT, maximum 500,000 USDT) and confirm.
- Wait for allocation results: Gate will calculate allocation weights based on locked USDT during the EOI period and announce final allocations after the IPO.
- Post-allocation options: Allocated shares will appear in your account. You can hold or trade them via Gate Stocks, or exit early in the pre-market.
Note: The subscription phase for SpaceX IPO Access will close around the IPO pricing date (June 11). With only 1 day left, interested users should act quickly.
Conclusion
SpaceX’s IPO is the most anticipated event in the global capital markets in 2026—bar none. With Mars as its ultimate goal, Starlink as its cash flow engine, and xAI as its growth driver, this dual space and AI powerhouse is rewriting the rules of commercial space valuation and capital storytelling with a $1.77 trillion valuation and $75 billion fundraising.
For everyday investors, the $135 issue price and SpaceX’s unprecedented 30% retail allocation open a rare historic window for participation. Gate’s IPO Access service makes this opportunity available to everyone—subscribe with as little as 100 USDT, with no high-net-worth barriers or complex traditional processes.
With just 1 day left before SpaceX officially lands on Nasdaq, IPOs of this scale and buzz are exceedingly rare. Whether you’re a space enthusiast, a tech believer, or an investor seeking cutting-edge asset allocation, the SpaceX IPO is an opportunity worth serious consideration.
Log in to Gate now to join the SpaceX IPO Access and seize your last chance to be part of this historic moment in commercial spaceflight.
