SpaceX IPO: how to trade the biggest listing in history
The biggest IPO in history is happening. SpaceX launched its roadshow on 4 June, targeting a first listing on the Nasdaq on the 12th under the ticker SPCX. The numbers: $75 billion raised, two and a half times the record Aramco set in 2019.
How to get exposure as a European investor. Three approaches, three different logics, three risk profiles.
SPCX: the numbers behind an extraordinary listing
SpaceX filed its S-1 with the SEC on 20 May 2026. [1] The 3 June amendment sets the deal parameters: 555,555,555 Class A shares, at an expected price of $135.00 per share, targeting $75 billion in gross proceeds.
The greenshoe option could push the total to 638.9 million shares, or $86.25 billion. Net of underwriting commissions and fees, SpaceX expects to receive $74.4 billion, or $85.7 billion with the greenshoe.
The prospectus also sets out where the money goes: expanding AI computing infrastructure, improving launch vehicles and facilities, scaling satellite constellation capacity, and general corporate purposes.
At that price, the implied valuation comes to around $1.75 trillion.
Two records are on the line.
- At 2.5 times Aramco’s record, it would shatter the $29.4 billion Saudi Aramco raised in 2019, greenshoe included. [2]
- The valuation would also exceed Aramco’s at listing, which was around $1.7 trillion.
The schedule is tight: roadshow launched 4 June, pricing on 11 June, first trades expected 12 June on the Nasdaq under ticker SPCX.
One thing to keep in mind: that date isn’t set in stone. The prospectus leaves the share delivery date blank, and the registration only becomes effective on a SEC decision. A delay is possible right up to the last moment.
On the retail allocation, CFO Bret Johnsen says the retail tranche will be “larger than any IPO in history”, up to 30% of the deal according to Reuters, versus the 5-10% typical of traditional IPOs. [3] That figure isn’t in the prospectus: it’s a statement of intent.
| Item | Detail |
|---|---|
| Ticker | SPCX (Nasdaq and Nasdaq Texas) |
| Shares offered | 555,555,555 Class A shares |
| Expected price | $135.00 per share |
| Target raise | $75bn (up to $86.25bn with greenshoe) |
| Implied valuation | ≈ $1.75 trillion |
| Announced timeline | Pricing on 11 June, listing expected 12 June 2026 |
| Underwriters | 10 bookrunners, led by Goldman Sachs and Morgan Stanley |
IG pre-IPO: trading SpaceX’s valuation before it lists
Let’s clear up the main misconception first: on IG’s pre-IPO market, you’re not buying SpaceX shares, no IPO allocation, no conversion to stock afterwards.
The product is a CFD*, listed under the ticker .SPACEX. [4]
This CFD tracks SpaceX’s expected market cap, in billions of dollars. On 5 June, the market was showing around 2,140, meaning IG clients were pricing SpaceX at roughly $2.14 trillion at IPO, about 22% above the implied $1.75 trillion at $135 per share.
That gap is exactly what makes this product interesting. Traders who think the hype will push the cap even higher go long. Those who expect disappointment go short.
Two clauses worth noting.
- Any position still open on the first day of trading is cash-settled against the official market cap at that session’s close.
- If there’s no IPO by 31 December 2027, all open positions are cancelled.
The product page also notes that the market cap calculation includes xAI, now merged into SpaceX.
Sentiment is firmly bullish: as of 5 June, more than eight in ten IG clients were positioned long.
* “Options and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with IG. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.”
Fees, platforms, products: read our IG review.
Subscribing to the IPO via Trade Republic or Saxo
The prospectus sets out a European public tranche across seven countries: Germany, Denmark, France, the Netherlands, Norway, Spain, and Sweden. It’s conditional on the European prospectus being approved by the German regulator, BaFin. [10]
Retail investors in those seven countries should therefore be able to subscribe at the IPO price.
Two brokers active across those markets confirmed their role at the time of writing: Trade Republic and Saxo.
- Trade Republic is acting as a “distribution partner” for retail investors, via an email sent to clients and reported by the German financial press. [5]
- Saxo opened subscriptions on a dedicated deal page, where a “Place order now” button lets clients submit an order. [8] Saxo caps orders at $162 per share: that’s the maximum price you’re willing to pay, since the final IPO price, expected at $135, won’t be set until 11 June.
DEGIRO, frequently mentioned in press coverage, states on its help page that it can’t facilitate participation in the IPO of a US company. [6]
What do you gain from subscribing to the IPO versus just buying shares on 12 June? The IPO price, expected at $135 but not locked in until 11 June, and a way to sidestep the potential opening-day surge.
That said, allocation isn’t guaranteed: if demand is overwhelming, orders may be scaled back or not filled at all, depending on the deal’s allocation rules. And between the close of the subscription window and the first trades, there’s no way out: the shares aren’t listed yet.
From 6 June 2026, Trade Republic has officially opened its IPO subscription service: allocations are made at the official offer price, pro-rated by volume subscribed, for €1 in settlement fees per order. The specific terms for each deal (cut-off date, minimum amount, order cancellation) are worth checking in the app before committing.
Our Trade Republic review and our Saxo review cover both brokers in detail, from fees to product range.
Buying SPCX at listing: the straightforward route
From the first day of listing, SPCX is accessible through any broker with access to US equities, including Interactive Brokers, Saxo, eToro, XTB, and DEGIRO.
One thing worth knowing for launch day. An IPO doesn’t open at the official start of the US session, 3:30pm CET. The Nasdaq first runs a dedicated auction, the IPO Cross, to establish the opening price. [7] The first trade can happen an hour or more after open. A market order placed blind before that first print will execute at whatever level the auction sets.
SpaceX’s own S-1 flags the volatility risk. The company notes that a high proportion of retail shareholders can amplify post-listing price swings, and that the share price may reflect that excitement more than actual operating performance.
Buying at open means paying the price collective enthusiasm has set. There’s no pressure to rush: SPCX will still be trading the following Monday, and the months after that.
For tax purposes, SPCX is a US stock, ineligible for the PEA (French residents only): it will need to sit in a standard brokerage account.
To compare brokers for stock trading, our Interactive Brokers review and our DEGIRO review cover each one’s conditions in detail.
How to trade the SpaceX IPO: summary
| Pre-IPO market (CFD) | IPO subscription | Buying at listing | |
|---|---|---|---|
| What you hold | A position on the expected market cap | SPCX shares at the IPO price | SPCX shares at market price |
| Available | Now | Until pricing | From first trades |
| Entry price | Pre-IPO market level when you open the position | $135 per share | Opening price, unknown in advance |
| Main risk | Leverage and cash settlement against Day 1 official market cap | Allocation not guaranteed, possible post-listing drop | Day 1 volatility |
| Platforms | IG | Trade Republic, Saxo | Any broker with Nasdaq access |
A valuation that’s hard to pin down
Morningstar values SpaceX at $780 billion, with uncertainty rated “very high”. [9] The IPO is pricing at $1.75 trillion. IG’s pre-IPO market was betting on $2.14 trillion as of 5 June.
A threefold spread. Same company.
The prospectus financials add to the scepticism. SpaceX lost $4.9 billion in 2025, after a profitable 2024, and another $4.3 billion in Q1 2026 alone.
Only one business unit makes money: Starlink, with $11.4 billion in revenue (61% of the total) and $4.4 billion in operating profit, driven by 10.3 million subscribers, double the figure from a year ago. The rest of the group ran up $7 billion in operating losses for the year, including $6.4 billion from the AI segment alone.
The prospectus dilution table adds one more data point. Existing shareholders paid an average of $6.48 per share. New investors will pay $135, twenty times more.
Where the $75 billion raised actually goes is also worth a close read: AI computing infrastructure tops the list, ahead of rockets and satellites. Since xAI merged into SpaceX, buying SPCX isn’t just a bet on the space industry. It’s also a bet on artificial intelligence, the group’s biggest loss-maker.
Governance matters too. After the IPO, Elon Musk is expected to retain around 82% of voting rights. New shareholders will, in practice, have no say in how the company is run.
How to trade the SpaceX IPO: key takeaways
The biggest listing in history will pull in retail orders. And when 86% of grey market positions lean bullish, the pull to follow the crowd is real. That’s the surest way to turn a market event into a bad trade.
Nobody knows what SpaceX is really worth. Morningstar says $780 billion, the IPO prices at $1.75 trillion, IG’s pre-IPO market was at $2.14 trillion. With that wide a spread, position sizing matters more than conviction.
The right approach depends on your profile, your experience, and your strategy.
- IG’s pre-IPO product suits active traders comfortable with CFDs.
- Subscribing via Trade Republic or Saxo is for investors who believe the story and can live with uncertain allocation.
- Buying on market is the most straightforward option, and there’s no reason to rush: Morningstar notes that upcoming share lock-up expirations over the coming months may offer better entry points than the IPO itself.
And if the listing of the century becomes a reason to open a first brokerage account, our broker comparison covers all the brokers mentioned in this article.
Article sources
Audrey holds a Diploma in Accounting and Financial Studies (DECF) and has over 15 years of professional experience in the banking and accounting sectors.
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