Overview
- SpaceX is pricing a 555.6 million‑share offering at $135 a share to raise about $75 billion with trading expected under the ticker SPCX after pricing on Thursday and a market debut the next day.
- Reported orders range from roughly $150 billion to more than $250 billion, meaning the offering is two to four times oversubscribed and underwriters face allocation choices between long‑only funds and a large retail carve‑out.
- The company reserved up to 30% of the deal for retail platforms such as Robinhood and Fidelity, a rare large retail set‑aside that could draw individual investors away from other risky assets.
- Investors worry about governance because filings show a dual‑class structure and terms that leave Elon Musk with dominant voting control, and some index and stewardship groups have flagged mandatory arbitration and board composition limits.
- Public filings show Starlink as the main cash generator with about $11 billion in 2025 revenue but SpaceX remains unprofitable on a consolidated basis, carries a $20 billion bridge loan, and holds roughly 18,700 bitcoins, leaving valuation debates stark versus Morningstar’s ~$780 billion fair‑value estimate.