SpaceX's IPO: What It Is and What We’re Thinking About It

David Pickler
Jun 12
3 min read

As conversations continue around the upcoming SpaceX initial public offering (IPO), we wanted to share some background information and our current perspective.

An IPO is the first time a private company sells shares of itself to the general public. Until now, SpaceX has been privately held, meaning only a limited group of investors could own a piece of it. In an IPO, the company (with the help of investment banks called underwriters) makes shares available so anyone with a brokerage account can buy them once trading begins.

Before the shares trade, the company sets an offering price, which is the price the first investors pay. That offering price, however, is generally reserved for large institutional investors who receive an allocation directly through the underwriting banks. After that, the shares begin trading on a stock exchange, and from that first moment the price moves freely based on supply and demand. The opening trade can be very different from the offering price.

SpaceX has set a fixed offering price of $135 per share. Shares are expected to begin trading on the Nasdaq on or about June 12, 2026, under the ticker symbol "SPCX." This offering is one of the largest in history, valuing the company at roughly $1.75 trillion. Reports indicate the offering has been heavily “oversubscribed” (meaning demand has exceeded the shares available).

We want to be clear about one thing: we do not have access to shares at the $135 offering price. That price is available only to investors who receive a direct allocation in the offering, which we have not been allotted. Because we have no allocation, if you were to purchase SpaceX through us, the only way to do so would be on the open market after the stock begins trading on the Nasdaq. That means you would buy at the prevailing market price once trading opens, which, given the strong demand described above, could be well above the $135 offering price.

Because any purchase we make for you would happen on the open market after trading begins, not at the $135 offering price, the price you'd actually pay is whatever the market sets at that moment. It is common for highly anticipated IPOs to see sharp price movement when trading opens, and given the exceptional demand here, the opening price could be well above $135. We think it's reasonable to expect significant price swings in the early days of trading.

For that reason, as a general matter we are cautious about buying in the first moments after the opening bell. Early IPO trading is frequently volatile, and prices can move dramatically up and down before the market settles on a longer-term view. A specific consideration with SpaceX is that, while the company generates substantial revenue, it is not yet profitable (its public filing reports a net loss for 2025), which can add to price uncertainty.

This is our general opinion, not a recommendation to buy, sell, or hold. Whether this opportunity makes sense for you depends on your individual goals, time horizon, and risk tolerance. We'd welcome the chance to discuss how, or whether, SpaceX fits your specific situation before you act.

SpaceX filed its official offering document (called an S-1, or prospectus) with the U.S. Securities and Exchange Commission on May 20, 2026. This is the authoritative public source for the company's financials and risk factors, and we encourage you to review it. It is available for free on the SEC's website at sec.gov. The final prospectus has been filed with the SEC and is available on sec.gov, and we anticipate public sales beginning some time on Friday, June 12, 2026.

If you have any questions, please contact our office at 901-316-0160.

Sincerely,