ECON SpaceX’s historic IPO plans

Ragnarok

Ragnarok

On and On, South of Heaven
What to Know
- SpaceX’s official IPO filing sets up a likely Nasdaq debut next month.

- Goldman Sachs is lead left on the prospectus, followed by Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase.

- SpaceX was valued at $1.25 trillion in February after merging with xAI, Elon Musk’s artificial intelligence startup, meaning new investors will be buying in at a historically high price.

- The IPO is likely to be the first of three potential mega offerings this year, with OpenAI and Anthropic both eyeing the public market.

- Follow-up filings from SpaceX will lay out the expected per-share pricing range and likely more detail on the top shareholders.
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Elon Musk’s SpaceX is officially headed for the public market in what’s likely to be a record IPO that will put the world’s richest person at the helm of two separate trillion-dollar publicly traded companies.

In a prospectus with the Securities and Exchange Commission on Wednesday, SpaceX said it plans to list under ticker symbol SPCX on the Nasdaq. SpaceX confidentially filed with the SEC in April, and CNBC reported last week that the company is aiming to kick off a roadshow to market the deal on June 8.

Founded by Musk in 2002 to develop and operate reusable rockets, SpaceX has turned into NASA’s biggest launch partner after the agency ended its space shuttle program in 2011. In addition to its massive aerospace and defense contracts, SpaceX also operates the Starlink satellite internet service and a constellation of around 10,000 satellites, as well as artificial intelligence unit xAI, which previously acquired X, the social network formerly known as Twitter.
CNBC’s reporters are covering SpaceX’s IPO from bureaus in San Francisco and Englewood Cliffs, New Jersey.

SpaceX sees $28.5 trillion addressable market
SpaceX sees a total addressable market of $28.5 trillion, and said in its prospectus that identifying and creating trillion-dollar market opportunities is one element of its “repeatable business model.”

The vast majority of its addressable market is outside of SpaceX’s existing businesses. There’s an $870 billion market for Starlink’s broadband business, a $740 billion market for Starlink’s mobile unit, a $600 billion digital advertising market for X to pursue and a $2.4 trillion AI infrastructure market.

Then there’s enterprise applications, a $22.7 trillion market, based on an estimate from the Digital Cooperation Organization.

“We believe we are still in the early days of AI transforming enterprises, with AI-powered enterprise applications poised to reshape the digital economy,” SpaceX said. The company said that with help from Tesla, it’s developing an AI agent service called Macrohard that’s meant to emulate digital work and create an AI-run software company.

X advertising revenue declined in Q1 during technology rebuild
Advertising revenue from X, formerly known as Twitter, declined by $100 million in the first quarter, as the business dealt with the overhaul of its ad technology. Musk bought Twitter in 2022, renamed it X and then merged it with xAI, now part of SpaceX.

The advertising figures are a stark contrast to results from Meta, Pinterest and Reddit, which all recorded sales growth.

For the full year in 2025, ad revenue grew by $115 million after plummeting by $595 million in 2024, according to Wednesday’s prospectus. Data licensing revenue has consistently grown.

Meanwhile, X has been working to sign up more paying subscribers. Between X and xAI’s Grok assistant, subscription revenue increased by $365 million in 2025 and another $177 million in the first quarter of 2026.

X started to release its new Ads Manager in April. SpaceX says it expects to boost advertising revenue per user and bring in more advertisers.
www.cnbc.com

SpaceX's historic IPO plans: Billions in losses and Musk's massive ownership

SpaceX filed for an IPO and plans to list on Nasdaq under ticker SPCX, according to its SEC prospectus.
www.cnbc.com www.cnbc.com
 
Bubble Head

Bubble Head

Has No Life - Lives on TB
Southside said:
If you have to ask.....
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I know a city that has more millionaires than any other city in the USA. You would never know it because they drive good but affordable cars, dress out of Pennies, eat at home, and question everything especially when it comes to their money. Of corse since Obama/Biden that city has changed but their values haven’t.
 
Blacknarwhal

Blacknarwhal

Three-Time Trump Voter
You WOULD have been rich, if you could have bought in earlier. But the government, in the interest of protecting you from yourself, won't let you buy shares in things like SpaceX early on because you're not a "sophisticated investor." By the time the IPO comes out, all the easy gains have been taken.
 
Kathy in FL

Kathy in FL

Administrator
_______________
A little thread drift and perhaps something to think about. Feel free to ignore.

There is this little blurp of a town in Florida called Quincy. It was once the richest town in the US per capita. Here's a little tale to think about when it comes to shares of something that other people consider kinda crazy ...

In the midst of the Great Depression of the '20s and '30s, a banker named Pat Munroe noticed that people were using their very last nickels to buy a bottle of Coca-Cola. At the time, the Coca-Cola company was trading for less than cash in the bank, and shares were remarkably cheap. Not only did Munroe invest in multiple Coca-Cola shares himself, he urged many of his Quincy, Florida neighbors to do so. He was a trusted banker, and many of them followed his advice.

Munroe's observation paid off: the Coke shares, along with his ability to convince others to keep investing even when the market was down, was what saved the town of Quincy from the worst of the Great Depression. The farming town was able to keep afloat during hard times with its Coca-Cola dividends. These dividends have also reportedly saved the town every recession since then, and when crops failed.

In addition, it brought wealth to the town; Quincy became the single richest town per capita in the entire United States, and at least 67 of its inhabitants were dubbed "Coca-Cola millionaires." They amassed huge fortunes from their early shares, which they passed down through the generations of their families.

Today, Quincy is a quiet town with a population of less than 7,000, but look carefully and you'll find signs of the huge Coca-Cola legacy on the little town, such as at the bank, and you might even see the grandchildren of Coca-Cola millionaires that continue to live there.
 
King Samson

King Samson

I'm Here
Blacknarwhal said:
You WOULD have been rich, if you could have bought in earlier. But the government, in the interest of protecting you from yourself, won't let you buy shares in things like SpaceX early on because you're not a "sophisticated investor."
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You couldn't buy shares in SpaceX stock earlier, as it wasn't a public stock.

That's the point of the IPO, so Joe 6 pack can get into the action..
 
Czechsix

Czechsix

Senior Member
King Samson said:
You couldn't buy shares in SpaceX stock earlier, as it wasn't a public stock.

That's the point of the IPO, so Joe 6 pack can get into the action..
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Sure you could, you just had to be an approved investor.

Schwab, for instance, is running a program prior to this IPO. You can apply for a pre-IPO SpaceX stock purchase, minimum amount 100k. Lots of folks trying to get into it now, Schwab is bogged down lol. I'm sure other brokers are doing the same.
 
Jez

Jez

Veteran Member
The problem of companies going public is they tend to quit doing long term planning and only focus on short term quarterly gains. Then they lose focus on doing what they did that made them great in the first place.

I then wonder at how long it will take for someone to try to force Elon out.
 
Kathy in FL

Kathy in FL

Administrator
_______________
Blacknarwhal said:
Yes, exactly. You SHOULD be able to buy these things, but nanny government won't let you because you're not already rich enough.
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No. Until a company applies and files to be publicly traded no one should be able to make them. Has nothing to do with socioeconomics. This isn’t comminist China.
 
K

KittyKatChic

Veteran Member
If you have an 401k account, call the company and ask that they set you up a CASH brokerage account as well. Add funds to it and you use the 401k assets to get you over the hump and into the game.

Haven't set one up this way in a while but if you don't already have a personal stock account to trade on, this is your best bet to get in on this stock in time. I keep hearing June 10th FWIW
 
Ragnarok

Ragnarok

On and On, South of Heaven
Great Northwet said:
I'm also interested. I just don't have enough bling to get into the pre-sale. But this one is going to go way up.
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NASA Becomes Biggest Space ETF as SpaceX IPO Nears
The Tema Space Innovators ETF (NASA) just reached nearly $1.3 billion in assets under management and is now the largest space ETF on the market. The fund, which launched at the end of March, had inflows of $375 million on Wednesday alone and has tripled its AUM since I wrote about it just a week ago.

The catalyst for the latest surge in demand is likely the upcoming SpaceX IPO. On Wednesday, SpaceX publicly filed its S-1 ahead of its much-anticipated listing next month.

NASA's big selling point is that it's the only space-themed ETF with exposure to SpaceX. That exposure has allowed it to become the largest space ETF on the market despite being the sixth one to launch, leapfrogging the Procure Space ETF (UFO) and the ARK Space & Defense Innovation ETF (ARKX).

I bought in at $28.51/share about 04/30. Today it sits at $38.76





Use an ETF route such as XOVR
RShares today announced that its Private-Public Crossover ETF (NASDAQ: XOVR) has added approximately $35 million in additional exposure to its SpaceX position. With the new purchase, XOVR's total SpaceX exposure is approximately $281 million, about 23% of Fund assets as of 5/20/2026.

Importantly, the Fund's existing SpaceX position has already generated approximately $41 million in appreciation over the past month for the benefit of XOVR shareholders, reflecting the accretive impact of the position on Fund performance during the period.

The position is held through an effective 0/0 SPV (zero management fee, zero performance fee at the SPV level) inside XOVR's registered ETF structure. XOVR was the first ETF to add private-equity exposure. The increase comes as investor interest builds around what is anticipated to be the premier IPO of this generation, and likely the largest IPO ever.

"We set out to create a novel structure that creates value for retail investors," said Joel Shulman, Ph.D., CFA, CIO of ERShares and Portfolio Manager of XOVR. "Until XOVR, exposure to companies like SpaceX was structurally out of reach for the everyday investor. We changed that."
www.prnewswire.com

XOVR Lifts SpaceX Exposure to ~23% of Fund with ~ $35M Buy

ERShares Adds Approximately $35 Million to the SpaceX exposure stake in XOVR, Its Private-Public Crossover ETF; Total SpaceX Exposure Now Approximately $281...
www.prnewswire.com www.prnewswire.com





I bought in at $17.47/share about 04/16. Today it sits at $19.53
 
Sacajawea

Sacajawea

Has No Life - Lives on TB
I'm still a bit wary about SpaceX. Yes, they're growing like crazy and have had success. The price per share seems reasonable, if it's $5-600 each. Can't really say why I'm hesitant. Nothing conrete; just a hunch that it's "too good to be true".

I sure wouldn't buy an ETF that overweight in just one stock. Kind of defeats the raison d'etre of an ETF.
 
King Samson

King Samson

I'm Here
Sacajawea said:
The price per share seems reasonable, if it's $5-600 each. Can't really say why I'm hesitant. Nothing conrete; just a hunch that it's "too good to be true".
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The original speculation, but no one will commit to a guess, is that it would be in that range. But I read the other day that SpaceX was going to do a 5 - 1 split, to get the price down. If so, that would get the share price into the $100 - $200 range, which will open the door for a bunch of more investors...

We should get a better idea on pricing the closer we get to mid June.

But these IPOs can get a mind of their own, and it's not unusual for them to go NUTS on the opening day...

To have a crystal ball.....
 
King Samson

King Samson

I'm Here
KittyKatChic said:
If you have an 401k account, call the company and ask that they set you up a CASH brokerage account as well. Add funds to it and you use the 401k assets to get you over the hump and into the game.
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From what I know, many 401Ks have restrictions on what you can invest in, and have a limited pool of choices, so you might not be able to pick/choose what you want. Need to check with the administrator of the 401K.

This is why many people move their 401K funds to a IRA, as it opens up many more options and choices for investments.
 
K

KittyKatChic

Veteran Member
King Samson said:
From what I know, many 401Ks have restrictions on what you can invest in, and have a limited pool of choices, so you might not be able to pick/choose what you want. Need to check with the administrator of the 401K.
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You don't use the 401k funds to buy the individual stocks. You just use the 401k as your high dollar stake to enter the game and set up your CASH brokerage account that you self fund to buy the stocks.

Allows you to bypass the hurdles to get into the pre-sale line.
 
Ragnarok

Ragnarok

On and On, South of Heaven
Sacajawea said:
I sure wouldn't buy an ETF that overweight in just one stock. Kind of defeats the raison d'etre of an ETF.
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Not if the reason for purchase is to get in on SpaceX.

I looked SPECIFICALLY for funds top-heavy in SpaceX because I don't think there is any way that anyone will get regular stock without early access privileges.
 
Great Northwet

Great Northwet

Veteran Member
King Samson said:
The original speculation, but no one will commit to a guess, is that it would be in that range. But I read the other day that SpaceX was going to do a 5 - 1 split, to get the price down. If so, that would get the share price into the $100 - $200 range, which will open the door for a bunch of more investors...

We should get a better idea on pricing the closer we get to mid June.

But these IPOs can get a mind of their own, and it's not unusual for them to go NUTS on the opening day...

To have a crystal ball.....
Click to expand...
I remember Newsmax (NMAX) opened at $14 and surged to $78 on the first day of the IPO. It's currently trading at $7.35 which is where it should be.

There was a pre-sale and I was serious about it, but then it opened while I was still trying to decide and missed the boat.
I don't want that to happen again.

I suspect something similar with Space-X in mid-June.
 
Ragnarok

Ragnarok

On and On, South of Heaven
Ragnarok said:
Not if the reason for purchase is to get in on SpaceX.

I looked SPECIFICALLY for funds top-heavy in SpaceX because I don't think there is any way that anyone will get regular stock without early access privileges.
Click to expand...

Just get the timing right.

Bail on these ETF's a day or two prior to the IPO because the money will hemorrhage out of those and into the actual SpaceX stock.
 
King Samson

King Samson

I'm Here
Great Northwet said:
I remember Newsmax (NMAX) opened at $14 and surged to $78 on the first day of the IPO. It's currently trading at $7.35 which is where it should be.

There was a pre-sale and I was serious about it, but then it opened while I was still trying to decide and missed the boat.
I don't want that to happen again.
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I jumped into that pre-sale with Newsmax, and got in at $10. Then, in a week or so, it went up over $200. I was on a RV trip at the time, and didn't have my account information with me, to transfer the account to my broker, so I could sell...

Now, it's been below $10 all this year... I'll just hold on to it, maybe some day, it will go back up...
 
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