SpaceX to Reserve Up to 25% of $75B IPO for Retail

SpaceX will reserve up to 25% of a proposed $75 billion initial public offering for retail investors. Individuals can submit subscription requests through E*Trade, Fidelity, Robinhood, Schwab and SoFi in the United States, and via Revolut and eToro in the United Kingdom. The company has launched an investor portal that directs retail buyers to the participating brokerages. No offering date has been announced.

People familiar with the plans describe the allocation as larger than typical for major listings. Large-cap IPOs commonly reserve between 5% and 10% of the float for individual investors; an allocation of up to a quarter of the shares would widen retail access to the sale.

Retail subscribers who use the named brokerages will be able to place orders through the brokers’ standard online and mobile channels. Revolut and eToro are listed as permitted intermediaries in the UK and will invite clients to submit order requests through their apps and websites.

The company has not released final details on allocations, investor eligibility by jurisdiction, pricing or timing. Regulatory approvals and the final deal structure will be determined as SpaceX moves toward a formal filing.

SoFi chief executive Anthony Noto noted: ‘In the past retail participation hasn’t been driven by lack of demand, it’s been driven by a lack of supply from the issuer. Retail [has] been somewhat conditioned not to participate because they don’t have access.’

SpaceX remains a private company controlled by Elon Musk and has raised capital through private funding rounds tied to its launch and satellite businesses. If the offering proceeds at a roughly $75 billion float value, it would rank among the largest listings for a private U.S. technology or aerospace company.

More information on allocation rules, eligibility for investors outside specified jurisdictions and final pricing is expected when SpaceX files formal paperwork or issues further investor guidance.