SpaceX is going public. And this time, according to the information provided, it is no longer just a rumor. The company officially launched its IPO roadshow on June 4, 2026. It plans to sell 555,555,555 Class A shares at an expected price of $135 per share and wants to trade on Nasdaq under the ticker SPCX.
This sounds like a historic event. And in many ways, it is. SpaceX means rockets, Starlink, satellites, Starship, AI infrastructure, and Elon Musk.
But for investors, the most important question is not whether SpaceX is famous. It is not even whether SpaceX is an important company.
The real question is much simpler:
Are investors paying too much for the dream? 💸
📌 What is actually happening?
An IPO is when a private company sells shares to public investors for the first time.
Before an IPO, regular investors usually have very limited access to a company like SpaceX. After the IPO, shares can be bought through a broker, such as Interactive Brokers, assuming the investor has access to U.S. stocks.
SpaceX plans to list on the Nasdaq Global Select Market and Nasdaq Texas under the ticker SPCX.
The expected IPO price is $135 per share. At that price, SpaceX could raise around $75 billion. If underwriters use the additional option to sell another 83,333,333 shares, the company could raise around $86.25 billion.
The implied market value would be around $1.765–$1.776 trillion.
That is enormous. In simple words, investors would not only be buying SpaceX as it exists today. They would also be paying for a very big future story.
🧩 What are investors really buying?
SpaceX is not just a rocket company. It is several major investment stories inside one company.
1. 🚀 The launch business
SpaceX has become one of the most important companies in orbital launches. Based on the information provided, since 2023 it has delivered more than 80% of the world’s mass to orbit, completed around 650 launches, and built a strong advantage through rocket reuse.
This is a powerful business. SpaceX has changed the economics of space launches.
But it is also expensive. Rockets, launch sites, vehicles, testing, infrastructure, and engineering all require huge amounts of capital.
2. 📡 Starlink: the key financial engine
Starlink is SpaceX’s satellite internet business. Right now, it appears to be the most financially important part of the company.
According to the provided information, SpaceX’s Connectivity revenue, which includes Starlink, grew from:
$3.9 billion in 2023
to $7.6 billion in 2024
to $11.4 billion in 2025.
Connectivity adjusted EBITDA also grew from:
$1.6 billion in 2023
to $3.8 billion in 2024
to $7.2 billion in 2025.
In simple terms, Starlink is no longer just an exciting idea. It is already a large business with millions of customers. SpaceX also says Starlink reached 10 million active customers.
3. 🤖 The AI story: exciting, but risky
SpaceX is also including an AI-related story in its IPO materials. This matters because AI is one of the biggest themes in the stock market.
But there is an important warning sign.
According to the provided information, SpaceX’s AI revenue was:
$3.0 billion in 2023
$2.6 billion in 2024
$3.2 billion in 2025.
These are large numbers. But AI adjusted EBITDA reached negative $1.2 billion in 2025.
In simple words: the AI business is producing revenue, but it is still burning a lot of cash.
According to the provided information, only the Connectivity business is currently profitable, while the space and AI segments are still using cash.
💰 The biggest issue is not the company. It is the price.
SpaceX is an extraordinary company. That is not the main debate.
The problem is valuation.
A great company is not always a great investment if the entry price is too high.
According to the information provided, SpaceX had $18.67 billion in revenue in 2025 and a net loss of $4.94 billion. At a valuation of around $1.75 trillion, that is about 94 times annual revenue.
For a regular investor, this means the market is already pricing SpaceX as if many things go right:
Starlink keeps growing.
Starship becomes commercially successful.
The AI business becomes real and profitable.
SpaceX keeps its lead in launches.
Investors remain comfortable with Elon Musk’s control.
That is a lot of future success already included in the price.
According to the information provided, Morningstar reportedly valued SpaceX at around $780 billion, which is less than half of the IPO target valuation. Some investors reportedly wanted a valuation closer to $1.5 trillion or lower.
So the key question is not:
“Is SpaceX a great company?”
The real question is:
“At what price does even a great company become too expensive?” ⚖️
📈 How can a regular investor make money?
There are two main ways.
✅ Option 1. Get shares at the IPO price
This is the most attractive route.
For example, an investor receives shares at the IPO price of $135 before trading begins. If the stock opens at $180, the paper profit is $45 per share.
Simple example:
An investor buys 20 shares at $135.
Total investment: $2,700.
If the investor sells at $180, the total sale value is $3,600.
Gross profit: $900, before taxes, FX costs, and fees.
But there is one big problem: IPO allocation is not guaranteed.
An investor may request 20, 50, or 100 shares and receive fewer shares — or zero.
Through Interactive Brokers, some IPOs may be available through Client Portal → Trade → IPO Subscriptions. But access depends on the investor’s country, account type, regulation, and the specific offering.
For Ukraine-based investors, the key practical question is simple: does this IPO subscription appear inside your own IBKR account?
If it does not appear, the more realistic route may be buying SPCX after trading begins.
⚠️ Option 2. Buy SPCX after trading begins
This is easier, but riskier.
Once SPCX starts trading on Nasdaq, investors with access to U.S. stocks may be able to buy it like any other public U.S. stock.
But the danger is the opening price.
If the IPO price is $135, but the stock opens at $200, then the investor is not buying “the IPO at $135”. They are buying a much more expensive stock.
Here is the risk:
The investor who received shares at $135 may still be profitable even if the stock later falls to $150.
But the investor who bought at $200 would be down 25% if the stock falls to $150.
That is why market orders can be dangerous during the first minutes of a hot IPO. A market order can execute at a much higher price than expected.
A more disciplined approach is a limit order. This means the investor sets the maximum price they are ready to pay.
For example: “I am willing to buy SPCX only at $170 or lower.”
This does not guarantee a purchase. But it protects the investor from buying at a price that is too high.
🧠 What do recent big IPOs teach us?
Recent IPO history shows that the first day can be very profitable. But it can also be dangerous for investors who buy too late.
Arm priced at $51 and closed its first day at $63.59, up about 25%.
Reddit priced at $34 and closed its first day at $50.44, up about 48%.
Airbnb priced at $68 and closed its first day at $144.71, more than doubling.
Snowflake priced at $120 and closed its first day at $253.93, also more than doubling.
But there are also warning examples.
Rivian priced at $78, closed its first day near $100.73, and later traded much lower, around $18.12.
Coinbase, which went public through a direct listing, closed its first day at $328.28 and later traded around $164.13.
The lesson is very clear:
Getting shares at the IPO price and buying after a huge first-day jump are two completely different trades.
🔮 Three possible scenarios for SPCX
🟢 Scenario 1. Strong first-day jump
This is very possible.
SpaceX has a powerful brand. It has Elon Musk. It has Starlink. It has the space story. It has the AI story. And many investors may want exposure to the company.
If the stock jumps 20–50% on the first day, that would not be surprising for such a high-demand IPO.
At an IPO price of $135:
a 20% jump means around $162 per share;
a 50% jump means around $202.50 per share.
But the higher the stock price goes, the more expensive the company becomes.
At those levels, SpaceX’s valuation could move from around $1.75 trillion to around $2.1–$2.6 trillion.
That makes the valuation even more demanding.
🟡 Scenario 2. Huge first-day jump, then volatility
Airbnb and Snowflake showed that very hot IPOs can double on the first day.
If SpaceX doubled from $135 to $270, the company’s valuation could move toward $3.5 trillion.
That would place SpaceX near the largest public technology companies in the world.
This could happen because of demand, hype, and limited available shares. But fundamentally, investors would need to believe that Starlink, launches, Starship, AI compute, and future orbital infrastructure can justify one of the highest valuations in the public market.
🔴 Scenario 3. The hype fades
This is the risk many retail investors underestimate.
A stock can open strongly and still fall later.
Investors may start focusing on the company’s $4.94 billion net loss, heavy AI spending, Starship execution risk, regulation, competition, and corporate governance.
A 20–40% decline from a hot first-day trading price would not be impossible.
In many hyped IPOs, the better buying opportunity appears weeks or months later — after the first wave of excitement cools down.
📊 Why Nasdaq-100 matters
There is one bullish factor: possible index demand.
According to the provided information, Nasdaq updated its Nasdaq-100 rules in 2026 and created a faster path for some of the largest new listings. A new listing can be evaluated after its seventh trading day if it ranks in the top 40 by full market capitalization.
This matters because if SpaceX enters the Nasdaq-100 quickly, funds tracking Nasdaq-100 products may need to buy SPCX shares. That could create additional demand.
But the S&P 500 is different.
According to the provided information, IPOs still need to trade on an eligible exchange for at least 12 months before they can become eligible for S&P 500 inclusion.
So the simple version is:
Nasdaq-100 could become a near-term catalyst. S&P 500 is not an immediate catalyst.
👤 Elon Musk’s control: what it means for investors
After the IPO, Elon Musk is expected to keep around 84.4% combined voting power.
For regular investors, this means they may own shares, but they will not control the company.
SpaceX is also expected to be a controlled company under Nasdaq rules. This may allow it to use certain corporate governance exemptions.
In simple words:
You can buy the stock.
But Elon Musk and key shareholders will still control the direction of the company.
🔒 Lock-up risk: the first trading day is not the whole story
There is also lock-up risk.
A lock-up is a period when insiders and major shareholders cannot sell shares after the IPO.
According to the provided information, Elon Musk has a 366-day lock-up, while other investors, officers, directors, and shareholders have staggered lock-up schedules.
Why does this matter?
When lock-ups expire, more shares may become available for sale. Even the expectation of future selling can put pressure on the stock price.
So investors should not judge the whole opportunity only by the first day of trading. Important supply events can happen later.
🧭 Final view for regular investors
SpaceX IPO could be one of the biggest listings of 2026. The company has a powerful brand, a real and growing Starlink business, a dominant launch position, and a very ambitious story around AI and future infrastructure.
But the risk is also high.
At a valuation of around $1.75 trillion, SpaceX is already priced as if many things go right. Starlink must keep growing. Starship must become economically successful. The AI business must improve. Investors must stay comfortable with Elon Musk’s control.
The best risk/reward is likely for investors who receive shares at the IPO price of $135.
The riskiest entry is buying blindly after a huge first-day jump.
The main rule is simple:
Do not chase the rocket if it has already flown too high. 🚀
SpaceX may become a major public investment story. But even the best company can become a bad investment if bought at the wrong price.
🇺🇦 Possible impact on Ukrainian investors, business, and the investment market
1. 📈 More Ukrainian investors may become interested in IPOs
If SpaceX IPO becomes a major global event, more Ukrainian investors may start learning about U.S. IPOs, Nasdaq, Interactive Brokers, ETFs, and global tech stocks.
This could improve financial education. But it could also increase emotional buying if people invest only because “everyone is talking about SpaceX.”
2. 💸 Some capital may move from local investments to global stocks
A hot SPCX listing could pull attention and money away from Ukrainian investment opportunities, including local businesses, startups, real estate, and bonds.
That may be negative for the local investment ecosystem if too much private capital flows into foreign hype-driven assets.
3. 🛰️ Ukrainian defense-tech, AI, and infrastructure startups may benefit from the narrative
SpaceX IPO could remind investors that space infrastructure, satellite connectivity, AI infrastructure, and defense-related technologies are huge markets.
This is important for Ukraine because the country already has strong engineering teams, AI developers, drone companies, defense-tech startups, and communications-focused solutions.
4. ⚠️ Retail losses could damage trust in investing
If many retail investors buy SPCX too high and then face a sharp correction, some may conclude that “the stock market is a casino.”
That would be harmful for Ukraine’s investment culture. This is why education matters: investors need to understand valuation, limit orders, risk size, diversification, and entry price.
5. 🚀 The biggest lesson for Ukrainian business
SpaceX is not just selling rockets. It is selling a future infrastructure platform.
For Ukrainian founders and businesses, the lesson is clear: investors pay premium valuations for companies that combine technology, infrastructure, brand, scale, and a big market vision.
The challenge for Ukraine is to build more companies that can tell that kind of story — but with real numbers behind it.