TL;DR
BlackRock ordered $5B in SpaceX stock. Total IPO demand hit $250B, nearly 4x oversubscribed. SpaceX debuts Friday at $135/share. Morningstar says it’s worth $63.
BlackRock submitted an order to buy at least $5 billion in SpaceX shares ahead of Friday’s debut, the Wall Street Journal reported. That single order is nearly as large as the entire $5.5 billion Cerebras IPO, the biggest of 2026 so far. SpaceX has told banks it will not budge from its $135 per share price.
Total investor demand has reached $250 billion, making the offering nearly four times oversubscribed, according to Reuters. SpaceX plans to sell roughly 555.6 million shares, raising $75 billion at a valuation of approximately $1.77 trillion. Retail investors have requested over $70 billion worth of shares. Up to 30% of the IPO may be allocated to public buyers.
Allocated shares will be available through Charles Schwab, Fidelity, Robinhood, SoFi, and E*Trade. Fidelity lowered its minimum account balance for IPO access from $100,000 to $2,000. Schwab still requires $100,000. Robinhood, SoFi, and E*Trade have no stated minimum.
Not everyone is enthusiastic. Senator Elizabeth Warren sent a 12-page letter to SEC Commissioner Paul Atkins requesting a delay. She argued the IPO’s size alone “would justify careful SEC review,” and raised concerns about SpaceX’s governance structure. Musk controls 85% of shareholder voting power through supervoting shares, mandatory arbitration, and Texas corporate law. Warren called it “unprecedented power” over investors who would have “significantly fewer rights than those traditionally offered.”
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Market analysts have also pushed back on the valuation. Morningstar projected SpaceX should trade at $63 per share, roughly half the asking price. “Big Short” investor Michael Burry said there was “nothing” in the filing to suggest the company is worth $1 trillion, “let alone $2 trillion.” SpaceX valued its total addressable market at $28.5 trillion, a figure analysts called “nonsensical” and “smoke-and-mirrors accounting.”
The financials tell a mixed story. SpaceX disclosed a net loss of $4.28 billion through its latest quarter, after losing $4.94 billion in 2025. Starlink, which generated $4.69 billion in quarterly revenue, is the only profitable segment. The AI arm lost $2.5 billion. Capital expenditure hit $10.1 billion in the quarter, with $7.7 billion going to AI. SpaceX spent $12.7 billion on AI last year, compared to $3.8 billion on space.
If shares trade at $135, Musk’s 42% stake would be worth approximately $688 billion, making him the world’s first trillionaire when combined with his other holdings. SpaceX’s S-1 filing also revealed billionaire-making stakes for president Gwynne Shotwell ($1.6 billion), CFO Bret Johnson ($1.2 billion), and board members including Valor Equity’s Antonio Gracias, whose $4.8 billion net worth could surge by $68 billion.
The IPO arrives after a string of valuation adjustments and last-minute deals. SpaceX signed a $920 million monthly compute deal with Google and a $1.25 billion monthly deal with Anthropic in the weeks before the offering. Warren’s concern is that index funds will be forced to buy SpaceX stock, exposing millions of passive investors to “significant risks with no choice in the matter.”
SpaceX will disclose its final IPO price on Thursday. Trading begins Friday morning on the Nasdaq under the ticker SPCX.
