TL; DR
BlackRock ordered SpaceX for $5 billion. Total IPO demand reached $250 billion, nearly 4 times oversubscribed. SpaceX debuts Friday at $135/share. Morningstar says it’s worth $63.
BlackRock submitted an order to buy at least $5 billion worth of SpaceX shares Ahead of its debut on Friday, the Wall Street Journal reports. This single order equals all of the $5.5 billion Cerebras IPO, the largest of 2026. SpaceX told the banks that the price per share will not rise above $135.
Total demand from investors reached $250 billion, roughly four times the supply, according to Reuters. SpaceX plans to sell about 555.6 million shares, raising $75 billion at a valuation of about $1.77 trillion. Retail investors demanded $70 billion worth of shares. Up to 30% of the IPO can be allocated to public buyers.
The allocated shares will be available through Charles Schwab, Fidelity, Robinhood, SoFi and E*Trade. Fidelity lowered the minimum account balance to enter the IPO from $100,000 to $2,000. Schwab still wants $100,000. Robinhood, SoFi, and E*Trade have no set minimums.
Not everyone is enthusiastic. Sen. Elizabeth Warren sent a 12-page letter to SEC Commissioner Paul Atkins asking for a delay. He defended the size of the single IPO “would justify prudent SEC review,” and raised concerns about SpaceX’s governance structure. Musk controls 85% of shareholder voting power through stock control, mandatory arbitration and Texas corporate law, which Warren called “unprecedented power” over investors who have “significantly fewer rights than traditionally offered.”
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Market analysts also withdrew the assessment. Morningstar predicted SpaceX would trade at $63 per share, about half the asking price. “Big Short“investor Michael Burry said, “nothing“in a filing to suggest the company is worth $1 trillion,”let’s say $2 trillion.“SpaceX valued its total addressable market at $28.5 trillion, which analysts called ‘nonsense.’an accounting of smoke and mirrors.“
Financial data tells a mixed story. SpaceX posted a net loss of $4.28 billion in the latest quarter, after losing $4.94 billion in 2025. With quarterly revenue of $4.69 billion, Starlink is the only profitable segment. The AI arm lost $2.5 billion. Capital spending in the quarter was $10.1 billion, with $7.7 billion going to artificial intelligence. Last year, SpaceX spent $12.7 billion on artificial intelligence, while it spent $3.8 billion on space.
If the shares sell for $135, Musk’s 42% stake would be worth about $688 billion and, along with his other holdings, would make him the world’s first trillionaire. SpaceX’s S-1 filing also disclosed billionaire earnings shares for board members, including President Gwynne Shotwell ($1.6 billion), CFO Bret Johnson ($1.2 billion) and Valor Equity’s Antonio Gracias, whose $4.8 billion net worth could grow by $68 billion.
The IPO comes a number later valuation adjustments and last minute deals. SpaceX has signed $920 million monthly computing deal with Google and a $1.25 billion monthly contract with Anthropic just weeks before the offer. Warren’s concern is that index funds will be forced to buy SpaceX stock, exposing millions of passive investors.significant risks without a choice in the matter.“
SpaceX will announce its final IPO price on Thursday. Trading begins Friday morning on the Nasdaq under the SPCX ticker.
