The biggest IPO in history is days away. Before you hit "buy," here's what the headlines are leaving out.
SpaceX is expected to begin trading on Nasdaq under the ticker SPCX as early as June 12, 2026, just days away. Pricing is scheduled for June 11.
SpaceX is going to be first of many mega IPOs coming this year that everyone seems to want in on. I get it. SpaceX is a genuinely remarkable company. As always, there are some risks to be aware of.
What exactly is SpaceX?
SpaceX is Elon Musk's aerospace company is the one behind reusable rockets, Starlink satellite internet, and NASA astronaut missions. Founded in 2002 with the goal of eventually colonizing Mars, it's grown into one of the most valuable companies ever to go public. In 2025 alone it launched 165 rockets and now controls 82% of all U.S. space launches.
The easiest way to think about it: SpaceX is really three businesses under one roof.
- SpaceX - The rocket company. Launches satellites, supplies the space station, and is building the infrastructure to eventually put humans on Mars.
- Starlink - Satellite internet beamed from space. Already profitable and growing fast, with customers in over 150 countries and is also the only one profitable out of these 3.
- xAI / Grok - Elon's AI play, competing with ChatGPT. Still early and currently losing a lot of money, but the long-term ambition is to power everything from rockets to robotics with AI.
Can I buy SpaceX in my 401(k) or brokerage account right now?
Almost. As of today, SpaceX is still technically private, but that changes June 12 when it lists under the ticker SPCX on Nasdaq. Once it's public, you'll be able to buy shares through any standard brokerage.
One catch: IPO allocations at the offering price are typically reserved for institutional investors. Some retail platforms like Fidelity, Schwab, and Robinhood may receive a small allocation, but demand is expected to far exceed supply, so most retail investors should expect to buy in the open market on June 12, often at a higher price than the IPO offering price.
What the Prospectus actually says
When a company files to go public, it has to show its real financials. SpaceX filed its S-1 on May 20th, and there are a few numbers worth paying attention to before the hype takes over.
To put that last number in context: you'd be paying $1.75 trillion for a company currently losing billions of dollars per quarter. The bet is that Starlink, future rockets, and AI infrastructure eventually justify that price. Maybe they do. But that's a lot of faith to price in on day one.
One detail most people will skip: SpaceX's losses are accelerating, not shrinking. The company earned a profit of $791 million in 2024, then absorbed X and xAI and swung to a nearly $5 billion loss in 2025. Q1 2026 alone was nearly as bad as all of 2025. The Starlink business is growing, but the overall picture is complicated.
What history tells us
We looked at the 10 largest U.S. IPOs since 1999, names like Alibaba, Meta, Uber, Rivian, and Snap. Every single one posted a negative return in the 12 months following its IPO date. The average first-year loss was -26.9%. To be fair, some of these stocks did pop on day one, but those gains rarely held. Within 12 months, the pattern was consistent: down across the board.
These weren't obscure companies. They were the most talked-about, most exciting listings of their era. And they all dropped. The pattern is consistent enough that we think it deserves serious attention, especially when SpaceX is targeting the largest valuation of any IPO ever.
The silver lining most people don't know about
Here's the good news: regardless of how the IPO goes, SpaceX will almost certainly land in the QQQ, the popular Nasdaq-100 ETF, within weeks of going public. Nasdaq created new 'Fast Entry' rules allowing addition just 15 trading days after IPO, essentially written with SpaceX in mind. S&P 500 inclusion is likely to follow. That means if you already hold QQQ, a total market fund, or broad index funds, you'll likely own SpaceX automatically without lifting a finger or taking on extra single-stock risk. You get the exposure without chasing the stock on day one.
That's one of the quiet advantages of staying diversified. You don't have to pick the winners in advance. If SpaceX becomes the next great American company, your index funds will reflect that over time.
Our honest take
SpaceX might be a transformational company. We're not here to argue otherwise. But buying a stock the moment it IPOs at a record valuation, while the company is losing billions is speculation, not investing. The excitement is real. The risk is too.
If you have questions about your portfolio and whether you have the right exposure heading into this IPO season, let's talk. That's exactly what we're here for.
Disclaimer: This is not a recommendation to buy, sell, or avoid any specific security. Investors should consider their own objectives, time horizon, and risk tolerance before making any investment decisions.