KEY POINTS
- SpaceX is set to become the biggest IPO ever, targeting a valuation of around US$1.77 trillion, with shares expected to list on the Nasdaq under the ticker SPCX around 12 June.
- You cannot buy it on the ASX. Australians need a broker with US share access, such as CommSec, Stake or Interactive Brokers.
- It posted a US$4.28 billion net loss last quarter (Q1 2026), but that stems largely from its AI investments, not the rocket launches or Starlink.
- We believe most Australian investors should be cautious: the underlying business is strong, but at roughly 100 times revenue, the price leaves little room for error.
- Waiting for SpaceX’s first results as a public company is a reasonable call.
For Australian investors, the honest answer to “Should I buy the SpaceX IPO?” is only with discipline and only with money you can afford to risk. SpaceX (Nasdaq: SPCX) is one of the most exciting companies on earth, but at roughly US$1.77 trillion, it is also one of the most expensive, and the way it makes money has just become more complicated.
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What Is the SpaceX IPO, and Can Australians Buy It?
SpaceX plans to list on the Nasdaq under the ticker SPCX around 12 June 2026. It has set a fixed price of US$135 per share and plans to sell about 555.6 million shares, raising roughly US$75 billion. That would make it the biggest IPO in history, easily beating Saudi Aramco’s roughly US$29 billion float in 2019.
The catch for Australians: SpaceX will not be listed on the ASX. To buy shares directly, you need an international share-trading account, and CommSec has said it will act as the lead Australian retail broker for the offer. So exposure is possible. It just takes an extra step.
Why Did SpaceX Just Lose US$4.28 Billion?
This is the number scaring investors, and it needs context. In the first quarter of 2026, SpaceX posted a net loss of US$4.28 billion, a huge jump from a US$528 million loss a year earlier.
Here’s the thing: the loss is not the rockets or Starlink failing. It comes almost entirely from xAI, Elon Musk’s artificial-intelligence company, which merged into SpaceX in February 2026 and is burning billions building AI infrastructure. That spending also dragged the full year of 2025 to a US$4.94 billion net loss on US$18.67 billion in revenue. But strip the AI business out, and the core is healthy: Starlink alone generated US$11.4 billion in revenue in 2025, about 61% of the company’s total, at strong profit margins, and before the merger, SpaceX made a US$791 million profit in 2024.
So the loss is a deliberate bet on AI, not a broken business. The real question is whether that bet pays off, because the company’s accumulated losses now sit at around US$41.3 billion.
Is the SpaceX IPO a Buy for Australians?
In our view, this is one to approach carefully rather than chase. The business is genuinely world-class, but three things give us pause. The valuation is extreme; Elon Musk will hold about 82.4% of the voting power after listing through his super-voting shares, and history shows that giant, heavily hyped IPOs often underperform in their first year as the early excitement fades.
For more aggressive investors, a small position you’re happy to hold for years may make sense. More cautious investors may prefer to wait for SpaceX’s first results as a public company before deciding. And those who want exposure without a US account can look at ASX-listed space ETFs, which should hold SpaceX once it lists.
The bottom line: SpaceX is a remarkable company, but at US$1.77 trillion, the price already assumes years of success, so buy the business, not the hype.
