SpaceX IPO: How Australian Investors Can Buy In to the Biggest Float in History

SpaceX IPO: How Australian Investors Can Buy SPCX

SpaceX is about to go public, and it could be the biggest stock market float in history. Elon Musk’s rocket and satellite company plans to list on the Nasdaq under the ticker SPCX, aiming to raise as much as US$75 billion at a target valuation of at least US$1.8 trillion. That is down about US$200 billion from earlier ambitions of up to US$2 trillion, trimmed after advisers and investors pushed back, but it would still dwarf the previous record holder, Saudi Aramco.

For Australian investors, the hype is hard to ignore. But before piling in, there are real questions around how to actually access the shares, and whether the price leaves any room for upside.

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Inside the Biggest IPO in History

The numbers are staggering. A raise of up to US$75 billion would be nearly three times the size of Aramco’s record float. The formal institutional roadshow is slated to kick off as early as 4 June, with pricing around 11 June and trading starting 12 June, though dates can shift.

What is driving the demand? Two things. Starlink, the satellite internet business, has crossed 10 million subscribers and is still adding hundreds of thousands each month. And SpaceX dominates the global rocket launch market, giving it a steady stream of government and commercial contracts.

Here is the catch. SpaceX made around US$18.7 billion in revenue in 2025 but still posted a net loss of US$4.94 billion, driven almost entirely by xAI, Musk’s AI business that was folded into SpaceX and is burning cash on data infrastructure. At that valuation the stock would trade on roughly 100 times its sales. In our view, that price already assumes near-flawless execution for years, and the fact that the target was cut shows even big investors are wary of paying up.

How Australian Investors Can Access SPCX Shares

For most Aussies, the simplest route is a broker that offers US share trading. Several local and international platforms provide access to Nasdaq-listed stocks, letting you buy SPCX once it begins trading.

Getting shares at the IPO price is harder. SpaceX is reportedly setting aside around 30% of the offer for retail platforms, which is unusually generous, but demand is expected to far outstrip supply. The practical takeaway: most retail investors will likely buy on the open market after listing, rather than at the set IPO price.

It also helps to know what to expect on price. SpaceX ran a 5-for-1 stock split in early May, cutting its reference price from around US$525 to roughly US$105 a share. So if you see older quotes of US$400 or more, those are pre-split and no longer apply. The final IPO price is set during the roadshow, but expect a number in the low hundreds, not the four-figure range some private-market data still shows.

One detail to understand is the share structure. Musk keeps majority voting control through a dual-class share structure that gives his shares 10 votes each, so ordinary SPCX holders will have very little say in how the company is run. In plain terms, you are backing Musk’s vision and trusting his decisions, not getting a meaningful vote.

The Investor’s Takeaway for SpaceX IPO : Hype vs Reality

There is a genuine bull case here. SpaceX leads two fast-growing industries, and Starlink’s growth is real and accelerating. For investors who believe in the long-term space and satellite story, that is a powerful draw.

But the risks are just as real. The company is still lossmaking, the valuation is extreme, Musk holds the control, and history shows that giant, heavily-hyped IPOs often underperform in their first year as early excitement fades.

In our view, this is one to approach with discipline rather than fear of missing out. More aggressive investors may take a small position and accept the volatility, while cautious investors may prefer to wait for the first earnings results as a public company before deciding whether the price is justified.