The stock market float on Wall Street is expected to raise 75 billion dollars (£56.2 billion) and could make Elon Musk a trillionaire.
Elon Musk’s rocket firm SpaceX will make its widely anticipated 1.8 trillion US dollar (£1.3 trillion) stock market debut in the US on Friday in what is likely to be the world’s biggest flotation in history.
The company, formally known as Space Exploration Technologies Corp, is offering 555.6 million shares at 135 dollars (£101) each, with an unusually high proportion – 30% – being offered to retail investors alongside large institutional players.
The blockbuster initial public offering (IPO) on the Nasdaq is set to raise 75 billion dollars (£56.2 billion) for SpaceX to help it launch 100,000 next-generation Starlink satellites into orbit as part of aims to deploy artificial intelligence (AI) data centres in space.
It could also make Tesla and X owner Mr Musk – already a billionaire – the world’s first trillionaire and cement his position as the richest man on the planet.
Media firm Forbes currently values Mr Musk’s net worth at 826 billion dollars (£619 billion) and his stake in SpaceX at 542 billion dollars (£406 billion)
Kathleen Brooks, research director at XTB, said Mr Musk’s decision to offer such a big chunk to retail investors shows a desire to tap into his “cult-like status with some retail investors” but also highlights their growing might.
She said: “The retail trading community contributes 20% to 30% of daily volume in major developed markets like the UK and the US.
“Retail trading demand hit a record in early 2026, and by the end of this year total monthly volume across global brokers is set to reach 37 trillion dollars (£28 trillion).
“Retail traders are no longer a niche, meme stock-obsessed corner of global financial markets.
“They are a powerful force that are structurally important, for example, they have helped to stabilise markets during periods of intense volatility in recent years.”
But she said there are worries over SpaceX’s sky-high valuation.
She added: “It is priced at 56 times future revenues, which is a huge multiple.
“2025 revenue came in at 18.67 billion dollars (£14 billion), up a third on 2024, but the company still posted a loss last year of 4.94 billion dollars (£3.7 billion).
“This year, total revenue is expected to come in at 25 billion dollars (£18.8 billion), a decent jump on 2025, but it is revenue forecasts further in the future that are problematic.”
Much of SpaceX’s space business centres around its mammoth Starship rocket and its ability to be fully reusable and sturdy enough for a quick turnaround between flights.
Meanwhile, the IPO prospectus filed last week said the firm’s biggest potential market is the sale of business-oriented AI products, though there is uncertainty over the path to profitability for its xAI business, which merged with SpaceX earlier this year.
The price of the IPO will be confirmed overnight after the US market close before launching on Friday.
Susannah Streeter, chief investment strategist at Wealth Club, said: “Demand from investors is reported to be four times greater than the number of shares available in the offering.
“But it could trigger yet another wave of erratic buying and selling across the tech sector.
“We are already seeing some repositioning of portfolios as eager investors free up money to gain exposure.”
She added: “A stronger, more durable debut may boost confidence in high-growth technology companies and encourage investors to increase exposure to related sectors across artificial intelligence and aerospace.
“But a disappointing start could spark off another spurt of profit-taking across the sector.”
