SpaceX IPO plans raise concerns over equity supply and yields

SpaceX just filed to go public, and the numbers are genuinely staggering. The company’s S-1 registration statement, filed on May 20, 2026, lays out plans to raise $75 billion at $135 per share. If a greenshoe option gets exercised, that figure balloons to $85.7 billion.

That would value SpaceX at roughly $1.75 trillion to $1.8 trillion.

The sheer scale of the offering

The IPO is expected to list on Nasdaq under the ticker SPCX around June 11-12, 2026. A roadshow for potential investors is targeted to begin around June 4-8, following an accelerated timeline after SpaceX made a confidential SEC filing back in April 2026.

The retail allocation alone is set at approximately 30%, translating to roughly $25-26 billion earmarked for individual investors. That’s significantly above typical levels for mega-cap stock offerings. Major platforms including Robinhood, Fidelity, Schwab, and SoFi are involved in facilitating that retail tranche.

A $75 billion capital raise is roughly equivalent to the entire market cap of companies like Starbucks or AMD.

Valuation multiples that raise eyebrows

SpaceX reported revenues of approximately $18.7 billion in 2025, with Starlink accounting for roughly 61% of that figure. The company is still burning cash, which makes the valuation multiples particularly aggressive.

Analysts have cited multiples ranging from 87x to 104x trailing or forward revenue. Most high-growth tech companies that went public in recent years traded at 20-40x revenue and were considered expensive.

The December lockup cliff

Lockup periods extending 90 to 180 days mean insiders and early investors will be restricted from selling until approximately December 2026.

That December window has been flagged as a potential record insider and early-investor selling event.

What this means for crypto investors

SpaceX’s IPO doesn’t reference any cryptocurrency or blockchain components. It’s a purely traditional equity event.

For crypto portfolio managers, the key dates to watch are the IPO listing around June 11-12 and the lockup expiration window in December 2026.

The biggest risk for crypto specifically may be the retail tranche. That $25-26 billion earmarked for individual investors overlaps heavily with the demographic that also holds crypto. When Robinhood users get access to SpaceX at $135 a share, some of them will sell Bitcoin to buy rocket ships.

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