SpaceX IPO Japan Offering Raised 25% as $1.75T Listing Nears

TLDR

• SpaceX raised its Japan IPO fundraising target by 25%, from $2B to $2.5B.
• Japanese investors are allocated 14.8M to 18.5M Class A shares.
• SpaceX is targeting a $135 IPO price and a $1.75T to $1.77T valuation.
• The planned IPO could raise about $75B, with trading expected under SPCX.
• S&P blocked fast S&P 500 entry because SpaceX missed GAAP profit rules.

SpaceX has increased the fundraising target for the Japanese portion of its planned stock offering by 25%, pointing to strong demand from retail investors ahead of the company’s expected Nasdaq debut. The company is now seeking to raise up to $2.5 billion from Japanese investors, compared with the earlier target of up to $2 billion.

The updated filing shows Japanese investors have been allocated between 14.8 million and 18.5 million Class A shares. The preliminary price is set at $135 per share. Book-building for the Japanese offering opened Friday and is expected to continue until late next week.

Mizuho Securities, Rakuten Securities and SBI Securities are acting as local selling agents for the Japan portion of the offering. Mizuho Securities USA is also among the banks underwriting the broader IPO.

Japan Demand Adds to SpaceX IPO Momentum

The Japan offering forms part of SpaceX’s broader IPO plan, which targets a fixed price of $135 per share. The company plans to sell about 555 million shares, raising approximately $75 billion. Based on that price, SpaceX would be valued near $1.75 trillion to $1.77 trillion.

The offering is expected to become the largest stock market debut on record if completed as planned. It would exceed Saudi Aramco’s 2019 IPO, which raised $29.4 billion. SpaceX is expected to trade on Nasdaq under the ticker SPCX on June 12, 2026.

The company’s filing also says net proceeds are expected to reach about $74.4 billion after underwriting discounts, commissions, and expenses. If underwriters fully exercise their option to purchase additional Class A shares, net proceeds could rise to about $85.7 billion.

Retail access has also widened in the United States. Fidelity lowered the minimum account requirement for SpaceX IPO access to $2,000, down from levels previously reaching as high as $500,000. SpaceX has reserved up to 30% of the offering for broader investor participation.

S&P 500 Entry Blocked Over Profitability Rule

SpaceX will not receive fast entry into the S&P 500 before its IPO. S&P Dow Jones Indices rejected an early inclusion path because the company does not meet GAAP profitability requirements.

The decision was based on index rules rather than market value. SpaceX reported $18.67 billion in revenue for 2025, up 33%, but posted a net loss of $4.94 billion. The S&P 500 requires profitability in the most recent quarter and across the trailing four quarters.

The ruling means SpaceX may be added only to broader indexes such as the S&P Total Market Index and the Dow Jones U.S. Total Stock Market Index for now. Nasdaq and FTSE Russell have approved faster index entry routes, keeping the company on track for early inclusion in other major benchmarks.

The S&P decision does not affect the IPO itself, but it changes early index-fund demand expectations. Without S&P 500 inclusion, immediate passive inflows from funds tied to that index will not occur. Investor attention has therefore shifted toward direct IPO demand, underwriting banks and trading products linked to SpaceX valuation.

Goldman Sachs, JPMorgan and Morgan Stanley have been active in marketing the offering. JPMorgan held an event with roughly 3,500 clients, while Morgan Stanley prepared a separate investor event. Goldman Sachs has also used SpaceX model rockets in its New York offices as part of the offering presentation.

Goldman Forecasts AI Revenue Surge

Goldman Sachs expects SpaceX’s AI revenue to rise from $3.2 billion in 2025 to $322 billion by 2030. That would represent a roughly 100-fold increase and is being used as a core part of the valuation case for the company’s $1.77 trillion target.

Goldman also projects total SpaceX revenue could reach $474 billion by 2030. The forecast reflects the company’s expanded structure after its February 2026 merger with xAI, which added the Grok AI platform and related artificial intelligence operations to SpaceX’s aerospace, Starlink satellite and connectivity businesses.

The IPO prospectus shows SpaceX is no longer presented only as a rocket company. Its business now includes launch services, Starlink, satellite broadband, AI infrastructure, xAI and X-linked operations. That wider structure has helped shape investor interest but has also raised questions about valuation relative to current revenue and losses.

Elon Musk’s ownership remains central to the company’s structure. At the IPO price, his SpaceX stake is valued at about $866.5 billion on paper. He is expected to retain more than 82% voting control after the offering and will be subject to a 366-day lock-up period.

Crypto markets have also moved around the IPO. Coinbase launched SpaceX pre-IPO perpetual futures for eligible non-U.S. users, settled in USDC with no expiry. Binance introduced an SPCXUSDT perpetual contract. SpaceX also disclosed that it bought 18,712 Bitcoin in 2022 at an average price near $35,000 per BTC and retained the holding in its filing.

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