SpaceX’s $75 billion IPO is expected to be the biggest ever.
Retail investors have placed over $100 billion in orders for SpaceX’s upcoming IPO, underscoring strong interest in the company as it approaches what could be the largest public offering ever. Demand for SpaceX stock is significantly higher than the number of shares being sold, or roughly three to four times oversubscribed.
Why? One reason is that SpaceX, which holds a dominant market share in the global commercial launch and satellite internet industries, has long been a private company. This is the first chance for most of the public to invest.
But behind that is what Wall Street sees as massive growth potential. Goldman Sachs, the lead underwriter for SpaceX’s planned public offering, projects SpaceX’s AI revenue will skyrocket tenfold in the next several years, from $3.2 billion in 2025 to to $322 billion by 2030. Meanwhile, major industry reports, including those from Novaspace, project the broader global space economy to hit the $1 trillion milestone by 2034.
According to Karee Venema, senior investing editor at Kiplinger, that demand could be why SpaceX and CEO Elon Musk took an unconventional approach. SpaceX launched its IPO marketing by saying that it is selling 555,555,555 shares at $135 per share. Those optimistic projections for growth are probably why “investors are likely willing to pay such a premium for the IPO,” Venema told CNET.
But an oversubscribed stock, where demand heavily outweighs supply, comes with risks for investors, like increased volatility and large price moves in the shares once trading begins, according to Venema.
High demand often causes a massive price “pop” on day one, followed by sharp drops when early investors cash out. There’s also a degree of underwriter favoritism, where large institutional investors usually get priority over individual retail investors for the limited shares.
Venema also pointed to the so-called Musk effect, which refers to the sudden shifts in a company’s valuation and public perception driven by Musk’s personal actions, statements and overall branding. That phenomenon can be a double-edged sword, as seen in 2025, when Musk dedicated significant time to the Trump administration’s unconventional Department of Government Efficiency, and Tesla’s revenue and stock price fell sharply.
That same Musk effect can generate unparalleled market enthusiasm and premium valuations. “Regardless of your personal feelings for Musk, he has done extraordinary things and a lot of folks want to be a part of it — as evidenced by the excitement around the SpaceX IPO,” Venema said.
If you want to buy stock in SpaceX, Venema recommends you understand the dangers associated with IPOs and only buy shares with money you can afford to lose. First and foremost, talk to a financial adviser before investing.
