SpaceX IPO Countdown! Over $250 billion in subscriptions, how to participate directly in the IPO through Gate?

Elon Musk-led commercial space giant SpaceX is creating a historic moment for global capital markets. This moment has entered the final countdown: 1 day.

For countless investors hoping to share in the opportunities of this era, how to participate in SpaceX’s IPO, at what price, and through which channels has become the hottest topic right now. As a leading global digital asset trading platform, Gate has already built a direct pathway for users to access this historic IPO.

SpaceX IPO: Rewriting Human Spaceflight History and Capital Market Rules

The biggest IPO in history: a pricing logic that breaks with Wall Street conventions

In June 2026, SpaceX officially presses the IPO launch button. According to the latest prospectus the company filed with the U.S. Securities and Exchange Commission, SpaceX plans to list on Nasdaq on June 12 local time under stock ticker SPCX.

On pricing, SpaceX adopts an unusual “fixed offering price” approach: the offering price is locked at $135 per share, with no traditional bookbuilding price range. This breaks with Wall Street’s IPO pricing practice that has continued for years—typically, companies determine the offering price range after roadshows test market demand, but SpaceX gives the final “take it or leave it” price before the roadshow even begins.

Based on $135 per share, SpaceX plans to issue approximately 555.6 million shares, raising a base amount of $75 billion, with an overall valuation of about $1.77 trillion. If the underwriters exercise their over-allotment option, total proceeds could reach up to $86.25 billion. This size will fully surpass Saudi Aramco’s $29.4 billion fund-raising record set in 2019, becoming the largest IPO in global capital markets ever.

After listing, SpaceX’s market cap is expected to exceed Tesla (current market cap is around $1.6 trillion), placing it as the seventh-largest publicly listed company in the U.S.

Unprecedented market heat: more than 4x oversubscription

The market’s reaction to SpaceX’s IPO can be described as “frenzied.” As of June 10, SpaceX’s IPO has recorded over four times oversubscription; total subscription has surpassed $250 billion, far exceeding the $75 billion fundraising target.

Due to demand being so intense, underwriters are expected to have stopped accepting institutional orders on the afternoon of June 10. Analysts say that many institutional investors have already submitted large subscription orders, and SpaceX may consider issuing additional shares or further raising the price to meet strong demand.

SpaceX also broke with tradition by reserving as much as 30% of the allocated shares for retail investors—highly rare in modern IPOs. By comparison, retail investors typically receive only about 5% of allocations. Multiple U.S. stock brokerages are already participating in distribution, including Fidelity, Robinhood, Charles Schwab, and SoFi.

Valuation disputes: Wall Street’s split and its partial consensus

Even with unprecedented market heat, there are still significant disagreements among Wall Street institutions regarding SpaceX’s valuation.

Goldman Sachs, as lead underwriter, emphasized in its report that the market is not only paying for Starlink, but also betting on xAI’s explosive growth. Goldman’s model predicts xAI revenue will surge from about $3.2 billion in 2025 to $322 billion in 2030—nearly a hundredfold increase over five years.

However, some institutions remain cautious. Barron’s noted that SpaceX’s valuation corresponds to a price-to-sales (P/S) ratio as high as 40x based on expected sales for 2026, and the EV/EBITDA multiple is a staggering 175x. Analysts believe its fair value may be closer to $1 trillion. New York University professor Aswath Damodaran, known as the “valuation master,” estimates SpaceX’s equity value at about $1.3 trillion, roughly $99 per share.

Deep dive into business footprint and financial condition

SpaceX currently has three core business segments: space launch services centered on Falcon 9 and Starship, Starlink satellite internet services, and xAI, an artificial intelligence subsidiary officially integrated in February of this year.

Starlink is currently the strongest profit driver. As of the first quarter of 2026, the number of Starlink users has surpassed 10.3 million; more than 10,000 satellites have been launched, covering more than 160 countries. In 2025, Starlink’s operating profit was approximately $4.4 billion, with an EBITDA margin as high as 63%. The company expects to launch Starlink V3 satellites in the second half of 2026, and plans to deploy the next-generation V2 Mobile satellites in 2027, further expanding its direct-to-phone business.

In the space launch services segment, SpaceX currently dominates about 90% of the global commercial rocket launch market’s commercial launch share. The latest Starship Block 3 has a payload capacity exceeding 100 tons, and completed its first flight in May 2026. The company is building the Gigabay factory at Starbase, with designed annual production capacity of about 1,000 Starships; large-scale production will significantly reduce unit launch costs.

Artificial intelligence and orbital computing power are among SpaceX’s most promising growth engines. In a deep-dive conversation before the IPO, CFO Brett Johnsen disclosed that SpaceX’s AI infrastructure business has annualized revenue of $3.75 billion, placing it among the world’s top five AI computing companies. The company proposes deploying large-scale satellite-based AI computing infrastructure through Starship. It expects to deploy orbital AI computing satellites as early as 2028, and plans to achieve about 100 GW/year of orbital data center computing capacity deployment within the next 4 to 5 years.

On the financials, SpaceX’s full-year 2025 revenue was approximately $18.7 billion, up 33% year over year, but net losses were approximately $4.9 billion. In the first quarter of 2026, revenue was approximately $4.7 billion, with net losses of about $4.3 billion; cumulative losses reached $41.3 billion. The losses mainly stem from xAI’s large R&D spending and capital expenditures.

Musk’s absolute control

In terms of equity structure and company control, SpaceX uses a dual-layer share structure. Elon Musk currently holds 12.3% of SpaceX’s Class A shares and 93.6% of its Class B shares. Because each Class B share carries 10 votes, after the IPO Musk will continue to hold 85.1% of the company’s total voting power, firmly controlling this aerospace and AI giant’s management and decision-making.

After the IPO takes effect, the book valuation of Musk’s holdings in SpaceX already exceeds $866.5 billion. Combined with his nearly $300 billion stake in Tesla, his net worth could reach $1.1 trillion, potentially making him the world’s first “trillionaire.”

SpaceX Stock Ticker SPCX: Interpreting Investment Opportunities

IPO timeline and pricing window

SpaceX’s IPO timeline is largely clear: the final offering price will be set on June 11, and the stock will begin trading on June 12 on Nasdaq. The current offering price has been locked at $135 per share and is only likely to change under extreme market conditions.

Assessing potential investment value

From multiple angles, SpaceX has unique investment value:

First, the moat created by a vertically integrated business model. SpaceX has built a business closed loop of “reducing costs in rocket launches—expanding satellite scale—improving network capacity—driving user growth—reinvesting funds into space and AI R&D.” This loop is nearly impossible for competitors to replicate in the short term.

Second, multiple growth curves. CFO Brett Johnsen describes SpaceX’s business architecture as a “five-in-one super loop”—Starship launches, Starlink, orbital computing, ground AI computing, and its self-developed chip Terafab. The five major segments fit together and operate synergistically; each business layer is open to the outside world, further expanding the scale base and inversely reducing costs across each link.

Third, the era’s tailwind window. SpaceX’s IPO comes at a time when AI companies are clustered to go public. AI unicorn Anthropic has already confidentially filed its IPO prospectus with the SEC this Monday, and OpenAI also plans to submit confidential IPO applications within the coming weeks. With tech giants converging on the secondary market, this has become a 2026 hallmark trend in U.S. stocks.

Risk factors to pay attention to

Potential investors should also view relevant risks rationally:

• Valuation risk: Some institutions believe SpaceX’s current valuation is too high, and there may be pressure for a value reversion in the future;
• Ongoing losses: xAI’s operating loss was approximately $6.4 billion in 2025, and losses in the first quarter of 2026 were $2.5 billion; near-term profit prospects are unclear;
• Technical uncertainty: Frontier projects such as Starship R&D and the construction of orbital data centers face multiple challenges, including technology, regulation, and costs;
• Insider selling: SpaceX employees may sell portions of their shares in stages before the end of lock-up periods, which could create some downward pressure on the stock price.

Gate IPO Access: Letting Ordinary Investors Get Direct Access to SpaceX Investment Opportunities

Traditional IPO participation often faces many obstacles, such as high capital thresholds for account opening, regional restrictions, complex subscription processes, and preferential allocation to institutions. Even if retail investors are enthusiastic about star companies like SpaceX, they often get blocked by these barriers.

To solve this problem, Gate officially launched IPO Access—an innovative service that allows ordinary investors to submit an Expression of Interest (EOI) before the company’s shares are publicly listed. With this feature, users who meet eligibility criteria can participate in the subscription process before the company’s IPO is completed, and receive the corresponding allocation after the stock officially begins trading, enabling a seamless connection from IPO subscription to secondary-market trading.

Core participation mechanics of Gate IPO Access

For this SpaceX IPO Access event, Gate uses the following core mechanisms:

• Participation currency: Only USDT is accepted for subscription;
• Participation threshold: Minimum subscription amount is 100 USDT; the per-person maximum subscription is 500,000 USDT;
• Allocation mechanism: Using the EOI mechanism, the allocation weight is calculated based on the user’s average amount locked during this period—early participation and continued locking help users obtain higher allocation weights;
• Allocation results: Based on the final project issuance and the allocation amounts actually obtained by the platform, users may receive full, partial, or zero allocations;
• Fees: No hidden losses such as fees, custody fees, or revenue-share charges;
• Holding and trading: After receiving the asset certificate, users can either exit early through pre-market trading, or choose to hold and trade spot stocks after the IPO is completed using the Gate Stocks product—this product supports direct trading of more than 10,000 mainstream U.S. stocks and ETFs using USDT, covering major liquidity networks such as the NYSE and Nasdaq, with a minimum tradable amount of 0.01 shares.

How to participate in the SpaceX IPO via Gate

The following are the basic steps for participating in Gate IPO Access (subject to the platform’s latest announcements and the actual interface):

1. Register and complete identity verification: Make sure you have a Gate account and complete KYC verification;
2. Deposit USDT: Top up your account with sufficient USDT to participate in the subscription;
3. Go to the IPO Access page: On the Gate platform, find the IPO Access entry, and select the SpaceX (SPCX) project;
4. Submit your subscription intent: Enter the intended participation amount (minimum 100 USDT, maximum 500,000 USDT), and confirm submission;
5. Wait for allocation results: The platform will calculate allocation weights based on the locked-in amounts during the EOI period, and publish the final allocation results after the IPO is completed;
6. Actions after allocation: The allocated shares will be credited to your account. You can choose to hold or trade via Gate Stocks, or you can cash out early via pre-market trading.

Please note: the subscription phase for this SpaceX IPO Access will end around the IPO pricing date (June 11). With only 1 day left until the window closes, users interested in participating should act as soon as possible.

Summary

SpaceX’s listing is the most watched event in the 2026 global capital markets—without a doubt. This aerospace and AI dual-discipline giant, with its ultimate goal of Mars, Starlink as its cash-flow pillar, and xAI as its growth engine, is rewriting valuation logic for human commercial spaceflight and the capital narrative with a $1.77 trillion valuation and a $75 billion fund-raising scale.

For ordinary investors, the $135 offering price and SpaceX’s groundbreaking 30% retail allocation ratio mean that a rare historic participation window is now open. Gate’s IPO Access service pushes this window to every ordinary user—participate with as little as 100 USDT, without expensive high-net-worth thresholds, and without restrictions from complex traditional channels.

Only 1 day remains before SpaceX officially lands on Nasdaq. In the history of capital markets, IPOs with both this scale and such strong topic momentum are rare. Whether you are a spaceflight enthusiast, a tech believer, or an investor seeking allocation to frontier assets, SpaceX’s IPO is an opportunity worth taking a close look at.

Log in to Gate now, participate in SpaceX IPO Access, and seize the last chance to step into this historic moment in human commercial spaceflight.