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After Musk, the largest shareholder is listed as Antonio Gracias, the founder of Valor Equity Partners, with 7.3 per cent of the Class A shares. That’s largely through funds at Valor and Garcia’s personal ownership isn’t immediately clear.
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One striking omission in the filing is a detailed description of the stake held by Alphabet Inc.’s Google, which owned 6.11 per cent in Musk’s company at the end of 2025, according to a regulatory disclosure in April. At a US$2 trillion valuation, a holding of that size would be worth US$122 billion, according to Bloomberg calculations.
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Much of the listing’s success will depend on the participation of retail investors, who could take as much as 30 per cent of the shares in the IPO, Bloomberg News has reported. SpaceX plans to offer shares to retail investors through Charles Schwab Corp., Fidelity, Robinhood Markets Inc. and SoFi Technologies Inc., as selling group members. SpaceX also plans to offer shares to retail investors through E*TRADE by Morgan Stanley, an affiliate of Morgan Stanley.
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Musk skeptics
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Details in the filing such as the ownership structure and the financial disclosures, not to mention the soaring rhetoric, will potentially give Musk skeptics more ammunition.
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Large pension investors have criticized reports of SpaceX’s dual-class share structure giving him an effective veto over his own firing. Leaders of New York state and city pension funds and the California Public Employees’ Retirement System urged SpaceX to revise the structure, while union-affiliated pension fund adviser SOC Investment Group asked the SEC to review SpaceX’s financial disclosures.
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Others may question whether the figures presented add up to what would potentially be one of the world’s largest publicly traded companies. At US$2 trillion, SpaceX’s market value would be larger than all but a handful of the companies in the S&P 500 Index, and larger than Tesla Inc. which Musk also runs.
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Some analysts and observers have called previously discussed valuations well over US$1.25 trillion difficult to justify, based on earlier reports of financial information that showed revenue primarily coming from Starlink, and xAI’s heavy cash burn, which prior to the acquisition was averaging US$1 billion a month.
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Another key factor in its success will be whether index providers including S&P Dow Jones Indices LLC and FTSE Russell decide to follow Nasdaq Inc. and change rules around how quickly very large IPO companies such as SpaceX can join key indexes. Funds that track the S&P 500 index must buy newly added stocks, and roughly US$24 trillion is tied to that index alone, according to Bloomberg Intelligence.
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Buying by index funds would potentially offset selling by insiders. While the filing includes a 180-day lockup on existing shareholders, with automatic earlier releases from the restrictions for some shares, they don’t all get to sell at once. The releases take place on or after the second full trading day on Nasdaq, and then are staggered over the first six months, the filing shows. Musk isn’t a party to the lock-up agreement.
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Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. are leading the deal, along with 18 other banks. The company known formally as Space Exploration Technologies Corp. chose Nasdaq and Nasdaq Texas to make its debut under the symbol SPCX.
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Formal marketing, when SpaceX will disclose the proposed terms of the share sale, is expected to begin as early as June 4, ahead of pricing as soon as June 11, Bloomberg News has reported.
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With assistance from Craig Trudell, Eric Johnson, Anthony Hughes, Natalia Kniazhevich, Ed Ludlow, Tom Maloney and Carmen Arroyo
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English (US)