SpaceX IPO: price is set but retail allocation remains uncertain

Elon Musk's space company SpaceX has turned this week's most-watched market event after the price range was finalised. Bankers say institutional demand looks robust, but the company has not yet disclosed how much of the offering will be set aside for individual investors. Charles Schwab, Fidelity, Robinhood, SoFi and Morgan Stanley's E-Trade are among the brokerages preparing to make the shares available.

If SpaceX lists at the rumoured $1.75-$2.25 trillion valuation, it would be the largest tech IPO of the past decade. Schwab and Robinhood have told clients they have opened a separate retail application process; retail participation is expected to be capped at a small share of the total. Analysts say the allocation model could set a precedent for future mega-IPOs.

Reaction on Wall Street has been mixed. The SpaceX listing has revived attention on OpenAI's earlier filing and reignited the race between AI and space to tap public markets. Some analysts say the pricing carries a hefty new-issue premium, while others argue genuine demand will only become clear on the trading debut. This is not investment advice.