SpaceX heads for mega-IPO: Musk plans the biggest listing of all time
The countdown is on. With its planned IPO, SpaceX is about to stage one of the most spectacular market debuts in financial history. For the first time, investors get direct access to a company that has not only revolutionized spaceflight but also become a central driver of global communications infrastructure. Between ambitious Mars plans, a multi-billion-dollar Starlink business, and Elon Musk's dominant role, the key question now arises: is this the next great growth champion, or a richly valued promise of the future that comes with real risks?
A historic listing: SpaceX targets a record valuation
After years of speculation, SpaceX (Space Exploration Technologies Corporation) has filed its official IPO documents and plans to list on the Nasdaq under the ticker SPCX on 12 June 2026. The offering comprises 555 million shares at an issue price of 135 US dollars per share. The targeted volume runs as high as 75 billion US dollars, which would make the listing potentially the largest in history.
The prospectus also provides for a dual-class share structure. This would let Elon Musk retain around 85 percent of the voting rights despite the listing, keeping both strategic and operational control of the company in his hands. Proceeds from the IPO could in particular fund the expansion of the Starlink network, the development of the Starship spacecraft, and future missions to the Moon and Mars. For investors, the listing offers the first opportunity to take part directly in the development of a company that has shaped commercial spaceflight in a fundamental way over the past two decades.
Investment products linked to the market debut
Leveraged products are available in connection with the IPO, allowing investors to track both rising and falling prices.
These products track the share's price movements, in some cases on a leveraged basis, and carry elevated risks. With leveraged products in particular, losses can be rapid and substantial, up to and including the total loss of the capital invested.
Products are expected to be tradable from the IPO on Friday 12 June 2026 at 3:30 p.m. From Monday 15 June 2026, the range will be expanded step by step, in particular with products that can track both rising and falling prices.
Risk and return profiles vary from one product to the next. Before making an investment decision, investors should carefully review how each product works and the risks involved.
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SpaceX: from rocket pioneer to a multi-billion-dollar player in space
Space Exploration Technologies Corp. (SpaceX) was founded by Elon Musk on 14 March 2002 and is headquartered in Hawthorne, California. Musk himself is CEO, while Gwynne Shotwell serves as President and COO. The company develops and operates launch vehicles such as the Falcon 9 and Falcon Heavy, the Dragon spacecraft, and the Starlink satellite broadband network. Starlink is the group's real revenue engine. With several thousand satellites in Earth orbit, the system supplies millions of customers worldwide with internet access, especially in regions with weak infrastructure. In 2025, Starlink generated around 11.4 billion US dollars of SpaceX's total revenue of 18.7 billion US dollars. Over the same period, the company posted an operating profit of roughly 4.4 billion US dollars (Reuters). SpaceX has thus long since evolved from a pure spaceflight company into one of the world's most significant technology and infrastructure groups.
Risks
Credit risk of the issuer:
Investors in the products are exposed to the risk that the Issuer or the Guarantor may not be able to meet its obligations under the products. A total loss of the invested capital is possible. The products are not subject to any deposit protection.
Currency risk:
If the product currency differs from the currency of the underlying asset, the value of a product will also depend on the exchange rate between the respective currencies. As a result, the value of a product can fluctuate significantly.
Market risk:
The value of the products can fall significantly below the purchase price due to changes in market factors, especially if the value of the underlying asset falls. The products are not capital-protected
Product costs:
Product and possible financing costs reduce the value of the products.
Risk with leverage products:
Due to the leverage effect, there is an increased risk of loss (risk of total loss) with leverage products, e.g. Bull & Bear Certificates, Warrants and Mini Futures.
Disclaimer:
This information is neither an investment advice nor an investment or investment strategy recommendation, but advertisement. The complete information on the products (securities) mentioned herein, in particular the structure and risks associated with an investment, are described in the base prospectus, together with any supplements, as well as the final terms relating to the securities. The base prospectus and final terms constitute the solely binding sales documents for the products mentioned herein. It is recommended that potential investors read these documents before making any investment decision. The documents and the key information document are published on the website of the issuer, Vontobel Financial Products GmbH, Bockenheimer Landstrasse 24, 60323 Frankfurt am Main, Germany, on https://prospectus.vontobel.com and are available from the issuer free of charge. The approval of the prospectus should not be understood as an endorsement of the securities. The securities are products that are not simple and may be difficult to understand. This information includes or relates to figures of past performance. Past performance is not a reliable indicator of future performance. This information may only be distributed or published in countries where such distribution or publication is permitted by applicable law. As stated in the relevant base prospectus, the distribution of the securities mentioned in this information is subject to restrictions in certain jurisdictions. This advertisement may not be reproduced or redistributed without prior permission by Vontobel.
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