-SpaceX has launched the roadshow for its planned IPO and has applied to list on Nasdaq under the ticker SPCX.
-The company expects to price shares at US$135 each, with the offer potentially raising about US$75 billion.
-Australian investors should read the Australian prospectus before applying for shares.
-SpaceX is a world-class business, but the expected valuation looks very expensive.
-For many Australian investors, waiting for the company’s first public results may be the smarter move.
What is the SpaceX IPO?
The SpaceX IPO could become one of the biggest share market events in history.
SpaceX, officially Space Exploration Technologies Corp., is best known for reusable rockets, satellite launches, NASA contracts and Starlink, its satellite internet business. It is one of the most important private technology companies in the world.
SpaceX has launched the roadshow for its initial public offering and has applied to list its Class A shares on Nasdaq under the ticker SPCX. The expected IPO price is US$135 per share, with about 555.6 million shares being offered.
If the deal is completed as planned, SpaceX could raise around US$75 billion. That would make it much larger than Saudi Aramco’s 2019 IPO, which raised about US$29 billion.
Can Australians buy the SpaceX IPO?
Yes, Australian investors may be able to apply for shares, but they should not treat this like buying a normal ASX stock.
SpaceX will not be listed on the ASX. Investors need to look at the Australian prospectus and follow the application process set out in that document.
CommSec has reportedly been named as a key Australian retail broker for the offer. After SpaceX lists, Australian investors may also be able to buy the stock through brokers that offer access to US shares, such as platforms with Nasdaq trading.
However, investors should check fees, exchange rates, tax rules and whether their broker actually provides access to the IPO or only to trading after the listing.
Why did SpaceX report a large loss?
One of the biggest concerns around the SpaceX IPO is the company’s recent loss.
SpaceX reportedly posted a US$4.28 billion net loss in the first quarter of 2026. That is a very large number, and it will worry some investors.
But the important point is that the loss does not appear to mean the core rocket and Starlink businesses are failing. Much of the pressure appears to be linked to heavy spending on artificial intelligence after xAI merged with SpaceX.
AI infrastructure is expensive. Building data centres, buying chips and hiring talent can burn a lot of cash before it creates profit.
SpaceX’s core business still looks powerful. Starlink has become a major revenue driver, and the launch business remains highly valuable because SpaceX is a leader in reusable rocket technology.
Still, investors should not ignore the losses. Big losses can make a stock riskier, especially when the valuation is already very high.
Is the SpaceX IPO valuation too high?
This is the main issue.
SpaceX may be a great company, but great companies can still be poor investments if investors pay too much.
At a possible valuation of around US$1.77 trillion, SpaceX would be priced at roughly 100 times annual revenue. That is a very high multiple. It means investors are already paying for many years of future growth.
For the share price to perform well, SpaceX will likely need to keep growing fast, improve profits, control AI spending and prove that Starlink can remain a strong cash generator.
There is also a control issue. Elon Musk is expected to keep strong voting control through special share rights. That means ordinary investors may have limited influence over company decisions.
Should Australians buy the SpaceX IPO?
For aggressive investors, a small position may make sense. SpaceX is a rare business with strong technology, global demand and long-term growth potential.
But for most everyday investors, caution is sensible.
IPO hype can push prices too high in the short term. Large, famous listings often attract huge attention, but that does not always lead to strong early returns.
A reasonable approach may be to wait. Once SpaceX reports as a public company, investors will get clearer information on revenue, profit, AI spending, Starlink growth and cash flow.
Investors who do not want to buy US shares directly can also watch ASX-listed global technology or space-related ETFs. Some may add SpaceX after listing, depending on their index rules and investment mandate.
Bottom line
The SpaceX IPO is exciting, but investors should not buy just because of the hype.
SpaceX is one of the most impressive companies in the world. It has strong technology, a powerful brand and major growth opportunities in space, satellites, internet services and AI.
But at a possible US$1.77 trillion valuation, the price already assumes a lot of success.
For Australian investors, the best move is to stay disciplined. Read the prospectus, understand the risks, and only invest money you can afford to lose. For many investors, waiting for SpaceX’s first public results may be the safer choice.
