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SpaceX has unveiled details for its highly anticipated initial public offering, signaling what could become the largest IPO in history. In a meeting with its syndicate of 21 investment banks on Monday, the Elon Musk-led rocket company outlined plans to allocate an unprecedented share of stock to retail investors, reflecting the company’s strategy to reward long-term supporters of both SpaceX and Musk.

Chief Financial Officer Bret Johnsen emphasized during the virtual session that retail investors will play a “critical role,” describing the planned allocation as larger than any previous IPO in U.S. history. “These are folks that have been incredibly supportive of us for years, and we want to recognize that,” Johnsen said, according to sources familiar with the discussion.

The IPO is expected to raise approximately $75 billion, valuing SpaceX at as much as $1.75 trillion, a significant increase from the $1.25 trillion valuation set after its February merger with Musk’s AI startup xAI. The company plans to launch its investor roadshow the week of June 8, with 125 analysts from the participating banks meeting with SpaceX executives ahead of the public event.

A highlight of the offering will be a large-scale retail investor event on June 11, where around 1,500 individual investors will have the opportunity to participate directly. The IPO will also extend to retail investors internationally, including in the U.K., EU, Australia, Canada, Japan, and South Korea, reflecting SpaceX’s global appeal and market ambitions.

Underwriters, including Morgan Stanley, Bank of America, Citigroup, JPMorgan, and Goldman Sachs, are managing the offering, with 16 additional banks participating in supporting roles across institutional, retail, and international channels. The retail demand is expected to surpass anything previously observed, with preliminary reports suggesting Elon Musk aims to allocate up to 30% of shares to smaller investors—far above the 5% to 10% typical in most IPOs.

The IPO prospectus is slated for public release in late May, ahead of the June roadshow. For nearly 25 years, SpaceX has remained private, with valuation benchmarks largely anchored by twice-yearly tender offers allowing employees and existing investors to cash out. The most recent tender offer in December 2025 placed SpaceX’s valuation at $800 billion, prior to the xAI merger.

With its aggressive retail-focused approach and massive $1.75 trillion target, SpaceX’s IPO is poised to reshape public offerings and could set a new standard for investor participation in the tech and aerospace sectors.