The American aerospace company SpaceX, led by Elon Musk, will launch the largest initial public offering (IPO) in history on Friday, an offering in which individual investors in Spain and six other European countries can participate with up to 10% of the shares, according to EFE.
Of the global offering of 555.5 million shares, SpaceX, whose valuation is expected to exceed 1.5 trillion euros, has reserved up to 55.55 million shares for European retail investors, a tranche that is expected to be fully subscribed in the coming hours, according to sources close to the operation.
The subscription period for individual investors in Europe opened on Friday, June 5, after Germany’s financial regulator, BaFin, approved the European prospectus, and will close on Thursday at 6:00 p.m., one day before the stock market debut. The German regulator’s approval allows not only investors in Germany but also those in Spain, France, the Netherlands, Denmark, Sweden, and Norway to participate in the SpaceX IPO.
SpaceX shares will be traded on Nasdaq under the ticker symbol SPCX, and the more than 55 million shares reserved for European retail investors can be purchased at a maximum price of $162 (€140), although the final price will be the same for all global investors and is expected to be around $135 per share.
Banco Santander, one of the European underwriters, is acting as the representative in Spain to facilitate local investors’ access to the offering. Investors in Spain can place their buy orders through the banking group led by Ana Botín.
At the same time, various non-bank entities, such as Revolut and Trade Republic, and brokerage firms, such as DeGiro and Interactive Brokers, will allow individual European investors to participate in the share subscription through their own digital platforms.
Despite the public offering, Elon Musk will retain control of SpaceX with approximately 84% of the voting rights. This is because the shares offered for sale (Class A) confer one vote per share, while the Class B shares held by Musk carry 10 votes per share and the right to appoint the majority of the board members. Through this transaction, SpaceX expects to raise approximately 69 billion euros ($75 billion), which it intends to use to accelerate the expansion of its AI-based computing infrastructure, the development of the Starship launch system, and the expansion of its Starlink satellite constellation.
According to its financial plans, SpaceX will not pay cash dividends to shareholders in the coming years and intends to retain profits to fund business growth.
In fiscal year 2025, SpaceX reported a loss of $4.937 billion (€4.274 billion).
Despite these losses, the markets expect SpaceX’s initial public offering to be oversubscribed, meaning that investors will be willing to purchase more shares than the 555.55 million shares being offered, although there will be an additional tranche of up to 83.33 million shares.
Even though SpaceX’s IPO is one of the most ambitious of its kind in history, the prospectus warns that investors should be prepared for high volatility and the possibility of losing all or part of their invested capital, given the experimental nature of many of its technologies.
AGERPRES
