Elon Musk’s SpaceX plans the largest retail share allocation in a mega‑cap IPO, aiming to reserve up to a quarter of its $75bn float for individual investors. The move signals Musk’s long‑standing preference for retail participation over institutional buyers.

Retail demand for SpaceX shares could reach 30%, a figure that surpasses the typical 5‑10% seen in large‑cap offerings. To accommodate the surge, the company named five online brokerages—SoFi, Robinhood, E*Trade, Schwab, and Fidelity—in its prospectus and warned that retail involvement might spark volatile trading.

The initiative follows Musk’s 2020 pledge to prioritize retail investors in any SpaceX listing, mirroring his approach at Tesla where small shareholders own about 42% of the public float. By granting retail access, SpaceX seeks to embed a broad base of owners from day one.

Investor appetite and final allocation will hinge on demand, but the strategy underscores Musk’s strategy to keep individual shareholders at the center of his companies’ ownership structures.