SpaceX is preparing for what could be the largest IPO ever, but its path to the public markets is anything but futuristic. Instead of digital platforms or algorithmic trading, the company will use a $80 billion-scale manual process involving phone calls between bankers and investors to allocate shares. This method, rooted in the 1980s, defies the high-tech nature of SpaceX's ambitions to colonize Mars and build a space-based internet. The IPO, set for June 12, will require 23 underwriters to manage the monumental task of pricing shares for a company whose mission statement reads like science fiction: 'to extend the light of consciousness to the stars.'

The low-tech approach raises questions about efficiency in an era of AI-driven markets. SpaceX's underwriters, including major banks, will manually match buyers and sellers over 21 days, a process that hasn’t evolved since the dot-com boom. This contrasts sharply with tech giants like OpenAI and Anthropic, which are also preparing IPOs but likely using modern tools. The manual system could slow down trading and increase volatility, especially given the massive share count. Nasdaq is testing its platform with mock openings to handle the expected surge in transactions. For SpaceX, the IPO isn’t just about raising capital—it’s a high-stakes gamble to prove that even a futuristic company can succeed with relics of the past.

The IPO’s success hinges on balancing nostalgia with reality. While the manual process is cost-effective for underwriters, it risks alienating tech-savvy investors used to instant trades. SpaceX has spent months wooing institutional investors, hosting meetings at its Starbase facility in Texas. The company’s reliance on analog methods may reflect a strategic choice to prioritize stability over speed. However, in a market where algorithmic trading dominates, this anachronism could become a liability. Investors will scrutinize whether the $80 billion valuation reflects realistic expectations or overoptimism about SpaceX’s long-term goals. The IPO’s first-day performance may hinge on how well the manual system can absorb such an unprecedented volume of shares without crashing.