SpaceX is considering a landmark 2026 IPO that could value the company at $1.75 trillion and raise up to $75 billion. For the first time, CEO Elon Musk is exploring allocating up to 30% of shares to retail investors-three times the typical rate.
Morgan Stanley’s ETrade is leading discussions to distribute this retail allocation, positioning itself ahead of Robinhood and SoFi. The move aligns with Morgan Stanley’s strategy to retain retail flow within its own network following its 2020 acquisition of ETrade.
Fidelity is also seeking a role, but Robinhood and SoFi risk being cut from the distribution chain entirely. Even with the expanded retail pool, the majority of shares are expected to go to high-net-worth clients.