SpaceX could rewrite IPO retail access with oversized share allocation

E*Trade is in discussions to take the lead in distributing SpaceX IPO shares to U.S. retail investors for a potential 2026 listing. SpaceX is weighing a plan to route a meaningful portion of its retail allocation through the brokerage.

People familiar with the matter describe the talks as private and not final. Fidelity is seeking a role in the distribution, while Robinhood and SoFi could be limited or excluded if more of the allotment remains within Morgan Stanley‘s network.

SpaceX has discussed reserving up to 30% of the offering for individual investors, roughly three times the share typically seen in large U.S. IPOs.

Planning discussions indicate that, even with a larger retail pool, a significant portion would go to private-banking clients, leaving a smaller self-directed segment for online brokerages to capture.

Morgan Stanley bought E*Trade for about $13 billion in 2020 and has integrated the platform with its wealth and investment banking operations. People familiar with the planning indicate the bank expects to keep more of any retail allocation within its ecosystem if it secures a primary role.

SpaceX has discussed a 2026 IPO that could raise as much as $75 billion and value the company at around $1.75 trillion. If completed at that scale, the listing would rank among the largest public offerings on record.

Robinhood and SoFi have distributed retail shares in many large IPOs. The size of SpaceX's proposed retail allotment has prompted competition for distribution roles among major platforms.

Plans remain subject to change, including the final retail allocation, choice of distribution partners, and the timetable. SpaceX has not announced a public filing or a listing venue, and the investor mix will depend on market conditions closer to a listing.