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SpaceX priced at **$350**, **$1.2T** valuation; retail gets **8%** allocation cap with per-account limits still negotiating through Thursday.
$350
per share late Monday
$1.2 trillion
post-money and triggering a 48-hour negotiation window over retail…
12%
above the revised range filed May 28 and reflects…
$18 billion
in institutional orders during the two-week roadshow
SpaceX closed its IPO pricing at $350 per share late Monday, valuing the company at approximately $1.2 trillion post-money and triggering a 48-hour negotiation window over retail allocation mechanics across five confirmed distribution platforms. Charles Schwab, Fidelity, Robinhood, SoFi, and Morgan Stanley's E-Trade received final allotment parameters Tuesday morning, with platform-level caps still under revision as of 4:00 PM Eastern.
The pricing lands 12% above the revised range filed May 28 and reflects demand concentration in three segments: aerospace primes seeking supply-chain optionality, sovereign wealth funds rotating out of Chinese launch capacity, and family offices treating the name as a NASA-adjacent infrastructure play. Underwriters Goldman Sachs and Morgan Stanley moved $18 billion in institutional orders during the two-week roadshow, with 73% of book demand originating outside North America. Retail tranches remain unfinalized, but brokerage sources indicate total retail allocation will not exceed 8% of the 340 million shares offered, or roughly 27 million shares across all platforms.
The timing carries secondary weight. SpaceX filed an 8-K Monday evening confirming a definitive agreement to acquire AI coding platform Cursor for $60 billion in all-stock consideration, structured as a wholly owned subsidiary post-close. The deal adds 4,200 software engineers to SpaceX's roster and positions the combined entity as the second-largest private AI compute operator by on-premises capacity, trailing only OpenAI's Microsoft-backed infrastructure. Cursor's enterprise contracts with 190 Fortune 500 clients convert to SpaceX paper under terms that lock existing customers into three-year renewal cycles, generating an estimated $2.1 billion in recurring revenue beginning Q4 2026. Separately, a multi-year cloud partnership with Google announced Tuesday morning commits SpaceX to deploy Starlink ground infrastructure supporting Google's AI training clusters across 22 international markets, with estimated contract value between $8 billion and $12 billion over five years.
Allocators should track three dependencies. First, the SEC's final effectiveness declaration, expected Thursday by 10:00 AM Eastern, which triggers the formal retail allocation release to platforms. Second, Cursor's shareholder vote, scheduled for June 23, which carries limited execution risk but introduces a two-week lock-up extension if delayed. Third, the Google cloud deal's phased deployment schedule, with initial Starlink ground station construction beginning in August and revenue recognition starting Q1 2027. Family offices holding SpaceX secondary shares acquired pre-IPO in the $210-$280 range now face a mark-to-market gain of 25%-67%, but lock-up provisions remain in effect for 180 days post-pricing, creating a natural supply constraint through December.
The retail allocation caps matter more than the headline suggests. Platforms are negotiating individual share limits per account, with current proposals ranging from 25 shares at Robinhood to 150 shares at Fidelity, reflecting each platform's institutional relationships and underwriter proximity. Those limits, multiplied across 68 million eligible U.S. brokerage accounts, create structural scarcity that typically drives first-day premiums in the 18%-34% range for names with comparable demand profiles, based on the 2024 Stripe and 2025 Databricks IPO comparables.
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For the principal
Lock pre-IPO secondary positions now at $350 reference; first-day premium likely 20%-30%, but 180-day lock-up applies regardless of entry timing.
For the operator
Watch SEC effectiveness Thursday 10:00 AM; retail tranches release same day, but platform limits create artificial scarcity favoring institutional block purchases over retail fragmentation.
For the house
Named accounts: rotate 40% of pre-IPO SpaceX holdings into Cursor subsidiary exposure post-close; hold core 60% through lock-up for Google cloud revenue recognition in Q1 '27.
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