SpaceX IPO: How European retail investors can buy shares and the risks to be aware of
SpaceX is expected to make its stock market debut on Friday in what could become the largest IPO in history. Here's how retail investors in Europe can participate and the risks they should consider.
Elon Musk's AI, rocket and satellite company is days away from a stock market debut that could become the largest IPO in history and, in an unusual departure from convention, a sizeable portion of those shares has been reserved for individual investors.
The IPO, scheduled for Friday 12 June, is expected to price shares at $135 apiece, giving SpaceX a valuation of roughly $1.75 trillion (€1.5trn) and aiming to raise approximately $75 billion (€64.5bn) in fresh capital.
The company is expected to trade under the symbol SPCX.
SpaceX has reportedly earmarked as much as 30% of its offering for retail investors, a rare move for a blockbuster IPO that is typically dominated by institutional buyers.
The standard retail allocation in most large offerings sits between 5% and 10%, making SpaceX's approach a meaningful structural shift.
SpaceX has a dedicated European retail offering
Historically, many high-profile US IPOs have been difficult or impossible for ordinary European retail investors to access at the IPO price.
However, according to its prospectus, SpaceX has earmarked up to 55.6 million newly issued Class A shares, equal to approximately 10% of its newly issued public shares, to retail investors in seven European countries.
Depending on each country's regulatory approval, the offering is open to those eligible in Germany, France, the Netherlands, Denmark, Norway, Spain and Sweden.
Germany's financial regulator, the Federal Financial Supervisory Authority approved the sale of the SpaceX shares in the country on 5 June. The regulator stressed, however, that its approval does not constitute an endorsement of SpaceX or the investment itself.
At the same time, retail investors can also access the SpaceX IPO in the United Kingdom.
How European retail investors can access the offering
European retail investors can access the offering through fintech platforms and other online brokerages such as Revolut, Hargreaves Lansdown and eToro.
In the UK, Marex Financial is operating a public offer platform through which eight retail platforms, including AJ Bell, CMC Markets, eToro, Freetrade, Interactive Brokers and Interactive Investor, can submit prospective investors' orders.
The process varies by platform; eToro has set a minimum application of $750 (€650), while Hargreaves Lansdown is asking for £1,000 (€1,157), for example.
In Germany, one of the top brokerages, TradeRepublic, confirmed that it gives access to retail clients to "certain IPOs" just days before the expected date of the SpaceX public listing.
Users online have confirmed that the company said in an email that it's possible to get access to SpaceX shares in the IPO through them.
According to certain brokerages, the level of interest among European retail investors is striking.
Chief Client Officer at Hargreaves Lansdown, Simon Belsham, noted that the company has "seen significant interest from both new and existing clients". The company said that 35,000 of its clients had registered an interest in IPO alerts since the SpaceX offer was first rumoured in April.
According to BNP Paribas, retail participation in major technology IPOs has become a growing phenomenon, with the typical retail share of order books shifting from roughly 15% increasingly toward 30%.
What investors need to know and the risks to weigh
It is important to note that registering interest through a platform does not guarantee an allocation. Investors should expect to learn whether they have been awarded shares only on Friday morning.
Those who receive shares in the first round should know that brokerages generally penalise so-called "flipping" meaning that selling shares within two to four weeks of the offering can result in investors being barred from future IPO allocations.
The price is expected to be volatile, especially throughout the first days of trading, as institutions, early investors and retail buyers react to the valuation.
For retail investors in Europe and the UK, it is important to note that currency risk remains. The share is traded in US dollars, which influences the final returns for UK and European investors, depending on foreign exchange movements.
Investor demand will also be highly influenced by whether the stock will be integrated in major indices such as MSCI shortly after launching.
SpaceX shares could be bought automatically with trillions of dollars from passive investment funds after the IPO if they are accepted for inclusion in such indices.
Some index providers have already confirmed that the company would be eligible for its fast-entry rules if it meets the criteria after listing.
Long-term profitability
Meziane Lasfer, Professor of Finance at Bayes Business School in London, noted that, unlike institutional investors, who rely on dedicated research teams and financial databases to assess a company's true value, retail investors have far fewer tools at their disposal and are, in his view, taking a considerable risk by participating.
SpaceX reported a $4.94 billion (€4.28bn) loss in 2025 despite generating over $18.5 billion (€16bn) in revenue, meaning it will not qualify for S&P 500 inclusion for at least a year after listing. That matters particularly for investors whose portfolios are built on passive index-tracking funds.
Denmark's AkademikerPension, which manages roughly $25 billion (€21.7bn) for academic professionals, announced it will not participate in the IPO or in any secondary-market transaction.
CEO Anders Schelde described SpaceX as "grossly overvalued" and said its governance structure, which gives Elon Musk around 80% of voting rights, makes it effectively uninvestable for the fund.
SpaceX's own prospectus, filed with the US Securities and Exchange Commission, acknowledges that profitability is not expected in the near term.
Disclaimer: This information does not constitute financial advice, always do your own research on top to ensure it's right for your specific circumstances. Also remember, we are a journalistic website and aim to provide the best guides, tips and advice from experts. If you rely on the information here, then you do so entirely at your own risk.
