Fidelity opens SpaceX IPO to retail at $2,000 minimum

Fidelity lowered the minimum required to access the SpaceX IPO to $2,000 for customers with at least that amount in retail brokerage assets after SpaceX reserved up to 30% of the offering for retail investors. The firm previously required as much as $500,000 for some allocations.

SpaceX filed to sell about 555.6 million shares at $135 each, targeting roughly $74.4 billion in proceeds and up to $85.7 billion if underwriters exercise the overallotment. The company plans to list on Nasdaq under the ticker SPCX with a debut targeted for June 12. At $135 per share the filing implies a market value near $1.77 trillion, roughly 13 billion shares outstanding and a public float near 4%.

Underwriters and brokers commonly restrict so-called flippers-investors who sell IPO shares shortly after allocation. FINRA treats a sale within 30 days of an offering as flipping under rules that affect syndicate commissions. Brokers enforce their own anti‑flip policies through account limits and bans.

Fidelity’s SpaceX terms set a 15-calendar-day window. Customers who sell within the first 15 days are treated as flippers. A first offense results in six months of blocked access to future IPOs, a second offense in a one-year block, and a third offense in a permanent ban tied to the investor’s Social Security number. Clients may sell freely from day 16 onward.

Other broker rules differ. Robinhood treats any sale within 30 days as flipping and removes IPO Access for 60 days across offerings for offenders. SoFi uses a 30-day window and can impose bans of 180 days, 365 days and permanent exclusion; it may charge a $50 fee for sales made before the 120th trading day and $5 for later sales inside the window. Charles Schwab applies offering-specific terms that often restrict first-time flippers for about six months. E*Trade warns it may flag accounts and bar flippers from future IPOs.

Brokers require an indication of interest to request an allocation; submitting one means agreeing to the anti‑flip policy disclosed for the deal. Wider retail eligibility does not guarantee an allocation, and heavy institutional marketing to wealth clients could limit retail fills.

Investment banks have presented forecasts that inform the IPO valuation. Goldman Sachs projects SpaceX AI revenue rising from about $3.2 billion in 2025 to $322 billion by 2030 and total revenue to $474 billion; those forecasts rely in part on the loss-making xAI unit. SpaceX reported a quarterly loss in recent filings. Elon Musk has locked his shares for 366 days and retains roughly 85% of voting power.

Investors interested in participating should confirm SpaceX-specific allocation terms and anti‑flip policies with their broker before submitting an indication of interest.