SpaceX (SPCX) approves 5-for-1 split before June IPO

SpaceX (SPCX) shareholders approved a 5-for-1 stock split on Saturday, resetting the rocket company’s fair market value per share to about $105.32 from $526.59 ahead of an expected June initial public offering, Reuters reported, citing a Bloomberg account of the vote. Trading could start next month.

A stock split does not alter SpaceX’s overall valuation. What it changes is the sticker price that prospective buyers see when bankers begin marketing the deal. For a listing that could be the largest in US market history, that detail carries real weight: a lower headline number can widen the pool of orders before price discovery settles on a final clearing level.

Fortune has outlined a timeline under which SpaceX would publicly file as soon as Wednesday, begin marketing the IPO on June 4, price the shares on June 11 and start trading on Nasdaq on June 12. With the split approved before the roadshow, the company and its advisers can present the lower reference price as part of the book-building process rather than as a rushed adjustment after marketing begins.

Bloomberg pegged the new fair market value at about $105.32 a share after the split. Pre-IPO investors typically start with valuation, but nominal price still shapes demand at the margin — especially in a deal expected to draw large institutions and a wide retail audience. The split reads as a deliberate effort to smooth the path toward price discovery rather than a cosmetic housekeeping move.

In private markets, reference prices often become shorthand for accessibility even when the underlying economics do not change. Resetting the number from above $500 to just above $100 gives SpaceX and its bankers a cleaner benchmark to talk through during the roadshow. It also keeps the headline math from overshadowing a more important question: how much demand the company can sustain at a multi-trillion-dollar valuation.

Why the split matters

At roughly $105 a share, SpaceX’s post-split reference point looks very different from a number above $500. Order sizes become easier to frame for smaller buyers. Underwriters can discuss accessibility without ceding anything on headline value. And the psychological hurdle that a four-digit share price creates when investors think in round lots largely disappears. It also gives the market a clearer read on how management wants the company to be judged — less on the raw valuation number, more on whether demand looks broad and durable once the order book opens.

Fortune said the IPO could raise about $75 billion, while Reuters reported the transaction may value SpaceX at about $1.75 trillion. Fortune, citing people familiar with the matter and prior reporting, also said the valuation could top $2 trillion. That gap is not academic. Ahead of a listing this large, price discovery will hinge less on buzz around Elon Musk and more on where bankers decide broad interest ends, crowd-out risk for other issuers begins and valuation discipline still holds.

Nasdaq is the expected venue. A split completed before listing could also reduce friction once the shares start trading: a lower nominal price can support tighter retail sizing, cleaner media comparisons and an easier read-through from private-market marks to public-market performance. It does not guarantee a stronger debut. It does signal that SpaceX is working through optics, allocation strategy and market structure together — not sequentially, as an afterthought.

What investors still need

Missing pieces matter more than the split ratio. Investors still need the final price range, the size of the free float, the mix between primary shares and any secondary selling, and whether existing holders are willing to accept a discount for a smooth first session. Those mechanics will determine whether demand broadens in a meaningful way or merely looks broader on paper during the roadshow.

The approved split dovetails with the June timetable reported by Fortune and the fair-value reset reported by Bloomberg: SpaceX wants to enter the market on its own terms, with the share price low enough to widen the funnel and the valuation high enough to preserve scarcity. If the company follows that calendar, the 5-for-1 move reads as an early signal about how carefully one of the world’s most anticipated listings plans to stage its debut.