"Space giant" SpaceX (SPCX.US) set a record-breaking IPO, raising $2.2 billion from Japan, with Mizuho teaming up with Rakuten and SBI to operate the only individual investor seat in Asia.

On June 12th, Eastern Time, SpaceX, a space exploration technology company led by Elon Musk, will officially start trading on the Nasdaq Global Select Market and Nasdaq Texas sector. According to a regulatory filing on Friday, SpaceX raised $2.2 billion from Japanese investors, reserving 16.3 million Class A shares for this Japanese offering, accounting for approximately 3% of the total global offering. This makes it the largest new stock offering in the Japanese market since last year's IPO of JX Advanced Metal Corporation. SpaceX stated in documents submitted to the Japanese authorities last week that their goal was to raise $2 to $2.5 billion from Japanese investors. It is worth noting that Japan is the only country in Asia that allows retail investors to directly participate in subscription from the IPO stage. Apart from Japan, regions where retail investors are allowed direct access include Australia, Canada, and some European countries. This arrangement benefits from strong local demand. In fact, SpaceX raised its fundraising target for the Japanese offering twice within two weeks: initially setting a maximum fundraising limit of $2 billion, later raising it to $2.5 billion due to increasing demand from Japanese retail investors, and ultimately raising $2.2 billion. Due to strong demand, the book-building period for SpaceX's offering in Japan was extended from the original plan of one week to a longer period to meet subscription demand in the Japanese market. The Japanese offering is managed by Mizuho Financial Group Inc Sponsored ADR group, with its US investment banking department being one of the 23 underwriters for this IPO. Mizuho handled investors' subscription orders through its local brokerage subsidiaries, as well as online brokers such as Rakuten Securities and SBI Securities. SpaceX's global IPO raised a total of $75 billion, issuing 5.556 billion shares at a price of $135 per share. It is reported that the IPO received over four times oversubscription. SpaceX's IPO has garnered high attention from global capital markets due to its diversified business system covering rocket launches, satellite communications, and space transportation. The company has established a significant cost advantage in launching with reusable rocket technology, making it the space company with the most launches globally. Among them, the Starlink satellite broadband internet business is the most commercialized sector of SpaceX and is a core asset supporting its valuation. As of March 31, 2026, Starlink has launched over 9,600 satellites, accounting for about 75% of active maneuverable satellites globally, with approximately 10.3 million subscribers and service coverage in 164 countries and regions. Based on institutional forecasts of total revenue of approximately $34 billion in 2026, Starlink's revenue is expected to approach the $20 billion level. In addition, the continued advancement of SpaceX's next-generation Starship rocket system, as well as the planned construction of space data centers, are seen as incremental sources of the company's medium- to long-term valuation space. The Starship system is designed to be the largest and fully reusable launch rocket ever, and will be used to deploy the new generation V3 satellites, further expanding Starlink's service capacity and coverage density.