UK investors get pre-market access to SpaceX shares as Morningstar values it at half target price

British retail investors are set to gain unprecedented pre-market access to SpaceX’s upcoming initial public offering (IPO), marking the first time UK retail individuals can participate directly in a US book-building process.

Major platforms, including Hargreaves Lansdown, AJ Bell, and eToro, will open orders ahead of the listing, allowing everyday investors to buy into Elon Musk’s rocket company alongside Wall Street institutions.

The aggressive fundraising campaign aims to raise up to $70 billion, a figure that would value SpaceX at a historic $1.8 trillion. To achieve this, the company is earmarking up to 30% of its shares for non-professional investors across the UK, EU, Canada and Japan.

Bret Johnsen, SpaceX’s Chief Financial Officer, told investors that “retail is going to be a critical part of this and a bigger part than any IPO in history.”

However, the $1.8 trillion target has drawn sharp scepticism from market analysts. Research firm Morningstar has issued a warning to potential buyers, valuing SpaceX at just $780 billion – less than half of its public offering target.

Morningstar labelled the company “significantly overvalued,” advising that “investors will have opportunities to buy the stock at more attractive levels after the IPO.”

A primary concern for analysts is the financial risk tied to the company’s lack of profitability. IPO filings reveal that SpaceX has accumulated more than $40 billion in losses since its inception, including a $1.94 billion operating loss in the first quarter of 2026 alone.

Furthermore, a significant portion of SpaceX’s target valuation is tied to its ownership of Musk’s artificial intelligence business, xAI. This sector alone accounted for $2.47 billion in losses on $818 million in revenue during the first quarter, stoking industry fears of an AI-inflated stock market bubble.

Despite the financial warnings, retail enthusiasm for Musk-led ventures remains historically high and the pre-market access offers a shot at an opening-day price jump. Analysis by AJ Bell indicates that share prices rose on debut in 12 out of 16 major London listings in 2024, averaging a 9.2% first-day gain.

Formal marketing for the blockbuster SpaceX float is scheduled to begin as early as June 4, with share pricing expected by June 11. City stockbroker Winterflood will manage the electronic ordering platform for UK retail buyers.