Elon Musk, CEO of SpaceX, has denied reports that the popular retail trading platforms Robinhood Markets (HOOD) and SoFi Technologies (SOFI) were excluded from the company’s initial public offering (IPO). The rumors gained traction due to reports of the SpaceX IPO “hands-on” selection process, which assigned specific roles to major banks for share allocation and sales.
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Musk Denies Robinhood and SoFi Restriction in SpaceX IPO
Reports from multiple financial outlets on March 30 said Robinhood and SoFi had pitched for roles in the SpaceX IPO retail distribution, but could be excluded. Musk said on X the following day that the reports were “false” in response to a request from an X handle identified as the ‘Tesla Owners Silicon Valley’ to include Robinhood in the listing.
Sources say both Robinhood and SoFi are still in talks to help sell part of SpaceX’s shares, despite not being among the banks managing the deal, although plans could still change as the IPO gets closer. One source also said that Fidelity, the mutual fund company, is seeking to offer some of the shares on its trading platform. No official comments have been made by SpaceX, Robinhood, SoFi, or Fidelity regarding the final structure of the retail sale.
SpaceX IPO Fuels Broker Competition Speculation
SpaceX is considering reserving up to 30% of its IPO shares for retail buyers, a move that has fueled speculation about which brokerages will get to sell them. Some have suggested that Robinhood and SoFi could be sidelined in favor of Morgan Stanley (MS), whose E*Trade brokerage arm is expected to handle the smaller retail orders for the SpaceX IPO.
The bank acquired E*Trade in 2020 for $13 billion and has since expanded its push into retail markets. That push has positioned it in direct competition with platforms such as Robinhood. The ongoing speculation also draws on Morgan Stanley’s role in the 2024 Reddit (RDDT) IPO, where it used E*Trade to take control of retail distribution and capture a larger share of small-ticket trades.
Which Big IPO is Coming Soon?
Based on recent reports, SpaceX is the most likely major candidate to go public first, with a potential listing reported as early as April 2026. Separately, AI firms OpenAI and Anthropic are potentially targeting an IPO in Q4 2026, while data intelligence platform Databricks is also considered a 2026 IPO candidate, though no specific quarter has been disclosed.
