How Retail Investors Can Prepare for the SpaceX IPO Through Their Brokerage

May 26, 2026

Retail investors are trying to understand how access to the SpaceX IPO may work through participating brokerage platforms.

SpaceX’s S-1 names several brokerages and platforms expected to help allocate IPO shares to retail investors, including Fidelity, Charles Schwab, Robinhood, E*TRADE, and SoFi.

The main point to know upfront: requesting shares does not guarantee an allocation.

For a highly watched IPO like SpaceX, demand will likely be heavy. Each brokerage will only receive a limited number of shares to distribute, and investors may receive fewer shares than requested, or no shares at all.

Here’s a breakdown of what investors should know by platform.

Fidelity

  1. Minimum account balance: Fidelity reportedly requires a $500,000 minimum account balance to participate. This may include IRAs and individual accounts, but exclude 401(k) accounts.
  2. Submit an indication of interest: Investors enter the maximum number of shares they would like to purchase.
  3. Confirm after pricing: After the registration statement is declared effective and the offering is priced, typically after 7 PM ET on pricing night, investors must confirm their indication of interest on Fidelity’s website. Without confirmation, investors will not be eligible for allocation.
  4. Watch for allocation: Allocations usually happen the morning after pricing, often before 9:30 AM ET. Investors who receive shares must have enough funds available for settlement.
  5. Know when changes are allowed: Investors may increase their indication of interest before the indication period closes. They may decrease or cancel before allocation occurs. Once shares are allocated, the order cannot be changed.

Charles Schwab

  1. Minimum account balance: Schwab reportedly requires a $100,000 minimum account balance to participate. This may include IRAs and individual accounts, but exclude 401(k) accounts.
  2. Go to Trade > IPOs: On Schwab’s website, investors can use the IPO page to view the Calendar of Offerings. Once the IPO window opens, expected during the first week of June, investors should be able to submit a Conditional Offer to Purchase, also called an Indication of Interest.
  3. Complete the COTP process: During the open window, investors can select Start COTP, review the offering details and preliminary prospectus, complete the eligibility questionnaire, and enter the number of shares they would like to purchase.
  4. Affirm after pricing: After submitting, investors should keep checking the IPO page for COTP status, expected pricing date, pricing updates, and any prospectus changes. Once the IPO is priced, investors must affirm their COTP to remain eligible to purchase shares.

Robinhood

  1. No minimum account size: Robinhood reportedly does not require a minimum account size, but investors must have enough buying power to cover requested shares if allocated.
  2. Account requirements: Investors must have an individual brokerage account. Retirement, custodial, and multiple investing accounts are not eligible for IPO Access.
  3. Enable IPO Access: Investors should make sure IPO Access is enabled in the Robinhood app and turn on IPO notifications.
  4. Request shares: Once the IPO is available, investors can request shares through the app or website. This request is a conditional offer to buy shares at the IPO price.
  5. Understand allocation: Robinhood’s allocation process is random and not guaranteed. Investors may receive all, some, or none of the shares requested.

E*TRADE

  1. Minimum account size: E*TRADE does not publicly list a specific minimum account size requirement, but investors should confirm directly.
  2. Eligibility requirements: Investors must be U.S. residents, have an active E*TRADE account, and complete the investor profile questionnaire.
  3. Sign up for IPO alerts: Investors can sign up to receive alerts when IPO opportunities become available.
  4. Submit a conditional offer to buy: Investors submit a conditional offer to buy through the New Issue Center. This includes the number of shares requested and the maximum price the investor is willing to pay.
  5. Maintain buying power: Investors must have enough buying power to cover the full conditional offer.
  6. Watch allocation updates: E*TRADE allocates shares after pricing and before trading begins, then notifies customers by alert or email.

SoFi

  1. No minimum account balance: SoFi reportedly does not require a minimum account balance.
  2. Account requirements: Investors need an active Self-Directed Invest account.
  3. Go to IPO Investing: Investors can find IPO opportunities through the IPO Investing section in the app or website.
  4. Select the IPO: Once available, investors can select the SpaceX IPO.
  5. Complete the suitability questionnaire: SoFi requires investors to complete an IPO suitability questionnaire.
  6. Submit an Indication of Interest: Investors submit a non-binding request for shares. Once the IPO is officially priced, SoFi will notify investors to confirm their order.

Allocation Is the Hard Part

Retail investors may be able to request shares through participating brokerages, but allocation will likely be limited.

In a high-demand IPO, each brokerage receives only a certain number of shares to distribute. Eligibility does not equal access. Investors may go through the full process and still receive fewer shares than requested, or no shares at all.

One important detail from SpaceX’s S-1: retail investors who receive shares through participating platforms are expected to buy at the same IPO price and at the same time as institutions and other large investors.

That helps level the pricing process, but it does not solve the allocation issue.

Why This Is Relevant to Private Market Investors

The SpaceX IPO is a clear example of how access changes once a private company reaches the public offering process.

At that point, investors are working through brokerage rules, eligibility thresholds, roadshow windows, indications of interest, pricing schedules, and limited allocation pools.

Private market access works differently.

Before a company or asset reaches a public listing, investors may see opportunities through secondary transactions, sponsor-led raises, or LP liquidity situations. Those markets require different diligence, different eligibility standards, and a very different access model.

LPshares helps accredited investors explore private market opportunities across secondary LP interests, sponsor-led raises, and other private market listings.

For investors watching the SpaceX IPO, the practical next step may be checking your brokerage account.

For investors thinking about private market access earlier in the lifecycle, LPshares helps bring those opportunities into one private marketplace.

For accredited investors only. LPshares is not a broker-dealer.

Questions? Contact [email protected]