‘Buying TSLA Is Like Buying A Piece Of SpaceX’ — Retail Traders Find Hope In IPO Filing That Confirms Cross-Ownership Thesis

• SpaceX said retail investors would receive shares “at the same initial public offering price, and at the same time” as large investors.
• The space firm also disclosed that it obtained $144 million worth of goods and services from Tesla in 2025.
• SpaceX also confirmed that Musk will retain tight control after the IPO through a dual-class voting structure.

Shares of Tesla, Inc. (TSLA) climbed over 1% overnight heading into Thursday after SpaceX’s blockbuster IPO filing confirmed that retail traders using platforms like Robinhood, SoFi, Fidelity and Charles Schwab may buy shares alongside Wall Street institutions at the same IPO price.

The filing, released late Wednesday, officially kicked off the countdown towards potentially the largest stock offering in history, with CEO Elon Musk’s space giant reportedly targeting a valuation above $1.5 trillion and a fundraising haul exceeding $80 billion.

TSLA stock jumped over 3% on Wednesday and is poised to record its best month since September. 

Retail Traders Join SpaceX IPO Frenzy

In its prospectus, SpaceX said that certain Class A shares would be offered directly to retail investors through brokerage platforms operated by Robinhood, SoFi, Fidelity, Schwab, and E*Trade, all by Morgan Stanley. The company specifically stated that retail investors buying through those platforms would receive shares “at the same initial public offering price, and at the same time” as institutional and large investors.

The update fueled excitement among retail traders, since most high-profile IPOs tend to favor hedge funds, mutual funds, sovereign wealth funds, and wealthy private banking clients. Retail investors are often left to buy shares only after public trading begins, often at higher prices.

However, SpaceX has warned that elevated retail participation could increase post-listing stock volatility. The company is now expected to begin its IPO roadshow around June 4, with shares potentially debuting on Nasdaq around June 12 under the ticker SPCX. The offering is being led by Goldman Sachs alongside Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase.

SpaceX Filing Reveals Major Tesla Ties

The filing also revealed that Tesla owns nearly 19 million Class A shares of SpaceX as of May 1, representing less than 1% ownership after the IPO. The disclosure highlights how Musk’s companies have become intertwined after Tesla’s January investment into xAI, which later converted into SpaceX equity after SpaceX absorbed xAI earlier this year. Musk has since rebranded the combined entity as “SpaceXAI.”  

The filing outlined several commercial relationships between Tesla, SpaceX, and xAI. According to the prospectus, SpaceX obtained $144 million worth of goods and services from Tesla last year, much higher than $4 million in 2024 and $11 million in 2023. Meanwhile, xAI obtained $506 million in goods and services from Tesla in 2025, compared with $191 million in 2024. Tesla also purchased $4 million in advertising on X in 2025, compared with just $500,000 in 2024.

SpaceX additionally charged Tesla $2 million for aircraft usage in 2025, compared with $1 million in both 2023 and 2024.

Terafab Could Become 'World’s Largest' Chip Facility

The filing also detailed new collaboration plans between Tesla, SpaceX, and xAI on AI infrastructure and semiconductor manufacturing. SpaceX said Macrohard, an AI system unveiled by Musk in March, is expected to run on both advanced processors and Tesla chips. Musk said earlier that the system already works across Tesla vehicles equipped with AI4 hardware.

The filing also introduced new details on Terafab, a vertically integrated chip manufacturing initiative jointly backed by Tesla, SpaceX, and xAI. SpaceX said the project will integrate chip design, fabrication, packaging, and deployment inside a single manufacturing ecosystem, with one category of chips intended for Tesla’s Optimus robots and vehicles, and another for future orbital infrastructure. 

The company added that Terafab could become “the world’s largest chip manufacturing facility” and drive its long-term goal of producing one terawatt of compute annually.

Musk Keeps Tight Control Over SpaceX

The filing also made clear that Musk will retain overwhelming control over SpaceX after the IPO through a dual-class voting structure. Class B shares will carry ten votes each compared with one vote for Class A shares, while holders of Class B stock will control 51% of board seats for as long as at least one Class B share remains outstanding.

SpaceX said that Musk will continue to serve as CEO, chief technical officer, and chairman after the IPO.

The filing additionally revealed an insider lock-up structure instead of the traditional single six-month unlock period common in most IPOs. SpaceX said up to 20% of eligible insider shares could be unlocked after the company’s second-quarter earnings release. Another 10% could unlock if the stock trades at least 30% above the IPO price for five out of ten straight trading days after the earnings report.

Additional 7% unlocks are scheduled for 70, 90, 105, 120, and 135 days post-IPO. Another 28% becomes eligible for release after the company’s third-quarter earnings release, while all remaining shares unlock after 180 days. However, Musk is excluded from the early-release provisions, meaning his shares will remain locked up longer than many other insiders.

How Do Retail Traders Feel About TSLA?

On Stocktwits, retail sentiment for Tesla improved to ‘neutral’ from ‘bearish’ levels a day ago amid ‘normal’ message volume.

One user said, “Shorts are in panic mode just finding out the stake Tesla has in Space X!!”

Another user said, “$TSLA buying here is like buying a piece of SPACEX.”

So far this year, TSLA stock has lagged its “Magnificent Seven” peers, making it the group’s third-worst performer, with a 7% decline.    

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