The Charles Schwab Corporation, together with its subsidiaries, operates as a savings and loan holding company that provides wealth management, securities brokerage, banking, asset management, custody, and financial advisory services in the United States and internationally. The company operates in two segments, Investor Services and Advisor Services. It offers brokerage accounts with equity and fixed income trading, margin lending, options trading, futures and forex trading, and cash management capabilities, including certificates of deposit; third-party mutual funds through the Mutual Fund Marketplace and Mutual Fund OneSource service, as well as mutual fund trading and clearing services to broker-dealers; exchange-traded funds; advisory solutions for managed portfolios, separately managed accounts, customized personal advice for tailored portfolios, specialized planning, and full-time portfolio management; banking products comprising checking and savings accounts, first lien residential real estate mortgage loans, home equity lines of credit, and pledged asset lines; and trust custody services, personal trust reporting services, and administrative trustee services. It also provides digital retirement calculators; integrated web-, mobile-, and software-based trading platforms, real-time market data, options trading, premium research, and multi-channel access; self-service education and support tools; online research and analysis tools; equity compensation plan sponsors full-service recordkeeping for stock plans, stock options, restricted stock, performance shares, and stock appreciation rights; retirement plan services; mutual fund clearing services; and advisor services, including interactive tools and educational content. The Company operates through branch offices. The Charles Schwab Corporation was incorporated in 1971 and is headquartered in Westlake, Texas.

Charles Schwab выглядит как качественный финансовый бизнес с очень сильной рентабельностью, но рынок уже закладывает в цену заметно высокий уровень ожиданий. ROE 22.7%, ROA 3.9% и ROI 16.0% существенно выше отраслевых ориентиров и при этом демонстрируют улучшение по годам, что поддерживает более высокий справедливый мультипликатор. Маржа прибыли 35.2% и операционная маржа 53.2% также выглядят очень сильными и продолжают расти, а это говорит о хорошем контроле расходов и высокой эффективности модели. Выручка, операционная прибыль и чистая прибыль растут последовательно, что подтверждает устойчивость текущего тренда, а не разовый эффект. Баланс при этом выглядит приемлемо: долг к капиталу 0.41 ниже отраслевой медианы и снижается, долгосрочный долг тоже уменьшался, что снижает финансовые риски. С другой стороны, P/E 18.2, P/S 6.6 и P/B 3.3 заметно выше медианы отрасли, поэтому часть фундаментального улучшения уже отражена в котировке. Особенно это важно для банка/брокера, где переоценка по выручке и балансовой стоимости обычно ограничивает потенциал дальнейшего апсайда. Показатель P/FCF равен нулю, что делает его малоинформативным и не даёт дополнительного подтверждения недооценки. Ликвидность выглядит слабее: current ratio 0.58 и quick ratio 0.00 типичны для финансового сектора, но всё же требуют осторожности в интерпретации. Дивидендная доходность 0.36% остаётся низкой и не является сильным драйвером переоценки для инвестора, ориентированного на доход. В сумме фундаментал скорее поддерживает умеренно позитивный взгляд на компанию, но высокая оценка по мультипликаторам ограничивает масштаб пересмотра вверх. Поэтому целесообразна лишь небольшая положительная корректировка прогноза, а не агрессивное повышение.

Charles Schwab Corporation (The)

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Сильный индекс, без изменений. Рынок на стороне быков.

Strong index, flat. The market is on the bulls' side.

Средний индекс, значительно вырос. Увеличился приток средств в лонги.

Medium index, significantly up. The inflow of funds into longs has increased.

Сильная рентабельность и рост прибыли SCHW поддерживают оценку, но высокие P/E, P/S и P/B ограничивают потенциал переоценки.

Key Points
SpaceX’s stock soared upon its market debut.
But that rally could sputter out once the euphoria fades.
SpaceX (NASDAQ:SPCX), the aerospace and AI company founded by Elon Musk, went public on June 12. It priced its shares at $135, started trading at $150, and is now trading around $170 as of this writing. It opened with a market cap of $1.77 trillion, making it the biggest IPO in history.
SpaceX floated less than 5% of its shares in that offering, but allocated up to 30% to retail investors rather than institutions. That decision opened up SpaceX to a much larger cohort of smaller investors. Let's see what a $1000 investment might have gotten you in SpaceX's IPO -- and how much it might be worth in a few years.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Was $1,000 enough to invest in SpaceX?
All brokerages that offered SpaceX required investors to buy at least one full share at $135. Some of those brokerages also had minimum account balance requirements. Fidelity only offered the IPO to accounts with more than $2,000 in assets, while Schwab set the bar even higher at $100,000. E*Trade from Morgan Stanley, Robinhood, and SoFi -- which didn't have any minimum account balance requirements -- only required investors to have enough funds to cover their orders.
But is SpaceX worth investing in?
A $1,000 investment would only have gotten you seven shares of SpaceX at its IPO price and six shares at its opening price. Some bullish investors might hope their investment doubles or triples this year, but I believe it will quickly peak and stumble for three reasons.
First, it was already valued at 95 times its 2025 sales upon its market debut. Its initially rally will likely push its price-to-sales ratio above 100. That's an unsustainable valuation, even for a company that grew its revenue by 33% in 2025. Second, it's unprofitable because the losses from its space and AI divisions are wiping out Starlink's profits. That pressure will worsen as it ramps up its AI infrastructure investments. Lastly, SpaceX's low float indicates it's eager to raise capital but isn't willing to give its investors a seat at the table. With Elon Musk maintaining an 82% voting stake after its IPO, it will remain immune to any investor pressure.
SpaceX might eventually grow into its sky-high valuations, but it's not for me. If you invest $1,000 in this stock today, your investment could initially blossom as a "fear of missing out" takes over, but it will shrivel as that euphoria fades. Therefore, I expect the value of your investment to shrink to a few hundred dollars over the next year before stabilizing.
Should you buy stock in Space Exploration Technologies right now?
Before you buy stock in Space Exploration Technologies, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Space Exploration Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $438,283!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,257,427!*
Now, it’s worth noting Stock Advisor’s total average return is 938% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of June 12, 2026.
Charles Schwab is an advertising partner of Motley Fool Money. Leo Sun has no position in any of the stocks mentioned. The Motley Fool recommends Charles Schwab and recommends the following options: short June 2026 $97.50 calls on Charles Schwab. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Here’s What a $1,000 Investment in SpaceX’s IPO Would Be Worth Today — and What Could Come Next

Key Points
SpaceX went public this morning at $135 per share in the largest IPO in history, instantly placing it among the world's most valuable companies.
If you didn't secure an allocation through certain companies before the window closed, you'll need to buy on the open market.
Despite the hype, the stock appears wildly overpriced at nearly 100 times sales.
After years of "maybe next year," Space Exploration Technologies (SpaceX) (NASDAQ: SPCX) went public this morning at $135 a share -- a roughly $1.77 trillion valuation that makes it the largest IPO in history and places it among the largest public companies in the world.
Most trillion-dollar companies get to that point relatively slowly, compounding over decades. Apple needed nearly 40 years as a public company to cross the line. SpaceX's valuation growth has been incredible. It's no wonder people want in.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
If that's you, here's how the buying actually works.
You probably didn't get the $135 price
The $135 offering price went to investors who requested an allocation in advance through one of five brokerages: Charles Schwab, Fidelity, Robinhood, SoFi, or E*TRADE. That window has closed. But even people who got in line early weren't guaranteed anything -- the IPO was reportedly almost four times oversubscribed.
Interestingly, investors like you and me -- retail -- got an unusually large slice of the available shares, roughly 30%. Most IPOs reserve about 5% to 10%.
But if you're reading this, you're in the same boat as nearly everyone else: buying on the open market.
How to actually buy SPCX today
The good news is that from here, it works like buying any other stock -- pull up the ticker SPCX in your preferred brokerage account and place an order.
Considering how volatile the stock price will likely be, market orders may be in order here. This allows you to name the most you're willing to pay, as opposed to placing a market order, which simply takes whatever price is available. On a debut this hyped, the price can move several dollars in seconds, and a market order can fill well above the quote you saw when you clicked.
Should you buy SpaceX stock?
Just because you can now buy the stock doesn't mean that you should. I think that shares are wildly overpriced, and when the IPO dust settles -- or at least soon after -- the stock price will come back to earth.
Despite the hype, the space launch dominance, and even the blockbuster Starlink growth, this valuation just doesn't add up.
The company has certainly earned a premium. SpaceX launches more rockets than anyone by a mile, and Starlink is raking in cash. This is a real business. But the question is whether it's worth the price tag. At nearly 100 times sales, I don't think so.
I'm not alone in thinking this. Morningstar pegs SpaceX's fair value near $780 billion -- less than half the $1.77 trillion IPO tag.
Should you buy stock in Space Exploration Technologies right now?
Before you buy stock in Space Exploration Technologies, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Space Exploration Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $438,283!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,257,427!*
Now, it’s worth noting Stock Advisor’s total average return is 938% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of June 12, 2026.
Charles Schwab is an advertising partner of Motley Fool Money. Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple. The Motley Fool recommends Charles Schwab and recommends the following options: short June 2026 $97.50 calls on Charles Schwab. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

SpaceX IPO: Here's How to Buy SPCX Stock Right Now

Key Points
Several key operational and financial metrics saw double-digit percentage increases.
These included such crucial items as daily average trades.
Charles Schwab (NYSE: SCHW) was having a fine Friday on the stock market. The company released its latest set of monthly metrics, and investors clearly found them encouraging. These folks were trading the storied brokerage's stock up by 2.6% in mid-afternoon action, edging past the 1.8% increase of the S&P 500 index at that point.
A busy month
In the update, Schwab led off with its core net new assets figure, as it set a new record for the month of May. All told, the metric leaped 43% year over year to $49.9 billion. This helped lift total client assets by 27% to $13.1 trillion.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
In terms of activity, daily average trades hit a new record, too. These amounted to 11.8 million, which Schwab said was due to high demand for stocks and exchange-traded fund (ETF) products.
Fresh arrivals to the client ranks also affected these metrics. The financial services company revealed that 461,000 new brokerage accounts were opened in May, up 37% from the year-ago tally.
Quite an effective middleman
The capital markets remain frothy, and as long as they thrive, Schwab will earn plenty of coin servicing clients eager to participate in them. Personally, as a longtime Schwab shareholder, I was especially impressed by the strong increase in new brokerage accounts; this indicates the company isn't resting on its laurels but is making concentrated efforts to capture new business.
Should you buy stock in Charles Schwab right now?
Before you buy stock in Charles Schwab, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Charles Schwab wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $438,283!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,257,427!*
Now, it’s worth noting Stock Advisor’s total average return is 938% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of June 12, 2026.
Charles Schwab is an advertising partner of Motley Fool Money. Eric Volkman has positions in Charles Schwab. The Motley Fool recommends Charles Schwab and recommends the following options: short June 2026 $97.50 calls on Charles Schwab. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Charles Schwab Stock Was Bumping Higher Today

The Baron First Principles ETF is seeing unusually high volume in afternoon trading Friday, with over 5.8 million shares traded versus three month average volume of about 634,000. Shares of RONB were up about 4.2% on the day.
Components of that ETF with the highest volume on Friday were Tesla, trading trading flat with over 40.9 million shares changing hands so far this session, and Charles Schwab, up about 2.7% on volume of over 5.8 million shares. Birkenstock Holding is the component faring the best Friday, up by about 6.5% on the day, while Morningstar is lagging other components of the Baron First Principles ETF, trading lower by about 2.3%.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Friday's ETF with Unusual Volume: RONB

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Fidelity Enhanced Large Cap Core ETF (Symbol: FELC) where we have detected an approximate $285.0 million dollar inflow -- that's a 3.8% increase week over week in outstanding units (from 181,600,000 to 188,500,000). Among the largest underlying components of FELC, in trading today The Charles Schwab Corporation (Symbol: SCHW) is up about 3.5%, Adobe Inc (Symbol: ADBE) is off about 7.1%, and Fortinet Inc (Symbol: FTNT) is lower by about 0.4%. For a complete list of holdings, visit the FELC Holdings page » The chart below shows the one year price performance of FELC, versus its 200 day moving average:
Looking at the chart above, FELC's low point in its 52 week range is $32.97 per share, with $42.6599 as the 52 week high point — that compares with a last trade of $41.39. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further FELC Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

FELC, SCHW, ADBE, FTNT: ETF Inflow Alert

Key Points
The SpaceX IPO will be available on a broad swath of trading platforms frequented by retail investors.
With Morgan Stanley among the banks running the IPO, E*TRADE clients can get in on the SpaceX act.
Investors using other platforms should check their account balances.
Liftoff for the initial public offering (IPO) of Space Exploration Technologies (NASDAQ: SPCX)-- better known as SpaceX -- is nearly here, with the largest IPO in history set for today (Friday, June 12). With Elon Musk's company expected to raise $75 billion at a $1.75 billion valuation, the hoopla is considerable.
Obviously, that dollar amount is eye-catching, but so is another figure: the portion of the offering -- up to 30% -- that SpaceX is reserving for retail investors. That's well above the 5% to 10% typically set aside for non-professional market participants in standard IPOs. Undoubtedly, SpaceX will be highly accessible compared to past IPOs. Still, prospective investors should set aside a few minutes for pre-IPO homework to avoid disappointment.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Said another way, market participants who want to buy in immediately need to know whether their brokerage of choice is one of the five offering first-day access to this space stock. Without further ado, let's unveil the five brokers offering rapid access to SpaceX shares.
Eyes on E*TRADE from Morgan Stanley
Morgan Stanley (NYSE: MS) is one of the investment banks participating in SpaceX, and its E*TRADE unit is mentioned in the prospectus as one of the five trading houses that will get a slice of the stock's retail pie.
E*TRADE reportedly won't require a minimum account balance to join the SpaceX craze, but there are some small hoops to jump through. You have to go to the broker's New Issue hub, complete an investor profile that confirms eligibility, and acknowledge that you've read the IPO's prospectus.
After that, you must submit a conditional offer to buy, and ensure your account is appropriately funded. So if you're an E*TRADE customer and want to buy $5,000 worth of SpaceX on Friday, make sure you've got at least $5,000 in cash in your account before the IPO.
Speaking of account minimums...
A pair of well-known trading shops is requiring clients to maintain certain cash balances before buying SpaceX stock, but the gap between the two is as wide as the Pacific Ocean. Fidelity originally required retail clients to have $500,000 in their accounts to attend the SpaceX party, but the company has since lowered the minimum to a more palatable $2,000.
Charles Schwab (NYSE: SCHW) is still in the six-figure requirement club, mandating that its clients have at least $100,000 in their accounts. Schwab customers who meet that mark have a potential advantage, because the broker doesn't curtail clients from rapidly moving out of IPOs on the first day or soon after the offering.
Some brokers, including Fidelity, do punish clients for "flipping" IPOs. Fidelity clients who don't hold SpaceX for at least 15 days may lose access to future IPOs on the platform.
Two for younger traders
The other two brokerages mentioned in the SpaceX prospectus as participants in the retail tranche of the IPO are Robinhood Markets (NASDAQ: HOOD) and SoFi Technologies (NASDAQ: SOFI).
Musk's company doesn't come right out and say as much, but involving Robinhood and SoFi in the IPO may well be an effort to cater to younger investors, many of whom are enthusiastic about space stocks. If that is in fact part of the SpaceX plan, it's supported by data. As of December 2024, 75% of Robinhood customers were 43 years old or younger, with 25% being 27 or younger. SoFi's client base also skews younger, with many clients concentrated in the 28 to 43 age range.
Good news for users of both platforms: Neither is imposing an account minimum to participate in the SpaceX IPO.
Should you buy stock in Space Exploration Technologies right now?
Before you buy stock in Space Exploration Technologies, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Space Exploration Technologies wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $442,220!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,230,114!*
Now, it’s worth noting Stock Advisor’s total average return is 926% — a market-crushing outperformance compared to 203% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of June 12, 2026.
Charles Schwab is an advertising partner of Motley Fool Money. Todd Shriber has no position in any of the stocks mentioned. The Motley Fool recommends Charles Schwab and recommends the following options: short June 2026 $97.50 calls on Charles Schwab. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Retail Investors Could Get SpaceX IPO Shares Through These 5 Brokerages Today

Robinhood Markets’ HOOD move to become an IPO underwriter is notable in its evolution from a trading app into a broader financial super app. CEO Vlad Tenev said Robinhood Securities has been approved to serve as an underwriter, allowing the company to move beyond its existing selling-group role and take a more direct position in helping companies go public.
The development builds on IPO Access, launched in 2021 to let retail investors request shares at the IPO price. Until now, Robinhood’s role depended largely on allocations from traditional Wall Street banks. As an underwriter, the company could strengthen relationships with issuers, play a bigger role in shaping retail allocations and pursue higher-fee capital-markets revenue opportunities.
For HOOD, the approval also fits a larger product-expansion story. The company has been adding crypto, retirement, advisory, digital banking, private-market access, prediction markets and AI-powered tools, all aimed at keeping customers inside one financial ecosystem. As of May 30, 2026, it had 27.7 million funded customers and $377 billion in platform assets. A stronger IPO franchise could create another engagement channel, drawing users to new listings while encouraging account funding, trading activity, Gold subscriptions and cross-use of other products.
The timing appears favorable as the IPO market shows signs of revival, particularly among technology and high-profile private companies. However, execution will be key. Underwriting brings regulatory, reputational and competitive risks, especially in a market long dominated by major investment banks.
Still, the approval advances Robinhood’s super-app ambitions by moving it closer to the center of investing, capital formation and everyday financial decision-making, while broadening its revenue base beyond transaction-driven trading activity.
How are Robinhood’s Peers Diversifying Their Businesses?
Two close peers of HOOD are Charles Schwab SCHW and Interactive Brokers Group IBKR.
Schwab is diversifying beyond brokerage into wealth management, advisory, banking, lending, retirement and asset management. Schwab’s fee-based assets, net interest income and broader financial services reduce commission dependence, support steadier revenues and deepen client relationships.
Interactive Brokers is diversifying throughglobal marketaccess, high-yield cash balances, securities lending, institutional services, retirement accounts and advisor solutions. Interactive Brokers’ interest income, international reach and technology platform reduce trading-commission reliance while supporting scalable growth.
HOOD’s Price Performance, Valuation & Estimate Analysis
So far this year, Robinhood shares have plunged 23.7% against the industry’s rally of 1.7%.
Image Source: Zacks Investment Research
HOOD shares are currently trading at a premium to the industry. The company has a 12-month trailing price-to-tangible book (P/TB) of 8.70X compared with the industry average of 3.24X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Robinhood’s 2026 earnings suggests a year-over-year decline of 10.7%. The trend is likely to reverse next year, with earnings expected to jump 34.5%. In the past week, earnings estimates for 2026 and 2027 have been revised lower to $1.83 and $2.46 per share, respectively.
Image Source: Zacks Investment Research
HOOD currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

HOOD's IPO Underwriting Approval Strengthens Its Super-App Ambitions

Key Points
The SpaceX IPO reportedly was oversubscribed by two times.
The IPO is allocating up to 30% of the raise to retail investors.
This is a complex IPO, and SpaceX is a complex company, so there's a lot that retail investors should know.
The SpaceX initial public offering (IPO) is nearly here, and there couldn't be more hype. The company has captivated the market as a pioneer of the space economy. It is expected to start trading under the ticker SPCX on the Nasdaq Composite on June 12.
The company's founder and CEO, Elon Musk, also has a cultlike following from the companies he has founded and his status as the richest person in the world, with the potential to become the world's first trillionaire.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
SpaceX is expected to be the largest IPO ever. The company will likely raise at least $75 billion at a valuation of $1.78 trillion. It's a huge day for the market and retail investors, who will get to play an outsize role in the IPO. Here are 12 things they should know.
1. SpaceX has three businesses
Investors should understand SpaceX's three businesses, which have similarities but are also very different.
The first business is the space launch unit, in which SpaceX builds rockets that can transport astronauts into space. The company's special sauce is its ability to reuse rockets, which enables it to launch at a much lower cost than ever before. As of March 31 of this year, it had completed 650 orbital launches.
SpaceX's second unit is connectivity: its Starlink low-Earth-orbit satellite internet business, which provides high-speed internet worldwide, even in areas with limited access to traditional internet infrastructure. The company has achieved this by launching over 10,000 satellites into orbit, aiming to eventually reach over 40,000. Starlink now has over 10 million subscribers.
The third unit is its artificial intelligence (AI) division, which it acquired when the company bought another company Musk owned, xAI, in a deal valued at $250 billion. xAI comprises the social media platform X, Grok intelligence, and several data centers. The unit also plans to develop a huge factory for its Terafab chip manufacturing in partnership with Tesla and Intel.
2. Starlink is the most profitable
Of the three units, Starlink is the most profitable thus far. The unit generated a $4.4 billion operating profit in 2025 and nearly $7.2 billion in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). In the first month of 2026, it generated a $1.2 billion operating profit and nearly $2.1 billion of adjusted EBITDA.
The financial strength makes sense given that Starlink has a subscription model that generates monthly recurring revenue. The company did see monthly average revenue per user (ARPU) decline from $86 in the first quarter of 2025 to $66 in the first quarter of 2026 as it rolled out lower-priced plans internationally.
3. AI has the most potential with a $26.5 trillion total addressable market
While Starlink has performed the best so far, the AI unit has performed the worst. In 2025, it generated an operating loss of roughly $6.4 billion and an adjusted EBITDA loss of $1.2 billion. The unit also had over $20 billion of capital expenditures in 2025 and the first quarter of 2026.
However, Musk has ambitions to put data centers into space, and if the Terafab facility comes to fruition, it would be one step closer to sovereign AI, in which the company has complete control over the AI stack from the intelligence to the chips to the data centers.
SpaceX, in its registration statement, said it believes the company has a total addressable market of $28.5 trillion, which is within shouting distance of the total U.S. gross domestic product. Of that number, $26.5 trillion is attributed to the AI unit, largely due to enterprise applications, which seem to broadly encompass AI solutions for consumers, businesses, and governments.
4. Goldman has reportedly said AI could multiply revenue by a factor of 100 by 2030
AI has so much potential that investment bankers at Goldman Sachs, one of the lead underwriters on the IPO, supposedly told prospective investors during SpaceX's road show that the AI unit is projected to grow revenue 100-fold by 2030.
Citing anonymous sources, the Financial Times reported that Goldman expects the AI unit to grow revenue from $3.2 billion in 2025 to $322 billion by 2030. Collectively, Goldman projects that SpaceX's revenue would grow from $18.7 billion in 2025 to $474 billion in 2030.
If that were true, investors would be buying SpaceX at slightly under four times 2030 revenue, which sounds a lot better than 96 times 2025 revenue.
5. SpaceX has begun to flex its muscles in its AI division
While Goldman's projection sounds outlandish, SpaceX has begun to show just how quickly it can ramp up revenue. In its prospectus, management unveiled a deal with Anthropic in which it will rent computing capacity in its data centers to Anthropic for $1.25 billion per month over the next three years.
More recently, SpaceX announced a deal with Alphabet's Google to lease computing capacity for $920 million per month. Combined with the Anthropic deal, that's already $2.2 billion per month, or over $26 billion per year.
Keep in mind that the deals aren't binding. Google can cancel the agreement with 90 days' notice starting in 2027, but this shows the potential power of the AI unit.
SpaceX has over 1 gigawatt of computing capacity, so it would likely need to build new data centers to keep scaling up. It's also unclear if its capacity will be this constrained forever, but Musk and the company have broad ambitions to launch data centers into space.
6. Musk will have unprecedented control
Prospective investors would be wise to make sure they like Musk at the helm of the company, because he'll be virtually impossible to remove as CEO. Largely through Class B super-voting shares, Musk controls over 85% of the company's combined voting power. After the IPO, he'll still control 82%.
7. The IPO is reportedly oversubscribed by twofold
Citing anonymous sources, Reuters recently reported that SpaceX's road show has been a success, with the IPO running two times oversubscribed, meaning there is $150 billion of investor demand.
In addition to its $75 billion raise, the underwriters have the option to purchase another $11.7 billion in shares. While it sounds great, being over two times subscribed on a popular IPO is not actually uncommon or that impressive.
However, considering it raised more than double that of Saudi Arabian Oil's IPO, the largest one until SpaceX, it certainly seems impressive, given the amount of capital being raised.
8. SpaceX is setting aside 30% of the IPO for retail investors
In another unprecedented move, SpaceX is allocating as much as 30% of the IPO to retail investors, who have previously been big fans of Musk and Tesla. Normally, companies will only allocate 5% to 10% to retail.
Investors will be able to request shares on five major brokerages, according to Barron's, including Robinhood, SoFi, Charles Schwab, Fidelity, and Morgan Stanley's E*TRADE.
The ability for so many retail investors to get shares is exciting, but it could also make the stock more volatile, so they should be prepared for that.
9. The stock will be in most major market indexes within weeks of trading
Due to SpaceX's size, most market indexes have implemented new fast-track entry rules and waived profitability requirements to allow the company to join quickly.
Jacob Friedman, an investment manager at Focused Wealth Management, said the stock could be in nearly every major U.S. equity index within about three weeks of trading, according to MarketWatch. That means that every index fund and exchange-traded fund tracking these indexes must buy the stock.
It also means these funds are going to absorb a considerable amount of the shares sold in the IPO early, which could support the stock and take it high in the early weeks of trading.
10. It will have to wait to join the S&P 500
The broader benchmark S&P 500 index considered adopting new rules to fast-track SpaceX's entry, but ultimately chose not to pass them, meaning it will not be able to join the index until one year after it begins trading. The company will also have to be profitable.
11. Experts expect SpaceX to suck up liquidity from the market
While there seems to be strong demand for the IPO, at least given its size, all the flows into SpaceX may come from outflows from other names. With so much potentially going into retail portfolios, it's possible this cohort sells other stocks to make room for the IPO. This could put pressure on the market.
"Selling flows in recent winners and levered products from retail to invest in SpaceX could be very large," Greg Boutle, head of U.S. equity derivative strategy at BNP Paribas, said in a recent research note, according to Fortune.
Boutle projects that retail and passive investors could unload $50 billion of other stocks to raise capital for SpaceX.
12. Insiders and company employees have a staggered lockup period
Lockup provisions prevent company insiders with a large stake in the company -- as well as employees with shares -- from selling their shares immediately after a company goes public. The standard lockup policy is about 180 days.
However, SpaceX has a staggered lockup policy. On the day of trading after SpaceX reports its earnings results for the quarter ended June 30, those subject to the lockup period will be able to sell 20% of their shares. Another 10% can be sold if the stock is up at least 30% from the IPO price.
After that, insiders and employees will be able to sell an additional 7% of their shares on the 70th, 90th, 105th, 120th, and 135th days after the IPO. All shares will be eligible for sale 180 days after the IPO. The lockup does not apply to Musk, who must wait one year to sell any of his stock.
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Charles Schwab is an advertising partner of Motley Fool Money. Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Goldman Sachs Group, Intel, and Tesla. The Motley Fool recommends Charles Schwab and recommends the following options: short June 2026 $97.50 calls on Charles Schwab. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

SpaceX Will Have Its IPO Tomorrow: 12 Things Retail Investors Should Know

Robinhood Markets (NASDAQ:HOOD), a commission-free trading platform for stocks and crypto, closed Wednesday at $86.36, up 3.09%. The stock moved higher after CEO Vlad Tenev said it had regulatory approval to underwrite IPOs.
Trading volume reached 41.3 million shares, coming in about 41% above its three-month average of 29.2 million shares. Robinhood Markets IPO'd in 2021 and has grown 127% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) fell 1.62% to 7,267 on Wednesday, while the Nasdaq Composite (NASDAQINDEX:^IXIC) lost 1.98% to finish at 25,170. Within capital markets, industry peers Charles Schwab closed at $89.27, up 0.56%, and Interactive Brokers Group ended at $85.42, down 1.05%, underscoring mixed brokerage sentiment.
What this means for investors
Robinhood went against the tide today, surging even as major indexes fell. Today’s gains mean the pioneering brokerage has gained 12% in the past month. The firm announced it received regulatory approval to underwrite IPOs, which will help it broaden its offerings and play a larger role in the IPO market.
The IPO market is red-hot right now and the timing is notable: Tenev’s news comes just days before the widely-anticipated SpaceX IPO. Today’s news builds on last month’s AI trading tool announcement, which in turn builds on its push into prediction markets.
In short, Robinhood continues to innovate, and the strategy appears to be paying off. Its customer base and platform assets are increasing, which will be crucial drivers for revenue growth. However, regulatory shifts remain the biggest risk for this disruptive firm.
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Charles Schwab is an advertising partner of Motley Fool Money. Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Interactive Brokers Group. The Motley Fool recommends Charles Schwab and recommends the following options: long January 2027 $43.75 calls on Interactive Brokers Group, short January 2027 $46.25 calls on Interactive Brokers Group, and short June 2026 $97.50 calls on Charles Schwab. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stock Market Today, June 10: Robinhood Markets Rises on IPO Underwriting Announcement

Robinhood Markets’ HOOD next revenue growth lever may not be another stock-trading feature. It will likely be Rothera, the prediction-market exchange built with Susquehanna International Group. After using outside venues such as Kalshi and ForecastEx, HOOD is now beginning to route event contracts through the infrastructure it effectively controls.
Prediction markets have become one of Robinhood’s fastest-growing products, with more than 12 billion event contracts traded in 2025 and more than 16 billion so far in 2026. By moving flow to Rothera, the company can potentially capture more economics, control listings, improve pricing and create a tighter in-app customer experience.
The lower fee structure strengthens this strategy. Robinhood’s new prediction-market pricing model charges commissions based on contract price and order size, with fees capped at 1 cent per contract. For active event-contract traders, this could make Rothera more attractive than competing platforms.
The World Cup gives Rothera its first major mainstream test. Robinhood has begun offering soccer event contracts through the platform, while Rothera’s early rollout showed demand in baseball markets, including more than $2 million in first-weekend trading volume. For Robinhood’s retail base, simple access matters: users do not need a separate crypto wallet, offshore account or niche prediction-market app.
Rothera also gives Robinhood strategic leverage against Kalshi. If meaningful flow migrates in-house, Kalshi could lose a key retail distribution channel, while HOOD gains control over fees, liquidity and product expansion.
Risks remain around regulation, sports-betting scrutiny and liquidity. But HOOD has the customer base, Susquehanna’s market-making expertise and a CFTC-regulated venue. This makes Rothera a potential backbone for Robinhood’s next major business line beyond stocks, options, crypto and futures.
How Diversified are HOOD’s Peers in Terms of Business?
Two close peers of HOOD are Charles Schwab SCHW and Interactive Brokers Group IBKR.
Schwab is diversifying by expanding beyond traditional brokerage into wealth management, advisory services, banking, lending, retirement solutions and asset management. Its focus on fee-based advisory assets, net interest income and broader client financial services helps reduce dependence on trading commissions. Schwab’s diversified model supports steadier revenues, deeper client relationships and improved resilience across market cycles.
Interactive Brokers is diversifying by expanding beyond core brokerage intoglobal marketaccess, high-yield cash balances, securities lending, institutional services, retirement accounts and advisor solutions. Interactive Brokers’ growing interest income, international client base and technology-driven platform reduce reliance on trading commissions while supporting scalable growth across retail, professional and institutional investors.
HOOD’s Price Performance, Valuation & Estimate Analysis
So far this year, Robinhood shares have plunged 25.9% against the industry’s rally of 1.3%.
Image Source: Zacks Investment Research
HOOD shares are currently trading at a premium to the industry. The company has a 12-month trailing price-to-tangible book (P/TB) of 8.44X compared with the industry average of 3.24X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Robinhood’s 2026 earnings suggests a year-over-year decline of 10.7%. The trend is likely to reverse next year, with earnings expected to jump 34.5%. In the past week, earnings estimates for 2026 and 2027 have been revised lower to $1.83 and $2.46 per share, respectively.
Image Source: Zacks Investment Research
HOOD currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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