Musk to SpaceX IPO Rumors: 'Nah, Robinhood and SoFi Are Cool'

Elon Musk shut down speculation that SpaceX would exclude Robinhood Markets and SoFi Technologies from its upcoming initial public offering. The denial came after concerns spread that both retail-focused brokerages could be sidelined in what could become the largest IPO in history. Basically, the internet briefly convinced itself that Elon would gatekeep the biggest money grab of the century from the same degens who bought Doge at the top.

The drama started when Reuters reported on March 30 that Morgan Stanley's E*Trade was in talks to lead the sale of SpaceX shares to small U.S. investors. The report added that SpaceX was considering cutting Robinhood and SoFi out entirely. Nothing gets crypto Twitter more riled up than the possibility of being left out of a once-in-a-lifetime airdrop—sorry, IPO.

"The SpaceX IPO is shaping up to be the biggest in history, but two of Wall Street's biggest brokerages may not get a piece of it," Reuters claimed. Cue the collective gasp from millions of Robinhood users who treat fractional shares like sacred relics.

Here's why Robinhood matters so much here: the platform reported 27.4 million funded customers as of February 2026, with $314 billion in total platform assets. Its median customer age is 35, making it the dominant brokerage for younger investors who heavily overlap with the Tesla and SpaceX fan base. That's a lot of people who think "DD" means "due diligence" and not "diamond hands."

SpaceX has reportedly discussed reserving up to 30% of its IPO for retail investors — roughly three times the typical 5%-10% allocation. The IPO could raise as much as $75 billion at a valuation near $1.75 trillion. For context, that's roughly the GDP of a small country being distributed to people who YOLO their rent money into memcoins.

Robinhood's HOOD stock dropped roughly 2% following the original Reuters report. Both HOOD and SOFI had pitched for roles in the deal, competing against E*Trade and Fidelity for the retail allocation. The market's reaction was about as dramatic as a 2% dip on a random Tuesday—barely enough to move the needle on anyone's portfolio.

Musk's quick correction aligns with earlier coverage showing the SpaceX IPO is on track for a June 2026 listing. Whether Robinhood ultimately secures a formal distribution role remains undecided. But Musk's statement signals that excluding retail-friendly platforms is not part of the plan. So everyone can calm down and go back to arguing about whether Bitcoin is dead.