Elon Musk denied reports that SpaceX will exclude Robinhood Markets (HOOD) and SoFi Technologies (SOFI) from its upcoming initial public offering (IPO).
The denials followed concerns that both retail brokerages could be excluded from participating in what could be the largest IPO in history.
Concerns about retail access emerge after Reuters report
Reuters reported on March 30 that Morgan Stanley’s E-Trade is in talks to lead the sale of SpaceX shares to retail investors in the United States.
The report added that SpaceX is considering cutting Robinhood and SoFi out of the deal entirely.
“SpaceX’s 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. Robinhood and SoFi have both been floated for a role in the deal, but SpaceX is considering eliminating them altogether,” Reuters claimed.
However, while urging Musk to include Robinhood in SpaceX’s IPO, Musk clarified that the rumors were false.
these reports are false
— Elon Musk (@elonmusk) March 31, 2026
Why Robinhood is important to this IPO
Robinhood reported 27.4 million funded customers and $314 billion in total platform assets as of February 2026.
The median age of its customers is 35, according to a report from BCG Matrix, making it a leading brokerage for younger investors who overlap with the fan base of Tesla and SpaceX.
Robinhood is the new Coinbase.
I think a lot of people underestimate them as a Web3 powerhouse // But we know this game is about mindshare and user base.
It has 26.5 million customers and a median age of 35 years. As Hood becomes a one-stop shop for all things financial, a new class of on-chain cryptocurrencies is emerging.
— Deci (@18decmals) October 5, 2025
SpaceX is reportedly discussing setting aside up to 30% of its IPO for retail investors, about three times its usual allocation of 5% to 10%.
The IPO could raise up to $75 billion at a valuation of nearly $1.75 trillion.
Robinhood’s HOOD stock fell about 2% after Reuters’ initial report. Both HOOD and SOFI claimed roles in the transaction and were competing with E*Trade and Fidelity for retail allocation.
Musk’s quick correction is consistent with previous reports indicating SpaceX’s IPO is on track to go public in June 2026.
Whether Robinhood ultimately secures a formal distribution role remains to be determined. However, Musk’s statement suggests that excluding retail-oriented platforms is not part of the plan.
