The largest IPO in history had at least one very unhappy participant. Mirae Asset Securities, one of the underwriters on SpaceX’s $75 billion public offering, walked away with nothing to show for it. Zero shares. Not a single one to distribute to its clients.
SpaceX priced its IPO at $135 per share on June 12, 2026, listing on the Nasdaq under the ticker SPCX. The offering was 3.5 to 4 times oversubscribed, meaning demand vastly outpaced supply. When U.S. lead underwriters started allocating shares in that environment, Mirae Asset ended up with an empty basket.
What actually happened here
Goldman Sachs, Morgan Stanley, Bank of America, JPMorgan Chase, and Citigroup were the lead underwriters. Mirae Asset was not in that group.
On June 15, Mirae Asset issued a public apology acknowledging it had received no share allocation, leaving its clients on the outside looking in at one of the most anticipated debuts in market history. The firm cited decisions made by the U.S. lead underwriters as the reason behind the outcome.
