Elon Musk denied reports that SpaceX would exclude Robinhood Markets (HOOD) and SoFi Technologies (SOFI) from its upcoming initial public offering.
The denial follows concerns spread that both retail-focused brokerages could be sidelined in what may become the largest IPO in history.
Retail Access Fears Followed Reuters Report
A Reuters report on March 30 stated 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 of the deal entirely.
“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. Robinhood and SoFi have both pitched for roles on the deal, but SpaceX is considering cutting them out altogether,” Reuters claimed.
However, amid requests to Musk that Robinhood be included in the SpaceX IPO, Musk articulated that the rumours were false.
These reports are false
— Elon Musk (@elonmusk) March 31, 2026
Why Robinhood Matters for This IPO
Robinhood reported 27.4 million funded customers as of February 2026, with $314 billion in total platform assets.
According to a BCG Matrix report, its median customer age is 35, making it the dominant brokerage for younger investors who overlap heavily with the Tesla and SpaceX fan base.
Robinhood is the new Coinbase.
Think many undervalue them as a web3 powerhouse// but we know the game is about mindshare and user bases..
26.5 million customers with the median age of 35. As hood becomes a one stop shop for all financials, the new class of on chain crypto will…
— deci (@18decimals) October 5, 2025
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.
Robinhood’s HOOD stock had dropped roughly 2% following the original Reuters report. Both HOOD and SOFI had both pitched for roles in the deal, competing against E*Trade and Fidelity for the retail allocation.
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. However, Musk’s statement signals that excluding retail-friendly platforms is not part of the plan.