• Elizabeth Warren asked the SEC to delay the SpaceX IPO over investor risks.
• Her June 9 letter landed one day before SpaceX closed its order books.
• SpaceX still plans to price Thursday and begin Nasdaq trading on Friday.

Senator Elizabeth Warren urged the Securities and Exchange Commission (SEC) to delay SpaceX’s initial public offering (IPO), one day before order books closed on the largest listing in history.

Her June 9 letter to SEC Chair Paul Atkins arrived with pricing set for Thursday and a Nasdaq debut scheduled for Friday under the ticker SPCX.

Why the SpaceX IPO Remains on Track

SpaceX set a fixed $135 share price for 555.6 million shares in its SEC filing. The sale would raise $75 billion and value the company near $1.77 trillion, above Tesla.

That haul more than triples Alibaba’s 2014 record for a US listing. Meanwhile, demand reached roughly $150 billion, twice the target, before SpaceX closed its order books on Wednesday.

The SEC has already cleared the registration statement, leaving Warren’s request little procedural room. However, she framed the deal’s sheer scale as reason enough for scrutiny.

“The massive size of the SpaceX IPO alone, under normal circumstances, would justify careful SEC review and attention to investor needs,” Elizabeth Warren said in the letter

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What Warren Wants the SEC to Examine

Her letter presses for fuller disclosure on valuation and the company’s concentrated governance.

Elon Musk holds roughly 85% of shareholder votes and has locked up his shares through the offering.

“…these are not normal circumstances: a number of additional factors exacerbate concerns and require action by the SEC to meet its investor protection and market integrity mandates by delaying the IPO.”

Warren also wants SpaceX to abandon mandatory arbitration, which leaves shareholders without court recourse.

She further argued that index mechanics could push passive fund investors into the stock automatically.

“Before the company is allowed to go public, the SEC must investigate whether index funds and other financial entities involved in SpaceX’s IPO are adequately protecting investors, and the company must fill disclosure gaps related to valuation, ensure risks and details related to its concentrated governance structure are clear to investors, and abandon mandatory arbitration to provide shareholders whose rights are otherwise gutted in this structure a minimum avenue for recourse.”

That risk has limits for now. S&P 500 profitability rules keep SpaceX out of the index after its $4.28 billion first-quarter loss.

The letter also revives her earlier scrutiny of SpaceX’s investor base. Warren previously warned the Pentagon about undisclosed Chinese investments in the company.

This week, Bloomberg reported that Gulf wealth funds placed billions in orders for the offering.

Nevertheless, a single senator cannot block a cleared IPO, and Warren likely knows it.

Barron’s coverage of the letter notes the offering remains on schedule. Instead, the move stakes out her position before an oversubscribed debut she expects to proceed.

Attention now turns to Friday’s open, where veteran floor trader Peter Tuchman has floated a $1,000 opening price call.

Whether the market validates a $1.77 trillion valuation, or Warren’s caution, gets its first test then.