SpaceX, the American aerospace company led by Tesla CEO Elon Musk, has raised approximately 347 billion yen (about $3.47 billion) through its initial public offering (IPO) in Japan. This marks the first instance where Japanese retail investors could participate in an American company's IPO from the offering stage. While South Korean investors were excluded from this offering, Japanese investors were able to subscribe to shares at a predetermined public price through major brokerages such as Mizuho Securities, Rakuten Securities, and SBI Securities.
The Nihon Keizai Shimbun reported on June 12 that SpaceX announced it would raise $2.185 billion, or about 347 billion yen, through its IPO in Japan. This amount is nearly equivalent to the 348 billion yen raised by Tokyo Metro during its IPO in 2024. It is the largest amount ever raised by a foreign company in Japan through an IPO.
Trading on the Nasdaq is set to begin at 9:30 a.m. Eastern Time on June 12, which will be 10:30 p.m. in Korea and Japan. Japanese investors will be able to trade SpaceX shares from the first day of listing through their local brokerages, although it may take several hours after trading begins for the initial price to be determined.
The funding amount in Japan was revealed in a corrected securities registration statement submitted by SpaceX to the Kanto Finance Bureau on the same day. Previously, SpaceX had increased its target for fundraising in Japan from a maximum of 320 billion yen to 400 billion yen in a document submitted on June 5. The public offering price is set at $135 per share, approximately 21,500 yen, with 16.29 million shares available for subscription in Japan. The total global fundraising amount is $75 billion, or about 12 trillion yen, with Japan accounting for roughly 3% of that total.
The amount raised by SpaceX in Japan is comparable to major Japanese IPOs. According to the I&N Information Center, previous Japanese IPOs with fundraising amounts around 340 billion yen include Tokyo Metro and Sony Financial Holdings. While direct comparisons are challenging, SpaceX's fundraising in Japan rivals that of major Japanese companies.
This IPO is particularly noteworthy as it is the first time Japanese retail investors have been allowed to participate in an American company's IPO from the offering stage. Mizuho Securities, acting as the underwriter, collaborated with Mizuho Securities, Rakuten Securities, and SBI Securities to manage the offering in Japan. While South Korean retail investors could not participate, Japanese investors were able to subscribe to SpaceX shares at the confirmed public price through these brokerages.
The enthusiasm among Japanese retail investors has exceeded expectations. A 40-year-old man from Hiroshima Prefecture stated, "This is a global festival. I wanted to get in on a hot stock," explaining his reason for subscribing to the IPO. The surge in interest led to a fourfold increase in account opening applications at Mizuho Securities in early June compared to the average for 2025.
Rakuten Securities also experienced a surge in applications. Yuji Gusunoki, president of Rakuten Securities, noted, "We received IPO applications that far exceeded our expectations." After Rakuten Securities posted IPO application information on its website on May 27, the average daily account opening applications until June 4 increased to about three times the average for May 2025. The book-building period, initially set to end at 6 a.m. on June 12, was moved up to 2 a.m. due to the surge in applications.
It is also significant that a major foreign company raised substantial funds in Japan without listing on the Japanese stock exchange. Prominent U.S. startups like Anthropic and OpenAI are also seeking significant investment and are rumored to be considering IPOs in the U.S. this year. Japan's household financial assets amount to approximately 2,300 trillion yen, increasing the likelihood that foreign tech companies will target Japanese retail investors for future offerings.
This development opens up opportunities for Japanese retail investors to participate in high-growth foreign company IPOs through their local brokerages. However, it may pose challenges for companies preparing to raise funds in the Japanese market. If personal investments gravitate towards superior U.S. tech companies, demand for Japanese IPOs could diminish.
Taxi-hailing app company GO is set to list on the Tokyo Stock Exchange's Growth Market on June 16. While it is expected to be the largest IPO in Japan this year, its fundraising target is approximately 97.2 billion yen, only a quarter of SpaceX's offering in Japan.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.