SpaceX IPO Roadshow Officially Opens — CFO Brett Johnson 17-Minute Video; 70% Gross Margin Target; Retail Access via Fidelity, Robinhood, Schwab

SpaceX's historic IPO management roadshow officially launched on June 4, 2026 — the largest ever attempted at $75 billion target raise on Nasdaq (ticker: SPCX). CFO Brett Johnson was the sole presenter in the company's 17-minute retail investor roadshow video, outlining SpaceX's financial targets and business vision. Key disclosures from the roadshow launch: Gross margin target of ~70% (up from 49% the prior year); Net profit margin target of ~45% (vs. -26% the prior year); Asteroid mining flagged as an emerging future revenue category; Musk retains ~82% voting control via Class B dual-class shares (10 votes each) despite holding ~42% economic equity. Retail investors received approximately 30% share allocation via Robinhood, Fidelity (accounts with $2,000+ minimum balance), and Charles Schwab. Wall Street reception was skeptical: Morningstar analyst Nicolas Owens estimated SpaceX's fair value at approximately $780 billion — 55% below the $1.77T implied IPO valuation at $135/share. New Constructs projected SpaceX would need $1.1 trillion in annual revenue by 2035 to justify the offering price. Institutional roadshow meetings run June 4–8; IPO pricing confirmed June 11; Nasdaq debut June 12. The roadshow opening coincided with SpaceX's 70th Falcon 9 launch of 2026 from Cape Canaveral in the same morning — underscoring the company's dual identity as a launch services provider and investment opportunity.