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SpaceX's anticipated $75 billion IPO is sparking Facebook flashbacks.

Why it matters: Market watchers worry that if SpaceX struggles, it could stifle IPOs across the board.

The intrigue: One equities banker told Axios Pro he is "terrified" of SpaceX's listing.

What they're saying: "If investors take a bath on a big IPO, they won't be chomping at the bit to buy another one," says Matt Kennedy, senior strategist at Renaissance Capital.

Flashback: Facebook priced its shares in May 2012 at $38 each, raising $16 billion and valuing the company at $104 billion.

Backed by $2.2 billion in capital, Facebook was the largest venture-backed IPO of all time.

But the stock stalled after its debut, dropping nearly 50% from its IPO price, with critics saying the company sold too many shares for too high.

Trading glitches also hurt Facebook, with the Nasdaq admitting technical difficulties.

Stunning stat: It took 41 days after Facebook's IPO before there was another filing (energy company EQT), per Renaissance Capital.

What we're watching: IPO-bound companies, like the chipmaker Cerebras, may try to land their debuts before SpaceX.

SpaceX's giant IPO risks freezing the market

It's giving flashbacks to the post-Facebook freeze.

Animated illustration of the SpaceX Starship flying up across a stock chart as an upward green line moves from left to right.

Illustration of a rocket with wake behind it forming a circular arrow repeat symbol

SpaceX&#x27;s anticipated <a class="gtmContentClick" data-vars-link-text="$75 billion IPO" data-vars-click-url="https://www.bloomberg.com/news/articles/2026-03-25/spacex-said-to-target-as-much-as-75-billion-in-blockbuster-ipo" data-vars-content-id="13b696b5-9718-4449-9243-23250faa37c3" data-vars-headline="SpaceX&#x27;s giant IPO risks freezing the market" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.bloomberg.com/news/articles/2026-03-25/spacex-said-to-target-as-much-as-75-billion-in-blockbuster-ipo" target="_blank">$75 billion IPO</a> is sparking Facebook flashbacks.Why it matters: Market watchers worry that if <a class="gtmContentClick" data-vars-link-text="SpaceX struggles" data-vars-click-url="https://www.businessinsider.com/spacex-ipo-valuation-jay-ritter-elon-musk-space-stocks-pltr-2026-5" data-vars-content-id="13b696b5-9718-4449-9243-23250faa37c3" data-vars-headline="SpaceX&#x27;s giant IPO risks freezing the market" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.businessinsider.com/spacex-ipo-valuation-jay-ritter-elon-musk-space-stocks-pltr-2026-5" target="_blank">SpaceX struggles</a>, it could stifle IPOs across the board.

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SpaceX's giant IPO risks freezing the market

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