SpaceX is
about to pull off the biggest stock market debut in history, and for once
ordinary investors are not entirely locked out. Elon Musk’s rocket company may
raise about $75 billion, a deal Bloomberg reported is already oversubscribed at
a valuation near $1.8 trillion, with more orders than shares to go around. It
starts trading on Nasdaq on June 12.

The unusual
part is who gets to buy in. SpaceX set aside up to 30% of the offering for
retail, roughly triple the usual slice, and that has touched off a scramble to
put the deal in front of small investors.

For
example, the digital assets platform Bybit opened subscriptions to a tokenized
SpaceX offering on June 7, becoming the second crypto exchange in three days to
let ordinary…