Getting in on a big IPO at the offering price used to be something only big banks and big time investors could do. Toronto-based Wealthsimple wants to flip that, and it just opened the door for everyday Canadians to grab a piece of what could be the largest IPO ever.
Last month, Wealthsimple rolled out a new feature called IPO Access for its Canadian customers. The feature came ahead of expected huge IPOs from the AI boom such as Anthropic, OpenAI and SpaceX. As of Thursday, the company updated its IPO page so you can now place a pre-order for SpaceX shares. The price is set at $135 US per share, and SpaceX is lining up to make history with this one.
Here’s the quick rundown on the offering itself. SpaceX plans to sell 555.6 million Class A shares on the Nasdaq under the ticker SPCX, with trading possibly kicking off June 12. What makes this different from most IPOs is that SpaceX locked in the price upfront because demand is so strong, and it set aside up to 30% of shares for retail investors through brokers like Fidelity and SoFi.
The company pulled in $18.7 billion in 2025 revenue, most of it from Starlink, and it’s been pouring money into Starship, satellite expansion, and AI compute. Wall Street is betting big on the AI angle too, with Goldman Sachs projecting revenue could rocket to $474 billion by 2030.
Wealthsimple is framing this as leveling the playing field. As Swapnil Parikh, VP of Product at Wealthsimple, said last month, “Access to IPO shares is one of the starkest divides in public market investing,” adding, “Big institutions get to buy in at the offering price, while everyday investors are excluded. Wealthsimple is making it possible for Canadian investors to participate in IPOs on the same terms, at the same price.”
Who can actually do this?
You’re eligible if you check these boxes: you have a Wealthsimple Trade account in good standing, you’ve got enough settled cash in the account to cover the shares you want, and you’re not affiliated with the company or the financial services industry in a way that would restrict you from IPOs. All Canadian clients can access Canadian IPOs or American IPOs, as long as they’re marketed here through a prospectus.
How to place your order, step by step
First, head to Wealthsimple’s IPO offerings list. Heads up, it’s web-only for now, though the company says it’s coming to the app soon.
Pick the SpaceX IPO from the list, then enter how many shares you want. This is called a conditional offer to buy. Note that you can only have one open IPO bid per security, so no doubling up.
Once you submit, Wealthsimple reserves your requested shares against the cash you have on hand. After that, you wait. The company will notify you once the IPO price is finalized, and you can cancel your order anytime before the bidding deadline closes. They’ll give you a heads up on that deadline ahead of time.
For reference, here’s the SpaceX timeline on Wealthsimple’s page: the initial filing went in on May 19, the price range ($135.00 to $135.00 USD) was set June 3, the request window closes June 11, and the IPO is expected June 11 with shares becoming available for public trading.
What if everyone wants in?
If demand is higher than the number of shares Wealthsimple has, it allocates them through a process that’s disclosed before each IPO and can vary from one to the next. You might get all the shares you asked for, some of them, or none. You’ll find out your allocation on IPO day, and any unused cash gets released back to your account that same day.
One thing to know before you sell
Selling your IPO shares within 90 days is called flipping. You’re allowed to do it, but there’s a catch. If you sell during that flip window, you won’t be able to join future IPOs through Wealthsimple. Holding instead helps you build a track record, which keeps you in the running for the next ones.
You can click here to sign up for Wealthsimple and get a $25 bonus free.
Disclaimer: This article is for educational purposes only and does not constitute financial advice. IPO investing carries risk, and buying IPO shares is done entirely at your own risk. Always do your own research or speak with a licensed financial advisor before investing.
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