CommSec to lead Australian retail SpaceX IPO

Commonwealth Bank of Australia's (ASX:CBA) online brokerage firm, CommSec, announced it will act as the lead Australian retail broker for the highly anticipated IPO of SpaceX.

The blockbusting move could give local retail investors direct access to Elon Musk's aerospace giant as it chases a historic world-record valuation of US$1.75 trillion.

In an email sent directly to clients, CommSec confirmed that the Australian retail offer is expected to be made under a domestic prospectus to be formally lodged with the Australian Securities and Investments Commission.

However, the broker clarified that SpaceX will not be pursuing a secondary listing on the ASX, meaning local participants will be buying directly into Wall Street.

According to CommSec, allocations will be heavily contingent on clients holding an active CommSec International Shares Account and meeting strict eligibility requirements yet to be fully detailed.

While SpaceX has formally filed its registration statement with the US Securities and Exchange Commission, the broker cautioned that no shares can be sold or allocated until the American filing becomes effective and the Australian offer officially opens.

The blockbuster float, which follows the public release of SpaceX's S-1 prospectus on Wall Street, is being tipped by analysts as a defining moment for modern capital markets.

At the time of reporting, Commonwealth Bank of Australia's share price was $164.06.