Elon Musk’s SpaceX paid to secure its ticker symbol ahead of blockbuster IPO

Elon Musk’s SpaceX thanked Tuttle Capital for giving up the ticker symbol in a post on Musk’s social-media platform X on Thursday.

SpaceX paid Tuttle Capital Management to relinquish the ticker symbol “SPCX” ahead of the Elon Musk company’s highly anticipated IPO, MarketWatch has learned.

The confirmation by a person familiar with the transaction settles weeks of speculation after Tuttle abruptly changed the ticker symbol of one its ETFs from “SPCX” to “SPCK” in April.

That decision sparked speculation that the Musk-controlled company had paid Tuttle for the trading symbol.

The person spoke on condition of anonymity and would not discuss the dollar figure involved in the transaction.

In a post on X published Thursday, the official SpaceX account thanked Tuttle Capital for the ticker symbol

Retail investors will be able to participate at the same prices as the big institutions. Expected SPCX price of $135 per share →

Short, memorable ticker symbols are often viewed as valuable branding material, particularly during high-profile IPOs.

In a reply to Musk on X late last year, Matt Tuttle, the founder of Tuttle Capital, indicated he would be open to giving up the ticker symbol.
Tuttle Capital’s SPAC & New Issue ETF launched in December 2020, according to SEC filings.

It traded under the symbol “SPCX” until April 7, when it officially began trading under the “SPCX” symbol.

The ETF has about $7 million in assets under management, according to FactSet data.

SpaceX did not immediately respond to a request for comment. The company said in an amended regulatory filing on Wednesday that it expected to go public at $135 per share, which would make it the biggest IPO in history.

That puts the company on track for a nearly $1.75 trillion market valuation.