Elizabeth Warren, the Democratic Senator from Massachusetts, has voiced skepticism regarding SpaceX's forthcoming initial public offering (IPO). She contends that the IPO could potentially expose individual investors to undue risks and has called upon the US Securities and Exchange Commission (SEC) to consider delaying its listing. Senator Warren is apprehensive that the enthusiasm from Wall Street, coupled with index companies' intentions to expedite SpaceX's inclusion in indices, may compel index funds to passively acquire the stock. This, in turn, could result in millions of Americans having the stock automatically included in their investment portfolios.

In her letter, Senator Warren underscored several risks associated with SpaceX's IPO. Notably, she pointed out the company's multi-tiered share structure, which grants Elon Musk's shares tenfold the voting power of ordinary shares traded publicly. She also highlighted the discrepancy between SpaceX's estimated market value of $1.77 trillion and the valuations provided by some analysts, questioning whether the SEC can accurately evaluate the company's lofty aspirations. Furthermore, she raised concerns about the appropriateness of referencing Musk's xAI acquisition deal—a transaction in which Musk was involved on both sides—as a basis for valuation.

These concerns are echoed by Randy Weingarten, the president of the American Federation of Teachers, and Mark Levine, the Comptroller of New York City. In addition, Morgan Stanley is reportedly planning to implement restrictions that would prevent individual investors from placing concurrent orders for SpaceX shares across multiple brokerages.