By Brazil Stock Guide – SpaceX’s Brazilian Depositary Receipt will begin trading on B3 on June 12 under the ticker SPCX34, giving local investors exposure to Elon Musk’s space company in reais and through domestic brokerages, according to B3.
The listing will take place on the same day as SpaceX’s planned Wall Street debut, which B3 described as expected to be the largest initial public offering in US capital markets history.
Brazilian investors will be able to buy and sell the SpaceX BDR through their brokerage home broker systems, using a process similar to trading local shares, exchange-traded funds and other BDRs already available on B3. The product will not require investors to buy dollars, open an overseas account or make an international transfer.
The SpaceX IPO share price is expected at $135, or about 675 reais. The BDR will have a 1:15 ratio, meaning each SpaceX share abroad will correspond to 15 BDRs traded in Brazil. That structure is expected to put the local trading price between 50 reais and 70 reais.
BDRs are certificates traded in Brazil that represent securities issued overseas. They allow local investors to diversify portfolios with international assets while operating through Brazil’s market infrastructure and in local currency.
The SpaceX listing expands the range of global companies available to investors on B3. The exchange already offers BDRs tied to major technology, entertainment, consumer, food and beverage companies, including Apple Inc. (AAPL), Microsoft Corp. (MSFT), Amazon.com Inc. (AMZN), Alphabet Inc. (GOOGL), Meta Platforms Inc. (META), Nvidia Corp. (NVDA), Tesla Inc. (TSLA), Netflix Inc. (NFLX), Walt Disney Co. (DIS), Coca-Cola Co. (KO) and McDonald’s Corp. (MCD).
More than 1 million investors held BDRs in their portfolios through the end of April, according to B3.
“The arrival of the SpaceX BDR, on the same day as the company’s IPO in the US, reinforces B3’s role in offering international investment alternatives to all local investors. Today, Brazilians can already dollarize part of their portfolio with the best-known global companies from different sectors. We are expanding the range of options for those seeking geographic diversification and exposure to global innovation companies without leaving the environment of Brazil’s stock exchange,” said Luiz Masagão, B3’s vice president for Products and Clients.
B3 said investors should understand the characteristics of the product before investing. BDRs are exposed to movements in the underlying foreign asset, currency swings reflected in the receipt’s price and volatility in international markets. Those factors may be more relevant for technology and growth companies such as SpaceX.
The exchange also offers financial education content on BDRs, including a free course explaining how the product works, the types of BDRs available and points investors should consider when accessing international assets through the Brazilian market.
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