Brazilian investors will have access to SpaceX shares starting this Friday (12), when Elon Musk’s company debuts simultaneously on Wall Street and B3. The company’s BDR (Brazilian Depositary Receipt) can be traded in the range between R$50 and R$70, expanding retail investors’ access to the asset.
SpaceX operates in the space technology, rocket development, satellites and aerospace infrastructure segments. The launch of the BDR on B3 occurs on the same day as the company’s IPO in the United States, an operation considered one of the most anticipated in the recent history of the American capital market.
How SpaceX’s BDR works
BDR trading can be done directly through the home broker of Brazilian brokers, in the same way as shares, ETFs and other receipts from foreign companies listed on the stock exchange.
Although SpaceX shares have an estimated initial price of US$135 — around R$675 —, the BDR structure was defined with a parity of 1 to 15. In practice, each share traded in the United States will correspond to 15 BDRs in Brazil, significantly reducing the minimum amount required to invest in the company.
In an interview with CNN MoneyBianca Maria, Products and Equities manager at B3, states that the instrument facilitates Brazilian investors’ access to foreign companies.
“The BDR is a simplified way of accessing companies that are not listed in Brazil. Instead of sending resources abroad and bearing costs such as the IOF, the receipt is negotiated directly at B3, in reais”, he explains.
She also highlighted that the investor does not need to open an account with an international brokerage to purchase the asset.
Expectations for the BDR market
The executive stated that the exchange has high expectations for the product’s debut. According to her, the average daily volume traded in BDRs grew 47% between the end of 2025 and April 2026, reaching R$1.2 billion per day. The total stock of these receipts amounts to around R$48 billion, of which 32% belong to individual investors.
“We really hope that, just as there is great expectation in the United States for the SpaceX IPO, BDR will also be among the most traded assets on B3,” he said.
Currently, 62% of the volume traded in BDRs is handled by non-resident investors, who carry out arbitrage strategies between the receipt traded in Brazil and the asset listed in other markets. Still, Bianca sees potential for growth among individual investors.
“People are increasingly aware of the importance of diversifying their investments beyond Brazil. And BDR is one of the simplest and most accessible ways to do this”, he stated.
Risks and diversification
Despite the advantages, Bianca highlighted that the product involves risks that must be considered by the investor. These include stock volatility and currency exposure.
“The BDR is traded in reais, but offers exposure to the dollar, since the reference asset is dollarized. Both the fluctuation of the share and the exchange rate variation influence the price of the receipt in Brazil”, he explained.
She recommended that the investment decision be made with the support of a financial advisor and aligned with the risk profile of each investor.
Asked about the possibility of BDRs helping to compensate for the lack of IPOs in the Brazilian market, Bianca highlighted that B3 already offers access to companies from different countries, including the United States, Canada and European countries.
According to her, the advancement of BDRs, ETFs and real estate funds expands the diversification alternatives available to national investors.
The executive also mentioned companies such as Anthropic and OpenAI among the companies that may go public in the United States in the future, which could result in the creation of new BDRs for the Brazilian market.
