Tribal and conservation organizations have filed a lawsuit to block a federal land exchange that would transfer 715 acres of the Lower Rio Grande Valley National Wildlife Refuge to SpaceX. The plaintiffs argue the deal would weaken protections for sensitive habitat and historic resources. The lawsuit targets the U.S. Fish and Wildlife Service's approval of the swap, which would transfer 715 acres from the refuge to SpaceX in return for 683 acres offered to the agency.

The Center for Biological Diversity reported the complaint targets the U.S. Fish and Wildlife Service's approval of a swap that would transfer 715 acres from the refuge to SpaceX in return for 683 acres offered to the agency. The groups say federal law requires refuge exchanges to deliver an overall conservation gain, not a net loss. This proposed transaction is among the largest refuge-system land swaps outside Alaska.

The groups contend the approval violated the National Wildlife Refuge System Improvement Act of 1997 by permanently shrinking and impairing the refuge. They also allege violations of the National Historic Preservation Act and the National Environmental Policy Act. The plaintiffs are asking the court to invalidate the approval and block the project from moving forward.

"Our protected public lands are being gifted for the benefit of the world's richest man, who could trash them while playing with his exploding rockets," said Laiken Jordahl of the Center for Biological Diversity. "The Lower Rio Grande Valley National Wildlife Refuge was built by decades of conservation work and funded by millions of taxpayer dollars to protect our vulnerable wildlife like ocelots and piping plovers. We're not letting Trump and his political cronies lock the American people out of Texas' cherished public lands just to give Elon Musk another payday."

The proposed land exchange was first announced publicly in March, but records obtained through a Freedom of Information Act request show internal planning began as early as April 2025. Officials laid out "the most expedited schedule possible" for completing the transfer and recommended adding staff to meet an "optimum timeframe."

SpaceX has "vastly expanded" its operations around the wildlife refuge, adding a second launch pad and increasing manufacturing facilities. Last year, the Federal Aviation Administration granted SpaceX 25 Starship launches per year, a fivefold increase from the previous limit. Launch failures have triggered wildfires and explosions on refuge lands, scattering debris more than six miles from the launch pad.

The lands being transferred to SpaceX include parts of the Palmito Ranch Battlefield National Historic Landmark, the site of the Civil War's final battle. The plaintiffs argue privatization could limit public access and leave preservation decisions to SpaceX. The lawsuit seeks attorney's fees and any other relief the court deems appropriate.

SpaceX has finalized the majority of its IPO allocations, assigning a low 20% of the offering to retail investors. The distribution details indicate that the remaining portion of the share allotment has been secured by other investor classes, though specific breakdowns for those categories were not disclosed.

The decision to limit retail allocation to the low 20% range suggests a strategy focused on institutional or high-net-worth participation for the initial public offering. This allocation structure places significant demand pressure on the retail tranche, given the constrained supply available to individual investors.

Allocation Breakdown

The following table outlines the known distribution of the IPO shares:

The specific identity of the other investor categories and the exact total size of the offering were not detailed in the available information.