Other large asset managers submitted similarly sized orders, while individual investors requested well over $70 billion in SpaceX stock
Bloomberg / Getty Images
A Wall Street Journal report citing people with knowledge of the matter revealed that BlackRock $BLK sought a stake worth no less than $5 billion in SpaceX's IPO. Demand extended well beyond a single firm — competing asset managers put in orders of similar scale, and retail participants collectively sought more than $70 billion worth of shares.
By Thursday, the company had confirmed it cleared every one of its 555,555,555 offered shares at the fixed price of $135, putting its total valuation at roughly $1.77 trillion. The deal is set to raise approximately $75 billion — which would make it the largest IPO on record, displacing Saudi Aramco's 2019 offering of $29.4 billion.
Wednesday marked the cutoff for new orders, with underwriters now sorting through how shares will be distributed before trading opens on Nasdaq $NDAQ on Friday. It is standard practice for IPO participants to seek more shares than they realistically expect to land, since heavy oversubscription means few investors walk away with everything they asked for.
For scale, the Journal pointed out that Cerebras Systems — a chip maker whose offering was the year's biggest before SpaceX arrived — raised just $5.55 billion in total. Beyond the major asset managers, sovereign-wealth funds and family offices also joined the fray; one family office alone put in a request exceeding $1 billion, the Journal said.
SpaceX also received anchor orders of about $10 billion each, according to Bloomberg.
Ahead of the offering tracked ahead of the offering, SpaceX set aside up to 30% of the IPO for individual investors — a notably large share compared with the 5% to 10% that retail participants typically receive. Rather than following the conventional roadshow process of floating a price range and adjusting it after gauging investor appetite, Musk presented a non-negotiable $135-per-share figure from the outset.
SpaceX posted revenue of $18.67 billion in 2025, a 33% increase from the prior year, while swinging to a net loss of $4.94 billion from a profit of $791 million the year before. Five banks — Goldman Sachs $GS, Morgan Stanley $MS, Bank of America $BAC, Citigroup $C, and JPMorgan $JPM Chase — are serving as lead underwriters, joined by an additional 18 participating institutions. When shares begin trading, investors will find them on Nasdaq under the ticker SPCX.
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