Multiple institutional investors have placed orders of $10 billion or more, with total demand running at roughly double the $75 billion SpaceX is seeking to raise
JIM WATSON / Getty Images
Demand for SpaceX's initial public offering has far exceeded supply, with several institutional investors each submitting orders of roughly $10 billion or more, according to Bloomberg. Wednesday's 4 p.m. New York market close marked the deadline for institutional investors to submit orders through the banks managing the deal.
Orders totaling around $150 billion have poured in for the offering, according to Reuters, which cited anonymous sources — a sum that works out to roughly twice the $75 billion the company hopes to collect. Once the books are closed, the underwriting banks will assess the full picture of investor interest before advising SpaceX on a final price; shares are scheduled to be priced June 11 and begin trading the next day.
The subscription totals could still shift before pricing, because big institutional players often hold off until late in the process, and the numbers on the books now reflect preliminary interest rather than confirmed share awards. A successful listing would eclipse the record set by Saudi Aramco, whose 2019 debut raised $29.4 billion — currently the largest IPO in history.
The Wednesday cutoff applies only to institutional buyers; individual investors retain access through certain platforms after that deadline. SpaceX has set aside up to 30% of the offering for retail participants — a notably generous slice compared with the 5% to 10% share that non-professional investors typically receive in most IPOs. Platforms such as Robinhood and Charles Schwab $SCHW are among the brokerages through which individual investors can place orders, according to Yahoo Finance.
SpaceX executives including President Gwynne Shotwell and CFO Bret Johnsen met with roughly 300 institutional investors Tuesday at Morgan Stanley $MS's New York offices. Morgan Stanley co-president Dan Simkowitz led the event.
SpaceX filed terms for its IPO earlier this week, disclosing plans to sell 555,555,555 shares of Class A common stock at a fixed price of $135 apiece — an approach that broke with the standard practice of setting a preliminary price range before investor meetings. The offering would value the company at approximately $1.75 trillion and rank it among the 10 most valuable U.S.-listed companies. The company will trade on Nasdaq $NDAQ under the ticker symbol SPCX.
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. During the roadshow, the company touted its rocket-launching business, its Starlink internet service, and what it described as a $23 trillion market opportunity tied to its artificial intelligence offerings.
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