SpaceX to Close IPO Order Books Wednesday as Demand Hits $150 Billion

SpaceX will stop taking orders for its initial public offering on Wednesday after United States markets close. Demand has already reached about $150 billion for a deal seeking $75 billion.

The total means the offering is roughly two times oversubscribed. Underwriters now set final allocations and pricing, expected June 11, before Nasdaq trading begins.

A Record Listing Takes Shape

The sale ranks as the largest IPO on record by the amount raised. Elon Musk’s rocket and satellite firm filed its paperwork last month.

The timeline is now tight. Books close Wednesday, pricing follows on June 11, and SPCX is set to begin trading on the Nasdaq on June 12.

SPACEX IS SAID TO PLAN CLOSING IPO BOOKS WEDNESDAY POST-CLOSE

— *Walter Bloomberg (@DeItaone) June 8, 2026

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Musk keeps firm control of the company through the deal. He locked his entire stake for more than a year, a setup explored in these investor lock-up questions.

What Closing the Books Means

The order books are where institutional investors submit requests for shares. Closing them means underwriters stop accepting new orders and lock in total demand.

After Wednesday’s close, the banks leading the sale set a final price. They also decide how many shares each investor receives.

Heavy demand forces them to cut many allocations. Some investors will receive fewer shares than they asked for, a point covered in Fidelity’s eligibility rules.

Why 2x Oversubscribed Looks Modest

Oversubscribed means investors want more stock than is available. A book of $150 billion against $75 billion sits at two times demand.

That sounds strong, yet hot offerings often run four or five times oversubscribed. Reuters reported the figure, which analysts view as solid but not extraordinary.

SpaceX IPO Is 2 Times Oversubscribed. That’s Not as Good as It Sounds. https://t.co/2Yk83KU3I3

— Barron's (@barronsonline) June 8, 2026

Bankers still defend the level given the deal’s size. Demand of two times for the largest listing ever is harder to reach than for a smaller offering.

Morningstar adds a valuation warning, pegging SpaceX near $780 billion. That sits well below the private mark, and critics say the stock is worth half its valuation.

The record debut will also skip the index, as detailed in this S&P 500 exclusion report.

The Crypto Angle

The listing matters to crypto watchers too. SpaceX disclosed holding 18,712 Bitcoin (BTC) worth about $1.29 billion in its filing.

That places a large BTC treasury inside one of the year’s biggest public debuts. Readers tracking surprising IPO facts can weigh that exposure.

A public SpaceX gives equity investors indirect Bitcoin exposure through its balance sheet. The position is small next to the valuation, yet it ties the listing to the crypto market.

Strong demand usually signals a healthy debut, though it guarantees nothing. A heavily booked deal can still fade if buyers flip shares fast.

The real test comes once SPCX trades and the open market sets the price. The coming days will show whether the early interest holds.