SpaceX IPO Receives Multi-Fold Institutional Over-Subscriptions, June 12 Listing to Challenge Largest Listing Record in History

Tradingkey - According to people familiar with the matter, the SpaceX IPO has been oversubscribed by institutional investors by several times the offering size, with demand climbing further following the management roadshow. Several large institutions have placed single orders exceeding $10 billion, and banks indicated that institutional allocations will be primarily concentrated in the hands of long-term investment management firms.

According to sources, institutional orders for the IPO will close after the New York market close on Wednesday, with pricing set for June 11 and official listing on June 12. SpaceX plans to issue 555.6 million shares at $135 per share, raising approximately $75 billion, implying a valuation of $1.8 trillion. The company will allocate 30% of the shares to retail investors, with the retail subscription deadline on some platforms being later than that of the institutions.

SpaceX's listing is poised to surpass Saudi Aramco to become the largest IPO in global history. Notably, its AI rival OpenAI filed for an IPO confidentially on Monday, and Anthropic followed suit last week; together, these three companies are expected to add approximately $3.6 trillion in new market capitalization to the U.S. stock market.

The IPO is led by five major investment banks, including Goldman Sachs and Morgan Stanley, under the ticker SPCX.

SpaceX has not yet commented on the subscription status.