SpaceX’s initial public offering (IPO) is generating immense interest, as it has reportedly been oversubscribed, indicating a strong demand for what could become a record-setting market debut. Sources familiar with the situation shared that banks managing the IPO are expected to close orders from institutional investors on Wednesday after the New York market closes at 4 p.m. This closure is intended to allow banks to assess demand and provide guidance on pricing for the offering.
The IPO is planned to price on June 11, with trading anticipated to begin the following day. SpaceX is offering approximately 555.6 million shares at a price of $135 each, which would raise around $75 billion, positioning the company at a valuation of about $1.8 trillion.
While the deadline for institutional orders is approaching, retail investors will still have the opportunity to place orders for SpaceX shares on various platforms after Wednesday. The company has set aside up to 30% of the offering specifically for retail investors.
Despite requests for comments, a SpaceX spokesperson did not provide immediate feedback, and representatives from Goldman Sachs and Morgan Stanley also refrained from commenting on the matter.
The excitement surrounding SpaceX’s IPO is palpable, as it is expected to surpass Saudi Aramco’s record $29.4 billion debut established in 2019. In recent weeks, SpaceX has revealed new revenue streams, particularly highlighting its advancements in artificial intelligence. Notably, the company recently announced a significant partnership with Alphabet Inc.’s Google, which will see Google’s Gemini AI model maker committing $920 million a month as part of a cloud services agreement extending through 2029. Similar agreements have also been disclosed with Anthropic PBC.
The company, officially known as Space Exploration Technologies Corp., plans to debut on the Nasdaq and Nasdaq Texas under the ticker symbol SPCX. The anticipation surrounding this IPO marks a significant moment in the financial and technological arenas, as investors eagerly await further developments.
