SpaceX IPO Orders Hit $150B as $75B Offering Nears Pricing

TLDR

• SpaceX plans to offer 555.6M shares at $135 each.
• The IPO would raise about $75B and value SpaceX near $1.8T.
• Reported demand has reached about $150B, making the IPO 2x oversubscribed.
• SpaceX is expected to price the IPO on June 11.
• SPCX is expected to trade on Nasdaq and Nasdaq Texas.

SpaceX’s planned initial public offering is drawing strong demand from major institutional investors as the company moves toward what could become the largest IPO on record.

The company is offering 555.6 million shares at a fixed price of $135 each, a structure that would raise about $75 billion and value SpaceX at roughly $1.8 trillion. The IPO is expected to price on June 11, with trading planned for the following day on Nasdaq and Nasdaq Texas under the ticker SPCX.

Banks leading the offering are expected to stop taking institutional orders after the New York market closes Wednesday at 4 p.m. That deadline gives underwriters time to measure demand before advising SpaceX on final pricing and allocations.

Institutional Orders Build Ahead of Pricing

Demand for the SpaceX IPO has reportedly reached about $150 billion, making the offering at least two times oversubscribed based on the $75 billion raise target. Several major institutional investors have placed orders for about $10 billion or more of shares, according to people familiar with the deal.

Large long-only funds are said to be among the dominant buyers in the order book. The strong demand reflects investor interest in SpaceX’s commercial launch business, Starlink satellite internet unit, and expanding role in space infrastructure.

Some social media estimates have suggested demand could be as high as $250 billion, which would represent more than three times the available shares. That figure has not been verified, while the reported $150 billion demand level already places the IPO among the most watched offerings in market history.

If completed at the current size, the SpaceX IPO would exceed Saudi Aramco’s $29.4 billion listing in 2019 and become the largest initial public offering ever conducted. The deal would also place SpaceX among the world’s most valuable public companies on its first day of trading.

Retail Investors Receive Large Allocation

SpaceX has set aside as much as 30% of the offering for retail investors through platforms including Robinhood and Fidelity. That allocation is larger than typical IPO structures, which usually reserve a much smaller share for non-institutional buyers.

Retail investors may be able to continue placing orders on some platforms after the institutional deadline, depending on brokerage rules and allocation windows. The final split between institutional and retail buyers will depend on demand, order quality, and underwriter decisions.

The retail allocation has drawn attention from crypto market participants. Reports indicate that some investors are selling Bitcoin positions to raise cash for SpaceX shares. If that activity occurs at a larger scale, it could add selling pressure to Bitcoin unrelated to regulation, macroeconomic data, or exchange-specific events.

The offering also arrives during a period of rising interest in large private technology listings. SpaceX’s reported valuation target of $1.75 trillion to $1.8 trillion marks a sharp rise from the company’s estimated $350 billion valuation in late 2024 secondary market transactions.

Market-based expectations are also building. Polymarket odds recently showed a 64% chance that SpaceX’s IPO closes above a $2 trillion market capitalization on its first trading day.

Starlink, AI and Tesla Speculation Add Focus

Investor demand is being supported by SpaceX’s revenue base across satellite broadband, launch services, defense-related contracts, and emerging technology projects. Starlink provides satellite internet service across global markets, while Falcon 9 remains central to the company’s launch business.

SpaceX’s revenue outlook has also drawn attention because of a cloud services agreement with Alphabet’s Google. Under the reported arrangement, Google would pay $920 million per month through 2029.

The company is also reportedly aiming to begin its first orbital AI computing tests by late 2027. SpaceX completed an acquisition of xAI in February 2026, bringing Elon Musk’s artificial intelligence venture into the broader SpaceX structure.

The IPO has also intensified speculation about a possible future merger with Tesla. Wolfe Research said some investors are now treating a potential SpaceX-Tesla combination as part of the Tesla investment debate. Analyst Emmanuel Rosner cited possible advantages including stronger AI capabilities, broader access to capital, and greater voting control for Musk.

The same analysis also noted major hurdles, including shareholder resistance, regulatory review, and timing that may extend beyond 2027. Near term, Tesla’s valuation remains tied to execution in robotaxi, Optimus, electric vehicles, and AI-related products.

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