WASHINGTON (dpa-AFX) - SpaceX is gearing up for what might be the biggest initial public offering ever, with investor interest far surpassing the $75 billion in shares the company plans to sell.
Reports indicate that big institutional investors are placing huge orders for the offering. For instance, BlackRock is rumored to be looking for at least $5 billion worth of shares.
Other major asset managers, sovereign wealth funds, and family offices have also put in considerable bids, with one family office reportedly requesting more than $1 billion in stock.
Retail investors are jumping in as well, with requests reportedly exceeding $70 billion, showing a lot of excitement about the company ahead of its scheduled debut on Nasdaq this Friday.
SpaceX has set the IPO price at $135 per share, giving the company an estimated valuation of around $1.77 trillion. Unlike typical IPOs, CEO Elon Musk decided to go with a fixed price instead of a pricing range based on demand. He's also mentioned that up to 30% of the offering might go to retail investors, which is a bigger slice than usual for major IPOs.
Even with worries about corporate governance, Musk's ongoing control of the company, and SpaceX not being profitable yet, investors are still drawn to the firm's strong position in space tech and the potential for growth in artificial intelligence and related fields.
This offering is seen as a crucial test of how investors feel about high-growth companies tied to AI. If it goes well, it could pave the way for more tech IPOs down the line, but if it falters, it might make investors rethink valuations across the board.
Bankers wrapped up the order book on Wednesday and will likely sort out share allocations before trading kicks off.
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