With Approximately 1,000 Institutional Investors Also Placing Orders And Retail Demand So Overwhelming That Even A 20% Retail Allocation Would Leave The Bulk Of Individual Applications Unfulfilled: SpaceX’s Public Debut Is Set To Rewrite Every Record That Exists For A Market Listing
According to Bloomberg and Reuters, SpaceX’s initial public offering has attracted more than $70 billion in orders from retail investors, according to people familiar with the matter, as the potentially record-breaking debut enters the home stretch.
The offering terms are expected to remain unchanged at $135 per share for 555.6 million shares. The deal would raise about $75 billion and value SpaceX at around $1.8 trillion based on outstanding shares in its filings.
Retail investors are expected to be allocated at least 20% of the shares, Bloomberg News reported, adding that deliberations are ongoing and details of the offering could still change. At a $75 billion IPO size, that allocation would leave the bulk of retail demand unfulfilled, meaning more than $55 billion in individual investor orders are likely to go unmet.
The rocket, satellite and artificial intelligence company has received orders from approximately 1,000 institutional investors. The offering is led by a 21-bank syndicate: Project Apex, headed by Morgan Stanley, Goldman Sachs, JPMorgan, Bank of America, and Citigroup. SpaceX intends to use the capital to fund Starship’s “insane flight rate” target, AI data centres in space, and a base on the moon.
The $75 billion raise would surpass Saudi Aramco’s 2019 listing of $25.6 billion to become the largest IPO in recorded market history. SpaceX debuted on NASDAQ under the ticker SPCX on Friday June 12.
To check out our previous coverage on SpaceX, Elon Musk, and financial markets, read our articles here.
