Century IPO blast! Report: SpaceX subscription size soars to $250 billion, nearly four times oversubscribed

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On Tuesday, according to insiders cited by Reuters, SpaceX has attracted over $250 billion in investor subscription demand, far exceeding the company’s plan to raise $75 billion. It is poised to become the largest initial public offering in history.

The oversubscription rate of this deal is about 3.5 to 4 times the planned issuance scale. Investment banks and investors say this indicates the market demand remains strong. Reuters reported last Friday that long-term holding funds had submitted “some substantial orders.” Other sources said Musk briefly attended some potential investors’ Zoom meetings.

The company is still conducting roadshow marketing. On Tuesday, SpaceX President Gwynne Shotwell and CFO Bret Johnsen are expected to attend a luncheon hosted by Morgan Stanley in Midtown Manhattan, meeting about 300 institutional investors. The event is chaired by Morgan Stanley Co-President Dan Simkowitz.

Investor demand may still change before IPO pricing, which is expected to take place Thursday afternoon. The subscription data reflects intended subscriptions, not the final allocation result, which will be determined at pricing. Some major institutional investors tend to submit their orders late in the IPO process.

This offering comes amid extreme market volatility. On Tuesday, the Nasdaq Composite Index fell after posting its largest single-day drop in more than a year last Friday. On Tuesday, Bitcoin dropped 2.8%, down 37% from its early-year peak. Some analysts speculate that a reason for the market pullback may be that SpaceX buyers are selling assets to raise funds for the IPO.

Rocket launches, Starlink, and space data centers are the three core engines

SpaceX emphasizes its market-leading position in rocket launch business, stating that in the past three years, its rocket launches accounted for most of the orbital transport volume. The company also showcased the strong performance of its Starlink internet business.

SpaceX also promoted the $23 trillion market opportunity faced by its artificial intelligence business, claiming it is the only company able to break through ground-based limitations and build AI computing power in space, expecting huge demand in the future.

Citing data, the company pointed out that the US lacks sufficient power supply and computing growth, partly due to high obstacles for large infrastructure projects in the US. Using SpaceX’s launch capability to send related facilities into orbit may fundamentally solve this bottleneck. SpaceX stated:

“By greatly lowering the cost of space access, we can expand our mission to solve some of Earth’s most urgent challenges, including bridging the digital divide by connecting over 3 billion people who remain unconnected, allowing humanity to share knowledge.”

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