Report: SpaceX IPO heavily oversubscribed, institutional subscription to close on Wednesday

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According to Bloomberg, SpaceX’s initial public offering (IPO) has been significantly oversubscribed, with strong demand for this record-breaking listing transaction.

SpaceX’s underwriting banks are expected to stop accepting subscription orders from institutional investors at 4 p.m. New York time (after the market closes) on Wednesday.

After closing subscriptions from institutions, the underwriters will have time to assess market demand and provide pricing recommendations to the company. SpaceX’s IPO is expected to be priced on June 11 (Thursday), with trading to begin the following day. The company plans to issue 555.6 million shares at a price of $135 per share, raising about $75 billion and giving the company a valuation of around $1.8 trillion.

However, on some trading platforms, retail investors can still submit subscription requests for SpaceX shares after the Wednesday deadline. Previously, media reports stated that the company could allocate up to 30% of the offering to retail investors.

SpaceX highlights its strength in artificial intelligence business

In recent weeks, SpaceX has disclosed new sources of revenue and highlighted its strength in the artificial intelligence business.

Last Friday, SpaceX announced an agreement with Google Gemini, a subsidiary of Alphabet: As part of a cloud service partnership lasting until 2029, Gemini’s developer will pay SpaceX $920 million monthly. Previously, SpaceX also disclosed a similar cooperation agreement with Anthropic.

SpaceX, officially known as Space Exploration Technologies Corp., is expected to be listed on Nasdaq and Nasdaq Texas, with the stock symbol SPCX.

Market anticipation for this IPO continues to rise. This transaction is expected to become the largest IPO in history, surpassing the record $29.4 billion raised by Saudi Aramco in 2019.

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