SpaceX IPO attracts asset management giants in droves, with BlackRock reportedly investing at least $5 billion in subscriptions.

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SpaceX’s IPO is set to break the global fundraising record, and is attracting the most powerful long-term capital on Wall Street to compete for shares.

According to US media reports on Thursday the 11th EST, sources reveal that BlackRock, one of the world’s largest asset managers, has submitted an order exceeding $5 billion for SpaceX’s initial public offering, making it one of the largest institutional investors in this issuance. A large number of long-term funds, including major mutual funds, pension funds, and sovereign wealth funds, are actively participating in subscriptions, and institutional investor demand has already far exceeded the offering size.

For institutional investors who have long struggled to get onto SpaceX’s shareholder list, this IPO is a rare opportunity. For years, SpaceX has remained private, with its valuation constantly rising, yet most investors could only hold shares indirectly through private markets. Now, with the IPO underway, top-tier long-term Wall Street capital is trying to secure stakes before the listing.

Analysts believe that, compared to traditional aerospace companies, the core logic attracting institutional investors is no longer just the rocket launch business, but SpaceX’s multiple growth stories—from the Starlink satellite internet network, to AI infrastructure, to future deep space exploration.

As the AI investment surge sweeps through global capital markets, more and more institutions see SpaceX as a super-platform company combining “AI + communications + aerospace.”

BlackRock Leads, Wall Street’s Long-Term Funds Bet Collectively

US media reported during Thursday’s early US trading session that BlackRock has submitted at least a $5 billion subscription order. Besides BlackRock, several major asset managers, pension funds, and sovereign wealth funds have also taken part in this offering, resulting in institutional demand far exceeding available shares.

The media learned that a family office investor has requested a subscription exceeding $1 billion from SpaceX.

Market participants pointed out that this collective influx of long-term funds carries special significance.

Unlike hedge funds that chase short-term trading opportunities, asset management institutions, pension funds, and sovereign wealth funds tend to focus more on growth outlook over the next decade or even decades. Their large-scale participation is seen as a strong endorsement of SpaceX’s long-term value.

Meanwhile, although SpaceX’s current valuation of about $1.8 trillion has made it one of the world’s most valuable companies, many institutional investors believe the company still has enormous growth space in global satellite communications, commercial aerospace, and AI infrastructure.

Retail Subscriptions Exceed $70 Billion, Demand Outstrips Supply

In addition to institutional money, individual investors are equally enthusiastic.

According to earlier media reports on Thursday, on the eve of pricing, SpaceX's IPO had attracted over $70 billion in retail subscriptions. It’s expected that retail investors will receive at least 20% of the share allocation, but total demand far exceeds shares available for allocation.

The market expects that many retail investors will only receive limited allocations, or even none. This situation of demand exceeding supply is also believed likely to further boost market demand after the IPO.

Musk’s large following of individual investors built up through Tesla is once again emerging in the SpaceX IPO.

Likely to Break the Global IPO Record, Ushering in a Super AI Listing Cycle

According to currently disclosed offering terms, SpaceX plans to issue about 556 million shares at $135 per share, raising approximately $75 billion, corresponding to a valuation of about $1.8 trillion.

If the issuance is completed at this scale, SpaceX will surpass Saudi Aramco’s 2019 record IPO of $29.4 billion and become the largest IPO fundraising in global history.

Market insiders believe SpaceX’s listing is not just a fundraising event for one company, but could mark the beginning of a new wave of super tech IPOs.

Currently, AI companies such as OpenAI and Anthropic are also preparing for IPOs. As the commercialization of generative AI accelerates, the primary market is experiencing the strongest fundraising window in years, and SpaceX is the most representative highlight of this capital feast.

This IPO is underwritten by Goldman Sachs, Morgan Stanley, Bank of America, Citi, and J.P. Morgan, and the company is expected to be listed on Nasdaq.

For Wall Street, competing for SpaceX shares is essentially competing for a seat in one of the most important tech assets of the next decade.

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