SpaceX IPO 2x Oversubscribed -- $150B Demand Before Nasdaq Debut

SpaceX's IPO just became the most oversubscribed offering in market history.

Per Bloomberg and Reuters reporting today, investor demand has hit roughly $150 billion -- that's 2x the $75 billion SpaceX is looking to raise. Multiple institutional investors are placing orders of $10 billion or more each. The order books for institutional investors close Wednesday after 4pm ET, with pricing set for June 11 and trading beginning June 12 on Nasdaq under ticker SPCX.

The Numbers

• 555.6 million shares at $135 each
• $1.8 trillion valuation -- would make SpaceX one of the most valuable companies on Earth on day one
• Largest IPO ever by a massive margin -- Saudi Aramco's 2019 debut raised $29.4 billion. This is $75 billion.
• 30% allocated to retail investors, unusually high for a deal this size
• Goldman Sachs and Morgan Stanley leading the offering

What's Driving the Demand

SpaceX isn't just pitching rockets anymore. In recent weeks they've disclosed major AI infrastructure deals -- a $920 million/month cloud services agreement with Google running through 2029, plus a similar pact with Anthropic. That's recurring revenue at serious scale, and it's attracting tech-focused institutional capital that might otherwise sit this one out.

Morgan Stanley hosted roughly 300 institutional investors today at their NY headquarters for meetings with SpaceX management including President Gwynne Shotwell and CFO Bret Johnsen.

What Traders Should Watch

• June 11 (Wednesday) -- Institutional order books close, pricing finalized. Watch for any last-minute valuation adjustments.
• June 12 (Thursday) -- First day of trading. With $150 billion in demand chasing $75 billion in shares, a lot of institutional money is getting turned away. That unmet demand could fuel a strong opening pop.
• Broader market impact -- A deal this size pulls capital from other positions. NQ and large-cap tech could see sympathy moves as portfolio managers rebalance around allocations.
• Retail flow -- 30% retail allocation on a $75 billion deal is unprecedented. First-day retail volume could be significant.

At $1.8 trillion, SpaceX would immediately sit alongside Apple, Nvidia, and Microsoft in the top tier of global market cap. Whether you're trading it directly or watching the ripple effects across index futures, this is a market-moving event.

Sources: Bloomberg, Reuters, Financial Express