Report: SpaceX IPO Receives at Least $5 Billion Order From BlackRock, Retail Subscriptions Exceed $70 Billion
Claire Weston
SpaceX's IPO has drawn over $70 billion in retail orders and at least $5 billion from BlackRock alone — making it the largest and most retail-heavy listing the world has seen this year.
How big is this IPO?
The offering is priced at $135 per share, with roughly 555.6 million shares on offer, targeting $75 billion in proceeds and a valuation of about $1.8 trillion.
For scale, this year's previous largest IPO was chipmaker Cerebras at $5.55 billion — SpaceX is more than 13 times that size.
This means → one company's raise dwarfs most major IPOs of the past several years combined. The market is pricing "space infrastructure" at internet-era multiples.
Who is buying?
BlackRock, the world's largest asset manager, submitted an order of at least $5 billion. Several other large asset managers placed orders of similar size.
Multiple sovereign wealth funds and family offices are in the book; one single family office subscribed for over $1 billion.
On the retail side, individual investors have placed orders totaling more than $70 billion.
In plain terms = every tier of capital — from the largest institutions to ordinary individual investors — is competing for the same allocation.
How much will retail investors actually get?
Retail investors are expected to receive at least 20% of the shares on offer, above the usual IPO proportion.
Elon Musk pushed from the start to give individual investors a larger share — possibly around 30%.
This means → if retail ends up with 30%, that is roughly $22.5 billion worth of shares — virtually unprecedented in U.S. IPO history.
Are the order numbers real?
In high-demand IPOs, investors routinely inflate their orders because they expect to be cut back.
In plain terms = $70 billion in retail orders does not mean retail investors plan to spend $70 billion. Many bid $100,000 hoping to be allocated $10,000.
The order book closed on Wednesday. Underwriters are now finalizing allocations, and the company plans to list on Friday.
Content is for reference only, not financial advice.