SpaceX IPO Subscription Closes with $150 Billion in Total Demand, More Than Doubling Fundraising Target
Miles Bennett
SpaceX's IPO drew roughly $150 billion in institutional orders by Wednesday's deadline — double the $75 billion target — meaning even investors who placed bids may not receive their full allocation.
$150 billion in orders — how oversubscribed is this?
Institutional orders totaled roughly $150 billion by the 4 p.m. Wednesday cutoff, according to Reuters, citing people familiar with the matter.
Multiple institutions each submitted orders of $10 billion or more.
This means → this is not a modest oversubscription — half the money on the table will walk away empty-handed.
A fixed price of $135 — why not adjust like a normal IPO?
The IPO is priced at a flat $135 per share, bypassing the usual range-pricing process (where banks set a preliminary range and finalize the price based on demand).
In plain terms = SpaceX locked the price in advance and will not raise it no matter how intense the bidding gets.
This reflects the company's desire to control the listing process — but it also means excess demand can only be managed by cutting allocations, not by raising the price.
How much can retail investors actually get?
Up to 30% of shares are earmarked for retail — far above the typical 5%–10% in a standard IPO.
Retail investors can participate through Robinhood, Charles Schwab, and other brokerage platforms, with a later deadline than institutions.
This means → the door for retail is wider than usual, but with two-times oversubscription, actual allocations may fall well short of expectations.
Is the $150 billion figure final?
Current orders represent preliminary indications of interest, not confirmed allocations.
Large institutional investors typically submit final orders the evening before pricing, so the total may still shift before pricing day.
In plain terms = the $150 billion is a show of hands — the real number may move up or down when actual commitments are due.
What does this IPO's sheer scale signal?
SpaceX plans to issue 555,555,555 Class A shares at $135 each, targeting roughly $75 billion in proceeds and an implied valuation of about $1.75 trillion.
If completed, it will surpass Saudi Aramco's 2019 record of $29.4 billion, becoming the largest IPO in history.
The company posted $18.67 billion in 2025 revenue, up 33% year-over-year, but swung to a net loss of $4.94 billion — reversing 2024's $791 million profit.
This means → the market is willing to value a still-loss-making company at $1.75 trillion — the first day of trading on Nasdaq on June 12 (ticker SPCX) will be the first public test of that valuation logic.
Content is for reference only, not financial advice.