Market AnalysisJun 09, 20262 Min
SpaceX IPO Draws $150 Billion Demand For Its IPO - A Timeline Of What Has Happened So Far
SpaceX has attracted investor interest worth about $150 billion for its initial public offering (IPO). The company is seeking to raise $75 billion, which means that the current demand is roughly twice the amount on offer.
To be sure, a two-times oversubscription is not unusual for major stock listings. But bankers and investors told Reuters that this development is notable because this is expected to be the largest IPO ever. The company is still in the early stages of marketing the share sale, and demand could change before pricing next week. Also, some large institutional investors often place orders later in the IPO process. The current subscription number is more an indicator of interest than final allocation, which will be set at pricing.
Earlier this week, SpaceX launched a campaign to persuade investors that its IPO is a gateway to trillions of dollars in new markets being opened by its space-launch, internet-connection and AI businesses.
Challenges For SpaceX:
The IPO has not been without its challenges. Last week, S&P Global said that it will not change its rules for inclusion in the benchmark S&P 500 index. The decision prevents a fast-track route for SpaceX to join the index after its planned IPO.
S&P Global, the leading US financial analytics firms, is widely known for publishing the S&P 500 stock market index. Its credit rating arm, S&P Global Ratings, also evaluates the creditworthiness of corporations and governments worldwide.
The company ruled out SpaceX’s fast-track entry into the S&P 500, noting that: “exceptions to the financial viability, seasoning, and IWF (investable weight factor) requirements should not be granted solely based on market capitalization.”
To join the S&P 500, a company must show profit under Generally Accepted Accounting Principles in its latest quarter and also in the last four quarters combined, as per the rules. SpaceX reported a net loss of $4.94 billion in 2025, even as revenue rose 33% to $18.67 billion, thus excluding it from the S&P 500 at present. Other major upcoming IPOs, OpenAI and Anthropic, both loss making AI startups, could also face similar fates.
Space IPO Details:
The company is targeting a $75 billion fundraising and a valuation of about $1.75 trillion. If priced around $135 per share as indicated in the IPO, the listing could make it the first US market debut to cross the $1 trillion mark in valuation. The move would place it among the top 10 most valuable US-listed firms. However, the S&P Global’s decision means index inclusion will take longer, even if the IPO succeeds.
SpaceX's blockbuster trading debut is expected on Nasdaq on Friday, June 12.
What IPO Draft Papers Revealed
SpaceX’s confidential IPO filing presents the company as more than a rocket maker, outlining ambitious plans in artificial intelligence, space-based data centers, and future industries on the Moon and Mars, Reuters reported.
The company, which filed its IPO on April 1, says it aims to use solar energy to support the AI era. The papers also mention the company’s focus on its goal of making life multi-planetary.
However, the filing also reveals that SpaceX not only reported a loss last year, but also spent far less on AI development than major technology rivals. The Reuters report added that several projects depend on unproven technologies. Additionally, the filing also highlights SpaceX’s heavy reliance on Elon Musk, who holds significant control over the company.
Key Investors:
Still, for many investors, Musk's record of turning Tesla into the most valuable auto company in the world, developing the world's first fully reusable rocket, and the largest satellite network seems enough to justify investment.
Among others, BlackRock has discussed investing about $5 billion to $10 billion in the SpaceX IPO. The investment would come from its $536 billion in actively managed funds, Reuters reported in mid-May, adding that the decision was still in the preliminary stages.
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