SpaceX will close its IPO order books on Wednesday after US markets close, with demand hitting $150 billion for a $75 billion offering — a 2x oversubscription. The final pricing is scheduled for June 11, and shares are set to begin trading on the Nasdaq on June 12. The offering is the largest by amount raised in history.
What the numbers say
Morningstar values SpaceX at roughly $780 billion, below the company's private-market valuation. The 2x oversubscription, while impressive in raw dollars, is considered modest by analysts. Hot IPOs typically see demand 4 to 5 times the shares on offer. That gap may reflect caution around the sheer size of the deal — $75 billion is a lot of stock to absorb — or concern about the space economy's near-term profitability.
Bitcoin on the balance sheet
SpaceX disclosed in its IPO filing that it holds 18,712 Bitcoin, worth about $1.29 billion at current prices. The position stands out: few companies, let alone a space-launch firm, carry that much crypto on their books. The disclosure is likely to stir debate among institutional investors about the risks of non-traditional assets in a publicly traded company.
Musk locks up, S&P locked out
Elon Musk has agreed to lock his entire stake for more than one year through the IPO. That move signals long-term commitment, but it also concentrates voting power in a company that already draws intense attention from regulators and the press. Separately, the IPO will be excluded from the S&P 500 index. That means passive funds tracking the index won't be forced buyers of the stock, which could limit some early demand from large institutional investors.
What comes next
Final IPO pricing happens on June 11. The next day, SpaceX shares open for trading on the Nasdaq under the ticker the company has yet to announce. The real test — how retail and institutional traders value the stock in the open market — begins then.
