SpaceX IPO draws $150B in demand, double its target

SpaceX Sets $75 Billion IPO as Musk Pitches Interplanetary Vision at JPMorgan Event

SpaceX’s record-shattering initial public offering is now two times oversubscribed, with approximately $150 billion in investor interest pouring in ahead of the company’s planned Nasdaq debut on June 12, according to Reuters. The $75 billion raise, set at a fixed price of $135 per share, would value Elon Musk’s rocket and satellite company at roughly $1.77 trillion — surpassing even Tesla — and mark the largest IPO in history.reuters

Dimon Calls Musk “Edison of Our Time”

The company kicked off its investor roadshow on Thursday at JPMorgan headquarters in New York, where CEO Jamie Dimon interviewed Musk — who appeared remotely — in front of 3,500 of the bank’s top clients. Dimon opened by praising Musk as the “Edison of our time,” according to Business Insider and Yahoo Finance. Musk’s mother, Maye Musk, made a special guest appearance.businessinsider

Musk’s pitch leaned heavily on SpaceX’s science-fiction ambitions. He told investors the IPO was necessary to fund solar energy harnessing and planetary colonization, speculating about “moon hotels” and describing Mars as “a fixer-upper of a planet, but it’s got a lot of potential”. The roadshow was streamed to JPMorgan’s affluent clients across 90 locations in 26 states.reuters

Goldman Sachs decorated its Manhattan lobby with rocket ships, while Bank of America lit up its building in the shape of a SpaceX rocket.businessinsider

Record Retail Allocation and a $30 Billion Google Deal

SpaceX has reserved up to 30% of shares for retail investors — far exceeding the typical 5% to 10% in large-cap IPOs. Fidelity said investors would need just $2,000 in their brokerage accounts to access shares, down from $500,000 for previous offerings.reuters

Adding to investor enthusiasm, SpaceX disclosed a $30 billion deal with Google under which the tech giant will pay $920 million monthly for computing power from xAI’s data centers, running from October 2026 through June 2029 and providing access to 110,000 Nvidia GPUs. A Google Cloud spokesperson told CNBC and The New York Times that it was “a short-term, timely agreement” to meet surging demand for Gemini Enterprise.engadget

The company plans to list under the ticker SPCX, with pricing targeted for June 11 and trading beginning June 12. SpaceX disclosed a $4.9 billion loss in 2025 on revenues of $18.7 billion, though some analysts have questioned whether the $1.77 trillion valuation is justified. S&P announced Thursday it will not change its rules to allow mega-cap IPOs like SpaceX early entry into the S&P 500, meaning the company will wait at least a year for index inclusion.businessinsider