SpaceX IPO demand tops $250 billion ahead of record listing

SpaceX has pulled in more than $250 billion of investor orders for a share sale that could become the largest initial public offering on record, a striking sign that capital markets are still willing to back Elon Musk’s private empire at a scale few companies can command. The order book is roughly 3.5 to 4 times the amount SpaceX is seeking to raise, with the deal targeting $75 billion at an implied valuation of about $1.75 trillion, or $135 a share.

The size of the demand stands out even more because the market backdrop has been choppy, with the Nasdaq trading lower and bitcoin falling sharply. Investors are not just betting on Musk’s brand. They are paying up for a company that already dominates launch services, controls a fast-growing Starlink satellite business, and is trying to sell itself as a pillar of future infrastructure, including space-based computing.

SpaceX filed its S-1 registration statement with the U.S. Securities and Exchange Commission on May 20 and later submitted Amendment No. 2 on June 3. The company disclosed a cloud-service agreement with Google on June 5 covering about 110,000 NVIDIA GPUs, CPUs, memory and related components, with Google agreeing to pay $920 million per month from October 2026 through June 2029. SpaceX had also announced a similar arrangement with Anthropic in late May, adding to the case that the company wants investors to see it as more than a launch provider.

That pitch was reinforced on the roadshow. Musk briefly joined some investor Zoom sessions, while SpaceX president Gwynne Shotwell and finance chief Bret Johnsen were expected at a lunch in Midtown Manhattan hosted by Morgan Stanley with about 300 institutional investors. The breadth of the meeting underscored how much of the offering is being marketed to large funds, not small buyers. The subscription figures are still subject to change before pricing, but the early response suggests retail investors are likely to be shut out of the most sought-after allocations.

If SpaceX raises the full $75 billion, it would surpass Saudi Aramco’s 2019 listing as the largest IPO ever. That would mark more than a corporate milestone. It would say that, even in an uneven market, investors are still willing to chase massive bets on scarce assets: dominant launch capacity, Starlink’s global reach and the possibility that space infrastructure will become an essential layer of the AI economy.