SpaceX IPO ~2x oversubscribed, $1.8 trillion valuation

SpaceX’s initial public offering is roughly two times oversubscribed, with about $150 billion in bids for a $75 billion share sale that would value the company near $1.8 trillion.

The company plans to sell 555.6 million shares at $135 each, which would raise about $75 billion if priced at the indicated level. Books close and final pricing and allocations are scheduled for June 11.

Multiple institutional investors placed large orders during the roadshow, with some orders near $10 billion. The company has indicated it will allocate a meaningful portion of shares to retail investors.

SpaceX operates a leading commercial rocket-launch business and the Starlink satellite broadband network. The prospectus describes plans to expand on‑Earth AI computing capacity and to explore deploying computing infrastructure in orbit.

The company reported about $18.7 billion in revenue last year and recorded net losses as it invested in new capabilities, including AI infrastructure.

Valuation work accompanying the filing showed differing views. Morningstar estimated a fair value near $63 per share and produced an optimistic scenario valued at $154 per share with a low probability assigned to that outcome. New York University finance professor Aswath Damodaran estimated a valuation between $1.25 trillion and $1.35 trillion after reviewing the prospectus.

If the IPO prices at the indicated level, the offering would rank among the largest initial public offerings in history by proceeds.

Market participants note that oversubscription totals can reflect a mix of long-term buying interest, shorter-term trading orders and demand based on expectations of early trading gains. In recent high-profile offerings, order books have sometimes reached higher multiples before pricing, and allocations are commonly reduced when demand exceeds supply.

Investors and analysts will watch final allocation figures, retail participation levels and any late changes in orders when the books close on June 11.