• SpaceX's IPO demand is nearly four times oversubscribed, according to sources, indicating record-breaking investor appetite.
  • The listing could become the largest U.S. IPO in history, with valuations ranging from $800 billion to over $1.75 trillion.
  • Proceeds will fund Starship development and Starlink expansion, with trading expected as early as June.

SpaceX IPO Nears Oversubscription Record

SpaceX’s highly anticipated initial public offering is generating extraordinary demand, with sources saying the order book is nearly four times oversubscribed. The intense interest underscores the market’s appetite for a piece of the private aerospace giant, which is poised to become the largest U.S. IPO ever.

According to people familiar with the matter, the company is finalizing pricing and allocation ahead of a potential June listing. At the upper end of valuation estimates, the offering could exceed $1.75 trillion, though some analysts caution that such figures reflect long-term growth expectations rather than current fundamentals.

“This is a once-in-a-generation opportunity to invest in space infrastructure,” said one institutional investor who requested anonymity. “But the valuation leaves little room for error.”

SpaceX, founded by Elon Musk, has grown rapidly through its Starlink satellite broadband service and reusable rocket technology. Revenue for fiscal 2025 is estimated in the low tens of billions, though heavy R&D spending on the Starship program and space-based AI data centers has kept net losses sizable. The IPO proceeds are earmarked to accelerate these initiatives.

The company’s leadership, including President Gwynne Shotwell, has been tight-lipped about the process, but the oversubscription signals strong confidence from both retail and institutional investors. A successful debut would set a benchmark for mega-IPOs, particularly in the space-tech and AI infrastructure sectors.

This article includes reporting from sources familiar with the matter. SpaceX representatives did not respond to requests for comment.