• SpaceX's $75 billion IPO is already oversubscribed, with demand exceeding available shares shortly after marketing began.
  • The offering is priced at $135 per share in a rare fixed-price structure, valuing the company at about $1.8 trillion.
  • Trading is expected to start on June 12, with the deal led by major Wall Street banks.

SpaceX has seen overwhelming demand for its highly anticipated initial public offering, with sources familiar with the matter saying the company has received orders exceeding the shares on offer just days into the marketing process. The IPO, targeting a record $75 billion raise, is priced at $135 per share in a fixed-price structure—unusual for large deals, which typically use a price range. At that price, the company would be valued at roughly $1.8 trillion, making it one of the most valuable publicly listed companies globally.

The strong appetite comes even as SpaceX continues to post substantial losses, spending heavily on scaling its Starlink satellite network and developing its next-generation Starship rocket. The company's recent merger with xAI has also reframed its narrative as an integrated AI and space infrastructure play, with a growing emphasis on space-based data centers and AI compute services. Elon Musk remains the controlling shareholder, with reports indicating a multi-class voting structure that preserves insider control post-listing.

“This is a landmark moment for capital markets,” said one institutional investor who received an allocation, speaking on condition of anonymity. “The combination of space, AI, and communications is a once-in-a-generation opportunity.” The deal is expected to include a significant retail allocation, with some reports suggesting up to 30% of shares reserved for individual investors, a move that could boost first-day trading volatility.

Market observers are watching closely as the IPO could reshape the tech and space sectors, potentially crowding out other large offerings planned for mid-2026. The fixed-price structure also concentrates risk: the first-day pop or drop will be a clear test of whether the $1.8 trillion valuation is sustainable. Analysts are divided, with some citing the company's aggressive growth trajectory and others pointing to its current lack of profitability and capital intensity.

Efforts to reach SpaceX for comment on the oversubscription were not immediately successful. The company has remained tight-lipped about its financial details, typical for the secretive firm, but the IPO filing has disclosed significant revenue growth alongside heavy investments.

Correction: An earlier version of this article misstated the expected trading date. It has been corrected to June 12.