Retail investors have placed more than $100 billion in orders for SpaceX (SPCE)'s upcoming initial public offering, according to people familiar with the matter, signaling blockbuster demand for one of the most anticipated listings in history.

The figure dwarfs earlier estimates of around $70 billion and underscores the intense appetite for shares in Elon Musk's rocket and satellite company. SpaceX plans to allocate at least 20% of the offering to retail buyers, though final terms remain under discussion as underwriters weigh how to balance demand from institutions and individuals.

  • SpaceX has attracted over $100 billion in retail orders for its IPO, potentially making it the largest consumer-driven subscription on record.
  • At least one-fifth of shares are earmarked for retail investors, with the final allocation still being finalized.
  • The company, valued at roughly $1.5–1.75 trillion, posted robust profitability in 2025, driven by government contracts and Starlink revenue.

Surge in demand

The retail order book, which opened two weeks ago, has swelled as individual investors rush to secure a piece of the space giant. "This is unprecedented in scale," said a banker involved in the deal. "We've seen nothing like it." The strong demand comes despite the company's lofty valuation and could push the IPO's total size well above initial expectations.

Allocation balancing act

SpaceX and its underwriters are now grappling with how to spread shares among eager retail clients without sacrificing institutional support. "Retail wants as much as they can get, but you need long-only funds for stability after listing," said another person close to the process. Gwynne Shotwell, SpaceX's president, has emphasized broadening the shareholder base.

The deal is expected to price in the coming weeks, with trading to follow shortly after. Without a final agreement on allocations, some orders may be cut significantly. A spokesman for SpaceX declined to comment on the ongoing bookbuilding.

Correction: An earlier version of this article misstated the minimum retail allocation. It is at least 20%, not 25%.