Elon Musk asked investors for $75 billion and they sent back $150 billion as the SpaceX IPO sets up a record close

Elon Musk set out to raise $75 billion. Investors have lined up $150 billion to try to get a piece of it.

SpaceX's initial public offering is twice oversubscribed heading into the final hours of its institutional order book, according to sources familiar with the matter who spoke to Reuters and Bloomberg. The company is offering 555.6 million Class A shares at a fixed price of $135 each, targeting a raise of approximately $75 billion and a valuation of approximately $1.77 trillion. Banks leading the offering are expected to stop taking institutional orders on June 10 after US markets close at 4 p.m. New York time. Pricing is set for June 11 and first-day trading on Nasdaq under the symbol SPCX begins June 12.

Multiple institutional investors have placed orders of approximately $10 billion or more each, according to people familiar with the matter. The demand figures represent indications of interest rather than final allocations, which will be set at pricing. Large institutional investors tend to submit orders late in IPO processes, meaning the $150 billion figure may continue moving in either direction before the books close.

What shifted demand most decisively in the final week of the roadshow was not the rocket business. On June 5, SpaceX disclosed a cloud services agreement with Alphabet's Google that will generate $920 million per month from October 2026 through June 2029, granting Google access to approximately 110,000 Nvidia GPUs alongside associated computing infrastructure. The Google contract, added to the $1.25 billion per month Anthropic deal disclosed in May, means SpaceX is now under contract for approximately $26 billion in annualised recurring AI compute revenue from two clients alone. That figure exceeds SpaceX's total reported revenue of $18.7 billion in fiscal 2025, and it reframes the company for institutional investors who had been skeptical about the xAI division's losses.

Morgan Stanley hosted approximately 300 institutional investors at its New York headquarters on June 9 for meetings with SpaceX president Gwynne Shotwell and chief financial officer Bret Johnsen. Shotwell and Johnsen presented the company's operating case, addressed questions about the xAI integration and outlined the revenue trajectory the Google and Anthropic contracts are expected to anchor.

The IPO is structured with a 30% retail allocation, routed through Robinhood, Fidelity and Charles Schwab, among the largest retail carve-outs any deal of this scale has ever offered. Retail investors on some platforms can still submit orders past the June 10 institutional deadline. The 23 underwriting banks, led by Morgan Stanley, Goldman Sachs, JPMorgan, Bank of America and Citigroup, will distribute allocations once pricing is confirmed.

The previous record for the world's largest IPO belongs to Saudi Aramco, which raised $29.4 billion in 2019. SpaceX is targeting nearly three times that amount in a single offering.

Musk retains 85.1% of voting control through a dual-class share structure granting certain shares 10 votes each. Shareholders who buy SPCX on June 12 will own an economic interest but will have virtually no influence over how the company is run. Musk has publicly committed not to reduce his stake.