SpaceX’s $75 billion IPO is well oversubscribed as order books close ahead of Wednesday pricing

TL;DR

SpaceX’s $75bn IPO at $135/share is well oversubscribed. Books close Monday, pricing expected Wednesday, Nasdaq trading Thursday.

SpaceX’s initial public offering is well oversubscribed, according to Bloomberg, with order books set to close on Monday ahead of a pricing expected on Wednesday and first trading on Nasdaq on Thursday. The $75 billion raise at $135 a share would be the largest IPO in history, eclipsing Saudi Aramco’s $29.4 billion listing in 2019.

The oversubscription means investors have collectively bid for more shares than the roughly 555.6 million on offer, which implies a fully diluted valuation of approximately $1.8 trillion. SpaceX will list under the ticker SPCX on both Nasdaq and Nasdaq Texas, the exchange’s new Dallas venue.

What is driving the demand is not just the rocket business. Two contracts disclosed in the S-1 filing anchor the revenue story. Google is paying SpaceX approximately $920 million per month, or roughly $30 billion through 2029, for Starlink bandwidth and AI computing services. Anthropic has committed to approximately $1.25 billion per month for AI infrastructure access.

Together, those two deals alone represent approximately $26 billion in annualised recurring revenue, a figure that reframes SpaceX as an infrastructure utility with contracted cash flows rather than a launch company dependent on mission-by-mission bookings. The contracts emerged from SpaceX’s February merger with xAI, which folded Musk’s AI company and the social media platform X into the same corporate entity.

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SpaceX had already signalled that it expected strong demand. The company fixed its price at $135 a share before the roadshow began, an almost unheard-of move that removed the usual negotiation between issuer and institutional investors. That gamble appears to have paid off. The fixed price held, and the book filled.

The road to this point has been compressed. SpaceX filed its S-1 in April, revealing $18.7 billion in 2025 revenue alongside a $4.94 billion net loss driven by the xAI integration. The company lowered its valuation target from above $2 trillion to $1.8 trillion in late May after investor consultations, then began its formal marketing period on 4 June.

The 30% retail allocation, far above the single-digit share typical for deals of this size, is part of what makes the oversubscription notable. Retail investors have flooded the offering alongside institutions, reflecting the devoted following Musk has cultivated across his companies. The broad base of demand is also a structural hedge: with more individual shareholders, SpaceX reduces its dependence on a handful of large funds that might push for governance concessions.

Not everyone is buying. A Danish pension fund blacklisted the offering over governance concerns, citing Musk’s roughly 79% voting control through a dual-class share structure despite owning approximately 42% of equity. The concentration of power in a founder who simultaneously runs a rocket company, an AI lab, a satellite network, a social media platform, and an electric car manufacturer remains the central objection for investors who have declined to participate.

At $1.8 trillion, SpaceX would debut larger than Amazon and trail only Apple, Nvidia, Microsoft, and Alphabet among publicly traded companies. If the pricing holds on Wednesday and trading opens as expected on Thursday, it will not merely be the largest stock offering in history. It will be a verdict on whether the market is willing to value a Musk-controlled conglomerate, spanning rockets, satellites, AI, and social media, at nearly a hundred times its annual revenue.