Stock futures slipped following a Nasdaq sell-off as investors reposition ahead of what could be the largest initial public offering ever staged. SpaceX, Elon Musk’s aerospace juggernaut, is preparing to go public with a target valuation of $1.75 trillion, and the gravitational pull of that number is already warping capital flows across markets.
The company filed publicly with the SEC on May 20 after a confidential submission back in April. It plans to list on Nasdaq under the ticker SPCX, with shares priced at $135 and a target raise of roughly $75 billion. A roadshow kicks off June 8, and trading is expected to begin around June 11-12.
Demand that dwarfs the ask
Here’s the thing about a $75 billion IPO target: it sounds absurd until you learn that investor demand has reportedly hit $150 billion. That’s twice the amount SpaceX is actually trying to raise, which makes this one of the most oversubscribed offerings in capital markets history.
Goldman Sachs is leading the underwriting, which tells you the traditional finance establishment is taking this very seriously.
