TL;DRSpaceX’s $75bn IPO is massively oversubscribed, with multiple investors placing $10bn+ individual orders. The offering prices Wednesday at $135/share for a $1.8tn valuation. Morningstar values the company at roughly half that.
SpaceX’s initial public offering has attracted institutional orders for multiple times the available shares, according to people familiar with the matter. Multiple investors have individually placed orders of $10 billion or more.
Banks leading the deal told investors on Tuesday that demand increased further after management meetings, and the offering was described as well oversubscribed. Institutional order books close at 4pm New York time on Wednesday.
The numbers
SpaceX is offering 555.6 million shares at a fixed price of $135 each, raising approximately $75 billion and valuing the company at roughly $1.8 trillion. It would be the largest IPO in history, more than double Saudi Aramco’s $29.4 billion debut in 2019.
