SpaceX’s upcoming IPO was supposed to be something of a populist moment for retail investors. The company initially earmarked around 30% of shares for individual buyers, a figure that dwarfed the typical 5-10% allocation that large IPOs grudgingly hand to non-institutional players. That number has now been trimmed to the low 20% range.
The reason is straightforward: institutional demand has been so intense that the book-building process forced a rebalancing.
The biggest IPO in history, by a wide margin
SpaceX is targeting a $75 billion raise by selling approximately 555.6 million shares at $135 each. That would value the company at roughly $1.75 trillion, placing it in the same rarefied air as Apple, Nvidia, and Microsoft.
For context, the previous record for a US IPO was Saudi Aramco’s 2019 listing, which raised about $25.6 billion. SpaceX is aiming for nearly three times that figure.
