SpaceX has drawn investor demand of about US$150-billion for its IPO, about double the $75-billion it is seeking to raise, according to two people familiar with the matter.
An oversubscription rate of two times would be considered modest for most highly anticipated market flotations, but bankers and investors said that demand is impressive for the SpaceX offering since it is the largest IPO ever.
The company remains in the early stages of the marketing process, sources cautioned. Investor demand is still subject to change before the IPO prices next week.
The sources added that some large institutional investors tend to submit orders late in IPO processes, and that current subscription figures reflect indications of interest rather than final allocations, which will be set at pricing.
The sources requested anonymity because the matter is confidential. SpaceX did not respond to a request for comment.
SpaceX launched a campaign this week to persuade investors that its IPO is a gateway to trillions of dollars in new markets being opened by its space launch, internet connection and AI businesses.
“Lots of people will have to explain why they don’t own it rather than justifying a decision to buy it,” said a hedge fund manager.
Starlink
The road show presentation emphasised the uniqueness of SpaceX’s rocket-launching business, which it said has accounted for the lion’s share of mass lofted into orbit in the past three years, and the strength of the company’s Starlink internet business.
SpaceX also touted a $23-trillion market opportunity it says awaits its AI offerings, adding it is the only company that can escape the limitations of earthbound businesses and use space to build AI compute capacity that it expects to draw enormous demand in the future.
US electricity generation and computer-capacity growth have lagged behind that of China, partly because of hurdles facing large projects in the US, according to SpaceX. The company said that shortfall can be remedied by putting data centres and other infrastructure in space using SpaceX launches.
Read: SpaceX wants to fly a rocket every 53 minutes
“By dramatically reducing the cost of access to space, we have been able to expand our mission to address some of the Earth’s most pressing challenges, including bridging the digital divide by aiming to connect over three billion unconnected people to the internet and humanity’s collective knowledge,” SpaceX said in the road show presentation. — Isla Binnie and Echo Wang, with Suzanne McGee, (c) 2026 Reuters