Quick overview

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Demand for SpaceX’s initial public offering has exceeded four times the number of shares available before the Elon Musk-led rocket, satellite, and artificial intelligence company stops accepting orders. According to people familiar with the situation, the banks are anticipated to cease accepting orders from institutional investors on Wednesday after the New York market closes at 4 p.m.

SpaceX’s IPO is scheduled for June 11, and trading will begin the day after. At a fixed price of $135 per share, the company is offering 555.6 million shares, raising approximately $75 billion and valued at approximately $1.8 trillion.

The people, who asked not to be named because the information is confidential, stated that orders are still being taken and that specifics may change.

The IPO is anticipated to be the largest ever, surpassing Saudi Aramco’s $29.4 billion 2019 debut. Citigroup, Bank of America, Morgan Stanley, and Goldman Sachs Group. and JPMorgan Chase are spearheading the transaction, which involves eighteen other banks. Shares of the business, formerly called Space Exploration Technologies Corp., will use the symbol SPCX to trade on Nasdaq and Nasdaq Texas.