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Item 1 of 3 SpaceX logo, the word "IPO", and a rising stock graph are seen in this illustration taken June 5, 2026. REUTERS/Dado Ruvic/Illustration
[1/3] SpaceX logo, the word "IPO", and a rising stock graph are seen in this illustration taken June 5, 2026. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab
NEW YORK, June 5 (Reuters) - SpaceX (SPCX.O), opens new tab has drawn investor demand of about $150 billion for its IPO, about double the $75 billion it is seeking to raise, said two people familiar with the matter on Friday.
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.
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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. Bloomberg reported on Friday that the IPO was oversubscribed.
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.
The roadshow presentation emphasized 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 artificial intelligence 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.
U.S. electricity generation and computer-capacity growth have lagged behind that of China, partly because of hurdles facing large projects in the U.S., according to SpaceX. The company said that shortfall can be remedied by putting data centers and other infrastructure in space using SpaceX launches.
"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 roadshow presentation.
Reporting by Isla Binnie and Echo Wang in New York; additional reporting by Suzanne McGee; editing by Colin Barr, David Gregorio and Nia Williams
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Isla Binnie reports on how company directors and executives manage stakeholder and shareholder interests, with a focus on compensation, corporate crises, dealmaking and succession. She also covers how politics, regulation, environmental issues and the broader economy affect boardroom discussions. Isla previously covered business, politics and general news in Spain and Italy. She trained with Reuters in London and covered emerging markets debt for the International Financing Review (IFR).
Thomson Reuters
Echo Wang is a correspondent at Reuters covering U.S. equity capital markets, and the intersection of Chinese business in the U.S, breaking news from U.S. crackdown on TikTok and Grindr, to restrictions Chinese companies face in listing in New York. She was the Reuters' Reporter of the Year in 2020.
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