Asset manager BlackRock moved to secure at least $5 billion of shares in the initial public offering of SpaceX, according to people familiar with the matter. The stake request comes as SpaceX prepares what is expected to be a very large public offering, with plans to raise about $75 billion at an approximate valuation of $1.8 trillion.
The order book for the IPO closed on Wednesday. Bankers are now determining how to allocate shares among institutional and other investors ahead of a planned listing on the Nasdaq scheduled for Friday. Separate reporting has indicated that SpaceX was considering allotting up to 30% of the offering to individual retail investors.
Elon Musk has introduced several nontraditional elements to SpaceX’s approach to going public. Those steps include efforts to give retail investors a larger role in allocations, pushing for early inclusion in major indexes and structuring corporate governance in a way that preserves strong founder control.
Requests for comment from SpaceX were not immediately answered and BlackRock declined to comment. The report detailing BlackRock’s order could not be immediately verified.
Context and mechanics
The scale described for the offering - roughly $75 billion raised at about a $1.8 trillion valuation - would position the transaction among the largest IPOs by proceeds and implied company valuation. With the order book closed, the immediate focus is on bankers’ allocation decisions and confirming final investor placements ahead of the scheduled Nasdaq listing.
What remains unsettled
- Final share allocations are being determined and have not been publicly disclosed.
- Whether the planned retail allocation, reported as potentially up to 30% of the offering, will be implemented at that level remains unclear.
- Details of governance arrangements intended to preserve founder control are being positioned in the offering structure, but their specific investor implications are not spelled out in the report.
All figures and plans above reflect information provided by people familiar with the matter and prior reporting; interested parties have not provided immediate confirmation.