Japanese investors sought more than 1 trillion yen, roughly $6.2 billion, in shares from SpaceX’s landmark initial public offering, according to two people familiar with the offering who declined to be identified. The sources said most of that demand was driven by retail buyers.
Official filings indicate that Japanese investors were ultimately allocated $2.2 billion of SpaceX shares. The ratio of demand to allocation in Japan was broadly consistent with global investor appetite for Elon Musk’s rocket and satellite communications company, which raised $75 billion in what was reported as the largest-ever public listing.
Global demand for the IPO amounted to about $250 billion. Within Japan, Mizuho Securities USA, the unit of Mizuho Financial Group that served as the sole Japanese underwriter for the deal, declined to provide a figure for the total scale of Japanese demand when asked.
A Mizuho Securities spokesperson said the firm conducted an in-house survey that found more than 1,000 Japan-based customers applied for allocations exceeding 100 million yen (about $624,500), and that some customers sought allocations larger than 10 billion yen. The spokesperson also reported that applications to open Mizuho Securities accounts during the first third of June were four times higher than the firm’s average monthly level over the prior 12 months.
The offering featured an unusually large allocation set aside for retail investors - up to 30% of the IPO - which helped drive participation among individual buyers. The filing noted that investors could receive additional shares if underwriters opt to sell more stock, a decision that is typically taken within 30 days after the offering.
Context and market takeaways
The reported appetite from Japan formed part of a much wider global funnel of orders for SpaceX stock. While the anonymous sources point to heavy retail interest domestically, the formal allocation to Japanese investors was smaller than the stated demand, reflecting the mechanics of large-scale bookbuilding and allocation decisions made by underwriters. The possibility remains for allocations to rise if underwriters exercise their right to sell additional stock in the standard post-offering window.
Data points reported
- Reported Japanese demand: in excess of 1 trillion yen (about $6.2 billion), per two anonymous sources.
- Actual allocation to Japanese investors: $2.2 billion, per regulatory filing.
- IPO proceeds: $75 billion, described as the world’s largest public listing.
- Global investor demand for the IPO: approximately $250 billion.
- Mizuho internal survey: over 1,000 Japanese customers sought more than 100 million yen each; some sought more than 10 billion yen.
- New account applications at Mizuho Securities in the first third of June: four times the 12-month average.
- Retail allocation reserved in the IPO: up to 30%.
This reporting is based on the figures and statements described above. Where figures were provided by unnamed sources, those individuals were not authorised to speak publicly about the offering and declined identification.