SpaceX has drawn substantial demand from individual investors ahead of its planned initial public offering, with retail orders topping $70 billion, according to people familiar with the matter. That level of retail interest comes as the company prepares what could be one of the largest market debuts in history.
Under the terms being reported, individual investors will be allocated at least 20% of the shares made available in the IPO. Using the planned $75 billion offering size as a reference point, that minimum retail allocation would still leave the bulk of retail demand unfilled, based on simple calculations comparing orders to available shares.
Institutional participation has also been sizable. Roughly 1,000 institutional investors have placed orders for the deal, according to the same people. The company behind rockets, satellites and artificial intelligence applications has attracted interest across both retail and institutional channels.
The offering terms are expected to stay at $135 per share for 555.6 million shares, the people said. At that price and share count, the IPO would raise roughly $75 billion and imply a valuation for SpaceX of about $1.8 trillion when measured against the outstanding shares reported in its filings.
International demand will be limited as well, with the company planning to allocate under 10% of IPO shares to orders outside the United States. Within that international allocation, Japan's portion was increased to $2.5 billion from $2 billion earlier in the month, the people said.
What is clear from the reported terms is a mismatch between demand and available supply at the retail level: more than $70 billion of retail orders against an offering sized at about $75 billion and a guaranteed minimum retail allocation of 20% indicate significant oversubscription pressure for individual investors. The information provided does not include further details on how excess retail demand will be handled beyond the stated minimum allocation.
As the offering moves toward completion, the final prospectus and any subsequent filings will be the authoritative sources for confirmed allocation rules and the official share counts. For now, the reported figures provide a snapshot of an IPO process characterized by heavy interest from both individual and institutional buyers and constrained share availability for some investor groups.