Markets SPCX JUN 10, 2026

SpaceX IPO books $250B in orders, 4x covered ahead of $75B Nasdaq debut

Musk's rocket-and-AI conglomerate is on track to price 555.6M shares at $135 Wednesday and open as SPCX Friday at a $1.77T valuation.

BY HENLEY MARRAST · MARKETS DESK

SpaceX’s $75 billion IPO has drawn more than $250 billion in investor orders, leaving the book 3.5x to 4x oversubscribed two days before pricing, according to Reuters sources briefed on the deal. At $135 per Class A share, the offering values Elon Musk’s rocket-and-AI conglomerate at $1.77 trillion, more than triple Alibaba’s prior record for a U.S. listing.

The updated S-1, filed with the SEC on June 3, set the terms: 555,555,555 Class A shares, plus a 30-day underwriter overallotment of another 83.3 million shares worth roughly $11.25 billion. Goldman Sachs leads, with Morgan Stanley, Bank of America, Citigroup, and JPMorgan alongside. Shares are expected to price Wednesday and begin trading Friday on Nasdaq as SPCX.

On Tuesday, Morgan Stanley hosted roughly 300 institutional investors at a midtown Manhattan luncheon, where President Gwynne Shotwell and CFO Bret Johnsen made the pitch and Musk himself briefly joined. One source told Reuters that long-only funds had submitted sizable orders. Anthropic and OpenAI are lined up as investors behind the print, a detail that captures the strangeness of this particular cap table: Musk’s chief AI rivals are being asked to fund the company that absorbed xAI in February at a $1.25 trillion combined valuation.

The financials explain the urgency. SpaceX posted $4.7 billion in Q1 2026 revenue against a $4.3 billion net loss, on the heels of $18.7 billion in 2025 revenue and a $4.9 billion full-year loss. Q1 capex hit $10.1 billion, with $7.7 billion routed to the AI division and $930 million to Starship. The prospectus discloses $25.45 billion in contractual commitments, including cloud capacity, with 95% landing in 2026 and 2027.

The prospectus frames the spend in mission terms, calling “orbital AI compute is an incredibly difficult technical challenge that only we can solve at scale in the near term.” Translation: the IPO is partly a funding event for a capex bill that’s already been signed.

Musk keeps 82.4% of voting power through Class B shares carrying 10x votes, a stake worth roughly $841 billion at offer. Tesla, which holds 18.99 million SpaceX shares now valued at $2.56 billion, marks the position to the public print. The era of Musk’s private compounding ends Friday morning; the era of his public-market voting bloc begins the same day.

Sources

About the author

Henley Marrast

MARKETS DESK

Henley Marrast covers AI-equity flow, accelerator demand, and earnings prints for AI Sheet Report. She leads coverage of the public AI complex from the New York markets desk, with a focus on the daily tape and quarterly results. She has been writing about technology markets for several years.