SpaceX to close IPO books Wednesday after $150 billion demand

SpaceX will close its initial public offering order books Wednesday after U.S. markets close, having received about $150 billion in orders for a $75 billion sale. Lead banks plan to set the final price on June 11 and shares under the ticker SPCX are scheduled to begin trading on the Nasdaq on June 12.

Closing the books ends the period when institutional investors place requests for shares. After the books shut, syndicate banks fix the offering price and allocate shares to investors. When demand is large, underwriters typically reduce allocations so some buyers receive fewer shares than requested.

The $150 billion of demand equals roughly two times the size of the offering. Smaller IPOs sometimes see four to five times oversubscription, so percentage comparisons vary by deal size.

SpaceX’s regulatory filing shows founder Elon Musk will retain control after the sale. The filing also states his entire stake will be locked up for more than a year under the transaction terms, preserving his voting control in the near term.

The company disclosed a holding of 18,712 Bitcoin, valued at about $1.29 billion at the time of the filing. That position places a notable Bitcoin balance on SpaceX’s books and gives public shareholders indirect exposure to the cryptocurrency, though the crypto holdings are small relative to the company’s estimated market value.

Independent valuation estimates referenced before the listing place SpaceX near $780 billion. The planned IPO will not qualify immediately for inclusion in the S&P 500 under index rules that apply to new listings.

Strong order books often correlate with active trading on debut, but they do not guarantee a sustained market price. Underwriters and investors will watch whether early buyers hold shares or sell into the market when SPCX begins trading, a key factor in initial price performance.