Citing sources familiar with the matter, Reuters reported on June 9 that Elon Musk’s rocket and satellite network company SpaceX (code: SPCX.O) has attracted subscription demand from institutional investors of more than $250 billion, which is three to four times its planned fund-raising target of $75 billion. SpaceX is still in the marketing phase, with pricing expected to be completed on Thursday afternoon; the final allocation of shares will be determined at pricing.
Confirmed procedural milestones for the IPO roadshow
On June 9, SpaceX President Gwynne Shotwell and CFO Brett Johnson held a lunch with about 300 institutional investors at Morgan Stanley in Midtown Manhattan. The luncheon was hosted by Morgan Stanley co-president Dan Simkowitz. Sources said that Musk briefly joined a Zoom meeting with potential investors during the roadshow.
The currently confirmed milestones for the subscription process are as follows:
· The company is still in the marketing phase (as of June 9)
· Pricing is expected to be completed on Thursday afternoon
· The final allocation of shares will be determined at pricing
· Large institutional investors typically submit subscription orders in the later stages of the IPO process
· The number of shares subscribed may still be adjusted before pricing is completed
As of June 9, SpaceX had not issued any public statement regarding the related reports.
Three key business positioning disclosed in SpaceX’s listing documents
Based on official statements in SpaceX’s roadshow presentation and IPO filings:
Starlink: In its documents, SpaceX emphasized Starlink’s market position and stated its goal is to connect more than 3 billion people worldwide who are currently not connected to the internet, to narrow the digital divide.
AI computing business: In its documents, the company claimed that its AI-related market opportunity is $23 trillion, and said it is the only company that can build AI compute infrastructure in space and break free from limitations tied to Earth-based operations.
Space data centers: In its documents, SpaceX pointed out that growth in U.S. power generation and compute capacity is lagging behind China, and proposed a solution to send data centers and other infrastructure into space via rockets.
Confirmed market data during the subscription window
During the subscription period, the following market data has been publicly confirmed: the Nasdaq Composite fell on Tuesday, after recording its largest single-day drop in more than a year on the previous Friday; Bitcoin fell 2.8% on Tuesday and was down 37% from its January 2026 peak. Some market analysts said that one of the reasons for the recent market pullback is that buyers in the SpaceX IPO sell other assets to raise funds for their subscriptions.
Frequently asked questions
How large is SpaceX’s planned IPO financing, and what is the current oversubscription multiple?
SpaceX plans to raise $75 billion through this IPO. According to Reuters, citing sources on June 9, 2026, subscription demand has already exceeded $250 billion, with an oversubscription multiple of three to four times the planned size. Because the information involves confidential details, sources requested anonymity.
When will pricing and final allocation be determined?
According to information from sources, pricing is expected to be completed on Thursday afternoon. The final allocation of shares will be determined at pricing. Large institutional investors typically submit orders in the later stages of the IPO process, and the number of shares subscribed may still be adjusted before pricing is completed.
Why do analysts believe SpaceX’s IPO subscription activity has affected the recent market trend?
Some market analysts’ interpretation (not an official statement from SpaceX or regulators) is that investors participating in subscriptions for the SpaceX IPO liquidate existing assets in advance to raise subscription funds, and this fund-transfer behavior has increased sell pressure on both the stock market and the crypto market in the near term. SpaceX and relevant regulators have not issued any official response to this.
