SpaceX IPO Oversubscribed Shortly After Official Roadshow Launch

Deep News06-06 05:50

According to individuals with knowledge of the matter, the record $75 billion initial public offering (IPO) for Space Exploration Technologies Corp, commonly known as SpaceX, became oversubscribed shortly after its official investor roadshow commenced, with demand exceeding the number of shares available for sale.

The sources indicated that initial one-on-one meetings with investors revealed strong demand for the IPO of Elon Musk's rocket, satellite, and artificial intelligence company. The Texas-based firm, headquartered in Starbase, plans to issue shares at $135 each, which could value the company at approximately $1.8 trillion.

The individuals noted that the deal is expected to price on June 11 and begin trading the following day, though it remains in its very early stages. Discussions are ongoing, and details are still subject to change. A spokesperson for SpaceX did not immediately respond to a request for comment.

Goldman Sachs Group Inc, Morgan Stanley, Bank of America Corp, Citigroup Inc, and JPMorgan Chase & Co are leading the arrangement of the transaction, with an additional 18 banks participating. The company, formally named Space Exploration Technologies Corp., is anticipated to list on the Nasdaq and Nasdaq Texas markets under the ticker symbol SPCX.

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