SpaceX's upcoming share sale is experiencing significant oversubscription, with multiple institutional investors placing orders totaling approximately $10 billion or more.

According to sources, the banks managing the offering for Elon Musk's aerospace and technology firm are anticipated to cease accepting institutional orders after the New York market closes on Wednesday.

This step allows the underwriters to assess demand before the listing and provide pricing guidance to the company.

The IPO is scheduled to be priced on June 11, with trading commencing the next day.

The company plans to offer 555.6 million shares at a fixed price of $135 per share, aiming to raise around $75 billion and achieve a valuation near $1.8 trillion.

Individual investors will still have the opportunity to submit orders on certain platforms after Wednesday's institutional deadline.

Reports indicate that as much as 30% of the offering could be allocated to retail participants.

On Tuesday, Morgan Stanley is organizing a meeting for roughly 300 institutional investors at its New York headquarters, where they will engage with SpaceX executives, including President Gwynne Shotwell and CFO Bret Johnsen.

SpaceX did not provide an immediate response to a request for comment.

Representatives for the lead banks also declined to comment.

Excitement is mounting for this IPO, which is projected to be the largest on record, surpassing the $29.4 billion debut of Saudi Aramco.

SpaceX has recently highlighted new revenue streams, particularly its capabilities in artificial intelligence.

Last Friday, the company announced a cloud services agreement with Alphabet Inc.'s Google, which will see the maker of the Gemini AI model paying $920 million monthly through 2029.

A similar agreement with Anthropic PBC was previously disclosed.

Space Exploration Technologies Corp. will list its shares on the Nasdaq and Nasdaq Texas exchanges under the ticker symbol SPCX.