SpaceX to close IPO books after $150 billion in orders

SpaceX will stop taking orders for its initial public offering on Wednesday after U.S. markets close. The company has received roughly $150 billion of orders for a planned $75 billion sale. Underwriters plan to set the final price on June 11 and list the new SPCX shares on Nasdaq on June 12.

Institutional order books will close after the market shuts on Wednesday. At that point underwriters will lock in total demand and allocate shares to investors, finalizing how many shares each institution will receive.

The $150 billion of demand against a $75 billion target means the offering is about two times oversubscribed. For a transaction of this size, underwriters consider that level of demand significant but not unusually high for the most sought-after issues. Because demand exceeds supply, many investors can expect allocations smaller than they requested.

Filings show Elon Musk will retain control through the transaction. He placed his entire stake into a lock-up that extends for more than a year, preventing large insider sales during that period. The IPO paperwork also discloses a corporate holding of 18,712 Bitcoin, roughly $1.29 billion at current prices, which gives public shareholders indirect exposure to Bitcoin through the company’s balance sheet.

A valuation included in the regulatory materials places SpaceX near $780 billion. The company filed its IPO documents last month and is keeping a compressed timetable between book closing, pricing and the Nasdaq debut.

A heavily subscribed book does not guarantee aftermarket performance. The public market price will be set when SPCX begins trading and investors buy and sell the stock on Nasdaq.