SpaceX tells banks it won't budge on $135 IPO price

SpaceX is drawing a line in the sand on pricing. Reports indicate the company has told its underwriters it will not move off the $135-a-share price tag attached to its record-setting public offering, even as the roadshow kicks into gear.

The headline number

SpaceX told banks in its $75 billion initial public offering that it is set on the $135-a-share price that the firm disclosed on Wednesday in its amended IPO filing, according to Reuters sources.

The decision is the latest sign that Elon Musk is intent on holding the largest ever initial offering according to his preferences, upending Wall Street tradition — though sources stressed the decision is subject to change before the IPO takes place.

Demand looks one-sided

SpaceX began meeting with investors on Thursday in its IPO roadshow, where securities issuers and their bankers typically gather investor feedback before determining the final IPO price at a meeting held a day before the shares begin trading.

Three sources familiar with the roadshow described demand as insatiable. Analysts working on the IPO were fielding as many as 20 calls a day from investors, above the 10 to 15 typically seen on in-demand offerings, one of the sources said.

Do you want to see how to make more plays? Do you want to find gains yourself?

Unusual Whales helps you find market opportunities through our market tide, historical options flow, GEX, and much, much more.

Create a free account here to start conquering the market with Unusual Whales.

Why the fixed price matters

Typical IPOs see a price range get adjusted up or down based on roadshow feedback. Locking in $135 before that process plays out flips the usual script and forces investors to take or leave the deal at Musk's number.

If demand is truly as deep as the bankers describe, SpaceX could be leaving money on the table by not raising the price. If demand softens, there is no cushion to cut.

Timing the debut

SpaceX's trading debut is expected on Friday, June 12. That gives traders roughly a week to position around the print, with allocation chatter likely to drive sentiment across the broader new-issue calendar.

Options market and stocks to watch

Watch for spillover into names tied to SpaceX's ecosystem and the broader IPO trade:

• TSLA: Watch for Musk-related flow as attention rotates between his ventures around the SpaceX print.
• RKLB: Watch for sympathy moves in the listed launch space as SpaceX sets a public-market valuation benchmark.
• ASTS: Watch for satellite-connectivity names to re-rate alongside Starlink's implied multiple.
• GS and MS: Watch the underwriter cohort for IPO-fee tailwinds if the deal prices as planned.

Want more market intelligence? Create your free Unusual Whales account for options flow, market tide, GEX, and the full toolkit.