SpaceX IPO Books Close With $150B in Orders, 2x Oversubscribed

SpaceX is shutting its institutional order book Wednesday after the close, and the tally on the deal is roughly $150 billion in orders against a $75 billion target. That puts the largest IPO in history at about two times oversubscribed heading into pricing.

The numbers behind the book

SpaceX will stop taking orders for its IPO on Wednesday after U.S. markets close, with demand near $150 billion for a deal seeking $75 billion, leaving the offering roughly two times oversubscribed.

The company filed terms to sell 555,555,555 shares of Class A common stock at a fixed $135 apiece, valuing it at approximately $1.75 trillion and ranking it among the 10 most valuable U.S.-listed companies. Shares will trade on Nasdaq under the ticker SPCX.

Books close Wednesday, pricing follows June 11, and SPCX is set to begin trading on Nasdaq June 12.

Is 2x actually strong?

That depends on who you ask. Hot offerings often run four or five times oversubscribed, and analysts view the 2x level as solid but not extraordinary.

Bankers defend the level given the deal's size, arguing demand of two times for the largest listing ever is harder to reach than for a smaller offering. Conflicting reports from Reuters via Investing.com suggest the oversubscription rate is running at three and a half to four times the planned offering size, so the final book may still be in flux.

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Why the late-stage demand spike

The story shifted late in the roadshow, and it was not about rockets. On June 5, SpaceX disclosed a cloud services agreement with Alphabet's Google that will generate $920 million per month from October 2026 through June 2029, granting Google access to approximately 110,000 Nvidia GPUs alongside associated computing infrastructure.

Added to the $1.25 billion per month Anthropic deal disclosed in May, SpaceX is now under contract for approximately $26 billion in annualized recurring AI compute revenue from two clients alone. That figure exceeds SpaceX's total reported revenue of $18.7 billion in fiscal 2025 and reframes the company for institutional investors skeptical about the xAI division's losses.

Retail allocation and the fundamentals

The IPO carries a 30% retail allocation routed through Robinhood, Fidelity and Charles Schwab — among the largest retail carve-outs any deal of this scale has ever offered — and retail investors on some platforms can still submit orders past the June 10 institutional deadline.

SpaceX posted revenue of $18.67 billion in 2025, a 33% increase from the prior year, while swinging to a net loss of $4.94 billion from a profit of $791 million. Valuation skeptics remain: Morningstar pegs SpaceX near $780 billion, well below the offering price, with critics saying the stock is worth half its valuation.

Options market and stocks to watch

Watch for follow-through across the names tied to the SpaceX story:

• SPCX: The main event. Watch for outsized opening-day volume, IV crush on listed options once they go live, and how quickly the float settles.
• GOOGL: Google's $920M-per-month cloud deal with SpaceX puts Alphabet on the other side of the trade. Watch for read-throughs on AI compute capacity commentary.
• NVDA: Roughly 110,000 GPUs are wrapped into the Google-SpaceX arrangement. Watch for any flow tied to AI infra demand signaling.
• TSLA: Musk-correlated trade. Watch for sentiment spillover into and out of the SPCX debut.
• RKLB: A public-market launch peer. Watch for relative-value flows as investors compare SpaceX's listed valuation to existing space names.

For more market news and IPO coverage, keep an eye on the tape into Thursday's debut.

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