SpaceX IPO receives multiple times oversubscription. Institutional investors eagerly place orders.

Tesla, Inc. (TSLA.US) CEO Musk's space exploration and artificial intelligence company SpaceX is about to have a historic IPO, and the market demand is far beyond expectations. According to sources, as the listing date of SpaceX approaches, the company's initial public offering (IPO) has received institutional investor demand multiple times the issue size. The underwriting investment bank has informed clients this week that after holding roadshows and investor meetings with company management, the number of orders continues to grow rapidly, and the enthusiasm for subscriptions continues to rise. Sources stated that since Monday, the number of subscription orders from institutional investors has further increased. Currently, there has been a significant oversubscription for this issuance, with some large institutional investors subscribing for amounts exceeding $10 billion. Another source stated that the underwriting team has informed some clients that institutional allocation shares will be prioritized for large long-term investment institutions to ensure a stable shareholder structure. According to the disclosed issuance documents, SpaceX plans to issue approximately 5.556 billion shares of Class A common stock at a fixed price of $135 per share, raising approximately $75 billion, corresponding to a company valuation of approximately $1.8 trillion. If the issuance is successfully completed, this IPO will exceed Saudi Aramco's $29.4 billion financing record in 2019, becoming the largest IPO in the history of the global capital market. According to the schedule, SpaceX is expected to price on June 11th and officially list on Nasdaq the next day, with the stock code "SPCX." Although the deadline for institutional investor subscriptions is expected to be 4:00 pm Eastern Time on Wednesday, some retail trading platforms still allow individual investors to continue submitting subscription applications after the deadline. According to media reports earlier, SpaceX plans to allocate up to 30% of the issued shares to retail investors, a ratio significantly higher than most large tech company IPOs. Later on Tuesday, Morgan Stanley will host a large investor communication event at its headquarters in New York, with an expected participation of around 300 institutional investors. SpaceX President Gwynne Shotwell and CFO Bret Johnsen will have face-to-face communications with investors at that time. The IPO is jointly underwritten by Goldman Sachs Group, Inc. (GS.US), Morgan Stanley (MS.US), Bank of America Corp (BAC.US), Citigroup Inc. (C.US), and JPMorgan Chase & Co (JPM.US), with another 18 banks participating in the issuance. Market participants believe that the reasons for SpaceX's popularity are not only its leading position in the commercial space industry but also its closely related rapid expansion in the satellite internet business Starlink and artificial intelligence business xAI in recent years. Earlier this year, Musk promoted resource integration between xAI and SpaceX, further strengthening market expectations for its "space + AI" dual growth story. It is worth noting that as SpaceX goes public, the U.S. capital market is also witnessing a new wave of artificial intelligence company IPOs. This week, OpenAI secretly submitted an IPO application, while the artificial intelligence startup Anthropic started IPO preparations last week. According to media estimates, if SpaceX, OpenAI, and Anthropic successfully go public in the future, the three companies will collectively add approximately $3.6 trillion in market value to the U.S. capital market.