BlackRock Leads $5B SpaceX IPO Order in $75B, $1.77T Offering
SPCX•BlackRock placed a $5 billion order for SpaceX’s IPO alongside competing asset managers, while retail investors requested over $70 billion of shares. The sale of 555.6 million shares at $135 each raised $75 billion, valuing SpaceX at $1.77 trillion and allocating 30% of shares to individual buyers.
1. Massive Institutional and Retail Demand
BlackRock placed a $5 billion order for SpaceX’s IPO alongside competing asset managers, while retail investors requested over $70 billion of shares, demonstrating extraordinary oversubscription and demand across investor classes.
2. Historic IPO Pricing and Valuation
SpaceX sold 555.6 million shares at a fixed price of $135 each, raising $75 billion in the largest public offering on record and establishing a valuation of $1.77 trillion.
3. Significant Retail Allocation
The company reserved 30% of its IPO shares for individual investors—a markedly higher proportion than the typical 5%–10% allocation—to broaden retail participation in its Nasdaq debut.
4. Financial Performance and Underwriting
In 2025, SpaceX generated $18.67 billion in revenue (up 33%) but posted a $4.94 billion net loss; Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase lead the underwriting syndicate.
