BlackRock placed an order for at least $5 billion of SpaceX shares as the company set its IPO price at $135 per share, according to Bloomberg. The pricing positions the offering to raise roughly $75 billion and value SpaceX at about $1.77 trillion ahead of its Nasdaq debut, making the reported BlackRock order a major signal of institutional demand.
The size of the commitment matters because the listing combines one of the largest U.S. capital raises on record with a sizeable retail allocation and unconventional distribution mechanics. Even with heavy demand, the transaction is entering public markets with serious questions around valuation, governance and underlying fundamentals.
$SPCX – SPACEX IPO DRAWS $5B BLACKROCK ORDER
Elon Musk’s SpaceX is preparing a $75B share sale, with huge investor demand. BlackRock ordered at least $5B, and other asset managers and sovereign funds placed similarly large bids. Total demand reportedly exceeds $70B from…
— *Walter Bloomberg (@DeItaone) June 11, 2026
SpaceX Draws Heavy Institutional and Retail Demand
SpaceX set a fixed IPO price rather than relying on a typical roadshow negotiation process. Company executives allocated up to 30% of the offering to individual investors, a structure that helped amplify retail demand reportedly exceeding tens of billions of dollars and made retail participation a central feature of the offering.
Reports described the institutional order book as many multiples larger than the available shares. Some outlets cited retail demand above $100 billion and overall interest as substantially oversubscribed, reinforcing the scale of investor appetite around the SpaceX listing.
Major asset managers were active in the order book. BlackRock’s reported $5 billion order represented a concentrated institutional position within the offering, while other reported buyers included sovereign wealth funds and family offices, showing broad demand across institutional capital pools.
The headline terms underscore the scale of the transaction. The IPO price was set at $135 per share, with target proceeds of about $75 billion and an implied valuation near $1.77 trillion, placing SpaceX among the most consequential public-market debuts in U.S. history.
Valuation Concerns Shadow the Debut
The financial disclosures accompanying the IPO showed a company with major revenue concentration in Starlink but substantial losses overall. SpaceX reported a net loss of $4.28 billion in the most recent quarter, following a prior quarterly deficit near $4.94 billion, making profitability a key concern beneath the headline demand.
Starlink generated reported revenue of $4.69 billion in the latest period, while SpaceX allocated roughly $7.7 billion in capital expenditure toward AI initiatives during the same quarter. That mix highlights the tension between high-growth infrastructure spending and near-term earnings pressure.
Analysts remain sharply divided on the valuation. Morningstar characterized SpaceX as “significantly overvalued” and produced a much lower per-share estimate than the IPO price, while at least one bank issued an “outperform” view with a $190 target, reflecting a wide valuation gap around the $1.77 trillion figure.
Governance issues have also drawn scrutiny. Observers flagged concentrated founder voting control and mandatory arbitration provisions in shareholder agreements, while a sitting senator raised questions about investor protections and corporate transparency, putting shareholder rights into the IPO risk discussion.
For markets, the immediate setup is bifurcated. A large and oversubscribed order book could support early trading by anchoring demand, but the gap between the IPO price and more cautious valuation estimates increases the risk of sharp repricing once continuous trading begins.
The next test will come after the Nasdaq debut, when trading, settlement dynamics and regulatory reaction begin to define the offering’s real market reception. The outcome will show whether SpaceX’s IPO validates massive institutional allocations or forces a broader reassessment of valuation and governance premiums in landmark listings.
