SpaceX has attracted over $250 billion in investor interest for what could become the biggest initial public offering ever, according to people familiar with the situation. This amount far exceeds the $75 billion the company aims to raise. The offering appears three and a half to four times oversubscribed, indicating robust demand from long-only funds and other large investors. Company executives have participated in some virtual meetings with potential backers as the marketing phase continues. On Tuesday, senior leaders were scheduled to meet with around 300 institutional investors at a lunch hosted by Morgan Stanley in New York. Final demand levels may shift before pricing, which is anticipated on Thursday. Indications of interest do not represent final commitments, and some major investors often place orders later in the process. The IPO occurs amid market turbulence, with major indexes declining and cryptocurrency prices falling sharply. Analysts have suggested that some selling pressure might stem from investors raising cash for the offering. Company materials highlight SpaceX’s dominance in rocket launches over recent years and the growth potential of its satellite internet service. They also note a large opportunity in artificial intelligence applications that could require space-based infrastructure. The presentation points to slower progress in US power and computing capacity compared with other nations, proposing orbital data centers as a solution.
