Elon Musk’s SpaceX is preparing to stage the largest public offering ever, selling $75 billion worth of shares in one fell swoop. Investors are showing up.
BlackRock put in an order to buy at least $5 billion worth of SpaceX shares, according to people familiar with the matter, and other large asset managers submitted similarly eye-popping orders. While such firms often buy large stakes in IPOs, orders of this size are multiples of those seen in traditional offerings.
To put it in context, the largest IPO of the year ahead of SpaceX was chip maker Cerebras, which raised $5.55 billion total in its offering.
Individual investors alone requested well over $70 billion worth of SpaceX shares, the people familiar with the matter said. The company also received orders from sovereign-wealth funds and family offices, including an over $1 billion request from a single family-office investor, other people said.