- SpaceX has received over $250 billion in investor demand for its IPO, Reuters reported
- The company aims to raise $75 billion, with subscriptions four times the original target
- Saudi and Kuwaiti wealth funds placed orders between $1 billion and $5 billion each
Elon Musk's SpaceX has attracted over $250 billion in investor demand for its initial public offering (IPO), far above the $75 billion the company is aiming to raise, Reuters reported on Wednesday, citing sources privy to the development.
The IPO, seen as the world's biggest-ever, has recorded subscription of four times the original ask. According to reports, wealth funds based in Saudi Arabia and Kuwait have placed orders ranging from $1 billion to $5 billion each.
According to Reuters, SpaceX is still in the middle of its marketing campaign. SpaceX President Gwynne Shotwell and finance head Bret Johnsen were scheduled to attend a lunch meeting with roughly 300 institutional investors on Tuesday at Morgan Stanley in downtown Manhattan, which was hosted by Morgan Stanley Co-President Dan Simkowitz, Reuters reported.
Rather than final allocations, which will be determined at pricing, subscription levels show indications of interest.
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In its roadshow presentation and IPO documents, SpaceX highlights the strength of its Starlink internet business as well as the distinctive character of its rocket-launching business, which it claims has been responsible for the majority of mass launched into orbit over the last three years.
Additionally, SpaceX highlighted a $23 trillion market potential, which the company linked to its artificial intelligence capabilities.
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