Investor frenzy for Elon Musk’s aerospace giant has reached a fever pitch. According to sources familiar with the matter, the upcoming SpaceX initial public offering (IPO) is now more than four times oversubscribed, pulling in an astronomical $250 billion in total demand.

The company is on track to secure its target raise of $75 billion, officially positioning it to become the largest stock market listing in global history—shattering the previous record set by Saudi Aramco’s $29.4 billion debut in 2019.

The Metrics Behind the Historic Float

SpaceX has locked in a fixed offering price of $135 per share for its 555.6 million shares, a rare move that bypassed traditional price-range negotiations with Wall Street syndicates. This fixed pricing implies a staggering debut valuation of $1.8 trillion, catapulting SpaceX past tech giants like Amazon upon its public opening.

What is Driving the $250 Billion Demand?

While SpaceX’s reusable Falcon and Starship rocket programs dominate commercial space transport, institutional order books are being anchored by its massive, recurring artificial intelligence (AI) and satellite internet revenue.

Following a structural merger with xAI earlier this year, SpaceX revealed powerful recurring revenue streams in its SEC S-1 filing:

• Google Partnership: Google is reportedly paying SpaceX roughly $920 million per month ($30 billion through 2029) for Starlink bandwidth and AI computing cloud infrastructure.
• Anthropic Contract: The AI safety startup has committed to $1.25 billion per month for heavy AI infrastructure access.

Combined, these two contracts alone represent a baseline of $26 billion in annualized recurring revenue, transforming the market’s perception of SpaceX from a volatile launch operator into a highly predictable, infrastructure utility powerhouse.

Wall Street Skepticism: Is 4x Enough?

Despite the headline-grabbing numbers, some equity capital market (ECM) bankers urge caution. High-profile institutional investors often inflate their order sizes in popular IPOs, anticipating that final allocations will be heavily scaled back.

Furthermore, prominent short-sellers like Jim Chanos have openly labeled the $1.8 trillion valuation a “hopes-and-dreams IPO,” pointing out that trading at roughly 90 times its sales is a steep premium compared to Tesla’s historical multiples. Critics also flag a corporate structure that leaves Elon Musk with 79% of voting control despite owning 42% of actual equity, sparking minor governance boycotts from select European pension funds.

Next Steps for Investors

The order books closed officially as SpaceX moves directly into final allocations. Shares are scheduled to begin active public trading under the ticker SPCX on both the traditional Nasdaq and the new Nasdaq Texas exchange venue in Dallas