The Wall Street Journal reported on June 11, citing sources, that BlackRock, the world's largest asset manager, has placed an order for at least $5 billion worth of SpaceX shares. Other major asset management firms are also said to have submitted similar-sized orders.
SpaceX announced that it has sold all 555,555,555 shares targeted for the IPO at a price of $135 per share. This move is expected to raise a total of $75 billion, giving the company an estimated valuation of approximately $1.77 trillion, surpassing Saudi Aramco to become the largest IPO in history.
Demand from individual investors has also been robust. The Journal noted that individual investors have requested more than $70 billion worth of SpaceX shares. The company has received orders from sovereign wealth funds and family offices, with one family office reportedly placing an order exceeding $1 billion.
CEO Musk has indicated a desire to allocate a higher proportion of shares to individual investors than is typical for IPOs. The Journal reported that Musk hopes to allocate about 30% of the offering shares to individual investors.
This IPO process differs from traditional methods. Instead of presenting a price range and adjusting based on demand, SpaceX set a single price of $135 per share.
However, despite the excitement, there are concerns. SpaceX remains an unprofitable company, and a significant portion of its $1.77 trillion valuation relies on the growth potential of its early-stage artificial intelligence (AI) business. Critics have raised concerns about corporate governance, as Musk is expected to maintain a high level of control even after the IPO.
* This article has been translated by AI.
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