According to BloombergOn June 9, it was reported that SpaceX's initial public offering (IPO) was significantly oversubscribed, and many institutional investors submitted subscription orders of approximately US$10 billion or more, and market demand was extremely strong. Banks leading the offering are expected to stop accepting orders from institutional investors after the U.S. stock market closes at 4 p.m. New York time on Wednesday.
"The final sprint of the largest IPO in history
SpaceX's IPO has entered the last 72 hours:
| time node | Matters | critical data |
| June 3 | Submit updated prospectus with the SEC | Issue price locked at $135 per share |
| June 4 | Global roadshow launched | Morgan Stanley's New York headquarters hosts approximately 300 institutions |
| 9 June | Institutional subscription deadline | Multiple submissions of tens of billions of dollars worth of orders |
| June 11 | formal pricing | Adjustment is only possible in extreme market environments |
| June 12 | NASDAQ | Stock code "SPCX" |
Musk's share price rose by only 2.2% less than the trillion-dollar
per shareCalculated at the US$135 issue price, Musk's personal net worth can reach US$988 billion, just a stone's throw away from the world's first trillion-dollar millionaire. As long as the stock price rises by 2.2% to US$138 in the subsequent period, he will be able to achieve a historic breakthrough of a trillion yuan worth. If the company's valuation rises to US$2 trillion after listing, its net assets will exceed US$1.1 trillion and its net worth will be three times that of Google co-founder Larry Page.
82.4% of voting rights: Musk's "absolute control"
After the IPO, Musk will rely on all Class A and B shares held by him to control approximately 82.4% of the company's total voting rights; if the underwriter fully exercises the over-allotment subscription rights (green shoe mechanism), the voting ratio is approximately 82.3%, of which approximately 81.1% of the voting rights come from the Class B common shares he holds.
This control structure is extremely rare in the history of US stocks--Even Zuckerberg's control of Meta is "only" about 60% of the voting rights. Musk's 82.4% means that SpaceX has almost become a "public company in the form of a private company," and public shareholders have little governance influence.
"Rapid inclusion" of the Nasdaq 100: The wave of passive allocation of index funds
On March 30, 2026, Nasdaq passed a new "Fast Entry" rule: newly listed companies can be quickly included in the index within 15 trading days after listing as long as their market value ranks among the top 40 on the Nasdaq 100. The rule took effect on May 1 and is believed to be tailor-made for SpaceX.
Which means tracking Nasdaq100 index funds (with total assets exceeding one trillion US dollars) will be forced to passively allocate SpaceX shares before the end of June to form a "buy when you go public" liquidity support.
SpaceX's IPO oversubscription is the capital market's ultimate vote on the "Musk narrative." A valuation of US$1.8 trillion, a fundraising of US$75 billion, and 82.4% of voting rights-behind these figures are investors 'bets on the "space +AI" dual-engine strategy. But the risk is equally huge: Can Star Chain's cash flow continue to support xAI's "cash black hole"(Q1 loss of US$2.469 billion)? Will Musk's decentralized governance structure trigger ESG resistance from institutional investors? The listing on June 12 will be the first test for answers to these questions.