SpaceX, the Elon Musk-led rocket, satellite and artificial intelligence firm, is preparing for its initial public offering on June 12. The debut is set to be the largest in history, prompting Wall Street to spend months debating the company's value and preparing the plumbing systems needed to support the scale of the event.
The offering is described as well oversubscribed, with institutional investors placing orders for more than four times the available shares. Demand increased further following management meetings, and some individual investors have placed orders of $10 billion or more. Banks expected to stop taking institutional orders on June 10.
While institutional windows are closing, retail investors can still submit their orders. SpaceX wants smaller-pocketed, mom-and-pop investors to play a big role in what may be the biggest IPO ever. However, Wall Street analysts warn that splashy initial public offerings often skyrocket early on, only to return to earth with a thud.