Asset manager BlackRock is seeking to buy at least $5 billion worth of shares in the initial public offering of Elon Musk's SpaceX ahead of a planned Nasdaq listing this Friday. This single order is nearly as large as the $5.5 billion Cerebras IPO, the biggest of 2026 so far.
SpaceX is expected to raise approximately $75 billion in what would be the world's largest IPO on record, at a valuation of about $1.8 trillion. The company has told banks it will not budge from its price of $135 per share. Other large asset managers have made similarly significant requests, alongside fervent interest from individual investors.
Musk has rewritten the IPO playbook for the company by planning to give retail investors a larger role in allocations, with considerations to allocate as much as 30% of the offering to individual investors. He is also pushing for early index inclusion and structuring governance to preserve strong founder control.
The order book closed on Wednesday, and bankers are currently determining share allocations. SpaceX and BlackRock have not provided comments on the matter.