SpaceX IPO to Be Largest Ever as Banks Close Institutional Orders Wednesday

Banks leading the initial public offering for SpaceX, Elon Musk's rocket, satellite, and artificial intelligence company, are expected to stop accepting orders from institutional investors after the close of trading on Wednesday at 4 p.m. in New York, according to sources familiar with the matter who requested anonymity because the information is not public.

Closing the order books early allows the banks to assess demand and advise the company on pricing before the IPO is priced on June 11 and begins trading the following day. SpaceX is allocating up to 30% of the offering to retail investors, as previously reported by Bloomberg News.

A spokesperson for SpaceX did not immediately respond to a request for comment, while representatives for Goldman Sachs Group Inc. and Morgan Stanley declined to comment.

Anticipation for the IPO is building, with expectations that it will surpass Saudi Aramco's $29.4 billion debut in 2019 to become the largest ever. In recent weeks, SpaceX has disclosed new revenue streams, emphasizing its artificial intelligence capabilities.

On Friday, the company announced a deal with Alphabet Inc.'s Google, under which the Gemini AI model maker will pay $920 million per month as part of a cloud services agreement running through 2029. SpaceX previously disclosed a similar agreement with Anthropic PBC.

The company, formally known as Space Exploration Technologies Corp., expects to list on the Nasdaq and Nasdaq Texas under the ticker symbol SPCX.