BlackRock is planning to buy at least $5 billion worth of shares in SpaceX’s planned initial public offering, as major Gulf sovereign investors also line up multibillion-dollar orders for the closely watched listing.
The huge order, reported by The Wall Street Journal, lands as SpaceX’s bankers finalize investor allocations for a listing expected to raise about $75 billion and value the company at nearly $1.8 trillion.
BlackRock’s $5 billion order signals heavy IPO demand
The order would put BlackRock among the biggest known buyers in the IPO, adding another layer of institutional demand before SpaceX starts trading.
At the offer price of $135 a share, a $5 billion order would equal roughly 37 million shares if filled in full, though final allocations will depend on how SpaceX and its bankers divide shares among institutional investors, sovereign funds, family offices and retail buyers.
In addition to BlackRock, SpaceX has drawn strong interest from major asset managers, sovereign wealth funds and family offices, including a large order of more than $1 billion from one family office.
Demand from individual investors has also exceeded $70 billion, underscoring the strong public appetite for a company that has remained largely out of reach for retail buyers while private.
Gulf funds join the race for exposure
The Middle East has also emerged as a major force in the IPO, as some of the region’s largest sovereign investors seek sizeable allocations ahead of SpaceX’s Nasdaq debut.
Saudi Arabia’s Public Investment Fund and Kuwait Investment Authority have each submitted orders valued between $1 billion and $5 billion, while Qatar’s sovereign wealth fund is also expected to make a significant commitment, according to Bloomberg.
The orders point to a wider Gulf strategy of backing strategic technology platforms, from artificial intelligence and digital infrastructure to satellite communications and advanced transport, as SpaceX offers a rare mix of those themes through its launch business, Starlink broadband network and long-term ambitions around space-based infrastructure.
IPO demand builds ahead of Nasdaq debut
SpaceX is offering about 555.6 million shares, with the IPO priced at $135 each to raise roughly $75 billion in what would be the largest listing on record. The company is set to begin trading on Nasdaq under the ticker SPCX on June 12, with the offering valuing SpaceX at nearly $1.8 trillion.
The IPO drew heavy demand during bookbuilding, with reports describing the deal as roughly three to four times oversubscribed.
SpaceX is also taking an unconventional approach by setting a fixed offer price and preparing a larger-than-usual allocation for individual investors, a move that could widen access but also increase early trading volatility if demand spills into the open market.
The rush for shares shows how SpaceX has become far more than a rocket story, offering BlackRock, Gulf sovereign funds and retail investors exposure to space, satellite internet and future infrastructure while testing how much the market is willing to pay for long-term growth.
