BlackRock is reportedly placing a large order to buy shares in SpaceX’s initial public offering, targeting about $5 billion, according to people familiar with the matter and related reporting. The move comes as investors compete for allocations in what is expected to be one of the largest IPOs on record. Reporting indicates that demand for the offering is exceptionally high, with one outlet citing total IPO demand of about $250 billion and describing the offering as nearly four times oversubscribed. BlackRock’s order is also described as very large relative to other recent IPO sizes.
Additional reporting says SpaceX is raising money through the sale of 555.6 million Class A shares at a fixed price of $135 per share, with the deal structured to raise about $75 billion. SpaceX has reportedly told banks it will not change the $135 share price. Multiple outlets characterize the listing as a major event for asset managers as they seek access to shares in the debut.
