The initial public offering (IPO) of Elon Musk‘s SpaceX has reportedly seen an overwhelming response from investors, ahead of its debut on June 12.

The company’s IPO has attracted over $250 billion in investor demand, significantly higher than the $75 billion it aimed to raise. This implies the offering was oversubscribed by roughly 3.5 to 4 times its planned size, Reuters reported on Tuesday.

Long-only funds have reportedly placed sizable orders, and investor interest remains strong, as per the report. SpaceX is still in the middle of its marketing process, with company President Gwynne Shotwell and finance chief Bret Johnsen scheduled to meet with about 300 institutional investors at a Morgan Stanley-hosted lunch meeting in midtown Manhattan on Tuesday, as per the report.

The final subscription figures have not yet been determined, as they are based on indications of interest rather than confirmed allocations. The report added that some large institutional investors typically place their orders toward the end of the IPO process.

The company is expected to raise roughly $75 billion at a valuation of about $1.75 trillion, making it one of the biggest public offerings ever. The IPO pricing is likely to be announced on Thursday afternoon.

SpaceX did not immediately respond to Benzinga‘s request for comments.

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Wall Street Prepares For SpaceX IPO

ETF issuers are already preparing to capitalize on SpaceX’s Nasdaq debut and launch new products, which is expected to be one of the largest and most actively traded IPOs in market history.

Defiance ETFs plans to introduce the Defiance Daily Target 2X Long SpaceX ETF (SPCU), while ProShares intends to launch the ProShares Ultra SpaceX ETF (SPCF) on June 12, both targeting twice the daily return of SpaceX stock. GraniteShares is also joining the competition with its GraniteShares 2x Long SpaceX Daily ETF (SPAL). In addition, REX Shares and Leverage Shares have announced plans to offer leveraged exposure to SpaceX.

Meanwhile, Elon Musk predicted that SpaceX could launch more than 1 million tons of Starlink payload into orbit over the next five years, underscoring his bullish outlook on the company’s growth and launch capabilities.

However, not everyone is convinced about the company’s IPO valuation. Short seller Jim Chanos argued that SpaceX’s valuation far exceeds the multiples of Amazon.com (NASDAQ:AMZN), Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL), and Meta Platforms (NASDAQ:META), at the time they went public.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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