BlackRock submitted an order to buy at least $5 billion in SpaceX shares ahead of Friday’s debut, the Wall Street Journal reported. That single order is nearly as large as the entire $5.5 billion Cerebras IPO, the biggest of 2026 so far. SpaceX has told banks it will not budge from its $135 per share price.

Total investor demand has reached $250 billion, making the offering nearly four times oversubscribed, according to Reuters. SpaceX plans to sell roughly 555.6 million shares, raising $75 billion at a valuation of approximately $1.77 trillion. Retail investors have requested over $70 billion worth of shares. Up to 30% of the IPO may be allocated to public buyers.

Allocated shares will be available through Charles Schwab, Fidelity, Robinhood, SoFi, and E*Trade. Fidelity lowered its minimum account balance for IPO access from $100,000 to $2,000. Schwab still requires $100,000. Robinhood, SoFi, and E*Trade have no stated minimum.

Not everyone is enthusiastic. Senator Elizabeth Warren sent a 12-page letter to SEC Commissioner Paul Atkins requesting a delay. She argued the IPO’s size alone “would justify careful SEC review,” and raised concerns about SpaceX’s governance structure. Musk controls 85% of shareholder voting power through supervoting shares, mandatory arbitration, and Texas corporate law. Warren called it “unprecedented power” over investors who would have “significantly fewer rights than those traditionally offered.”

Market analysts have also pushed back on the valuation. Morningstar projected SpaceX should trade at $63 per share, roughly half the asking price. “Big Short” investor Michael Burry said there was “nothing” in the filing to suggest the company is worth $1 trillion, “let alone $2 trillion.” SpaceX valued its total addressable market at $28.5 trillion, a figure analysts called “nonsensical” and “smoke-and-mirrors accounting.”

The financials tell a mixed story. SpaceX disclosed a net loss of $4.28 billion through its latest quarter, after losing $4.94 billion in 2025. Starlink, which generated $4.69 billion in quarterly revenue, is the only profitable segment. The AI arm lost $2.5 billion. Capital expenditure hit $10.1 billion in the quarter, with $7.7 billion going to AI. SpaceX spent $12.7 billion on AI last year, compared to $3.8 billion on space.

If shares trade at $135, Musk’s 42% stake would be worth approximately $688 billion, making him the world’s first trillionaire when combined with his other holdings. SpaceX’s S-1 filing also revealed billionaire-making stakes for president Gwynne Shotwell ($1.6 billion), CFO Bret Johnson ($1.2 billion), and board members including Valor Equity’s Antonio Gracias, whose $4.8 billion net worth could surge by $68 billion.

The IPO arrives after a string of valuation adjustments and last-minute deals. SpaceX signed a $920 million monthly compute deal with Google and a $1.25 billion monthly deal with Anthropic in the weeks before the offering. Warren’s concern is that index funds will be forced to buy SpaceX stock, exposing millions of passive investors to “significant risks with no choice in the matter.”

SpaceX will disclose its final IPO price on Thursday. Trading begins Friday morning on the Nasdaq under the ticker SPCX.

For once, SpaceX is ahead of schedule: Elon Musk’s space and AI conglomerate officially confirmed that it has raised $75 billion from the sale of its shares to its underwriters, who are set to begin marketing the company on the Nasdaq stock exchange Friday.

SpaceX priced its 555.6 million shares at $135 each, the company said in an update on its website. That makes SpaceX officially the largest IPO in history, easily eclipsing the $24.9 billion in funds raised by Saudi Aramco during its 2019 public markets debut. At this price, the deal also looks set to make Musk the world’s first trillionaire.

The company, officially known as Space Exploration Technologies Corp., will trade under the SPCX ticker symbol.

As active trading gets underway tomorrow, SpaceX’s share price may sink or rise. But anecdotal reports suggest that big institutional investors and individual buyers are lining up to purchase shares in the 24-year-old technology company.

If the sale is as oversubscribed as the talkative bankers make it out to be, they have an option to bring an additional 83.3 million shares to market, which would raise another $11 billion at the company’s opening price.

Hyperliquid, a crypto betting market that attempts to offer synthetic exposure to SpaceX stock, currently prices the shares at $167, suggesting that market participants expect a classic 20% IPO pop on the first day of trading.

In the longer term, there are big open questions about how SpaceX will be able to justify its eye-popping valuation. The company’s outstanding engineering projects, from the world’s largest reusable rocket to a new American chip fab, fill up a daunting to-do list.

This story is developing …