BlackRock purchased $5 billion in SpaceX shares as demand for the IPO reached $250 billion, nearly four times oversubscribed.

      **TL;DR** BlackRock placed an order for $5 billion in SpaceX shares. Total demand for the IPO reached $250 billion, nearly quadruple the available shares. SpaceX is set to debut on Friday at $135 per share, while Morningstar estimates its fair value at $63.

      According to the Wall Street Journal, BlackRock has ordered a minimum of $5 billion in SpaceX stock ahead of its debut on Friday. This order is almost equal to the entire $5.5 billion Cerebras IPO, the largest so far in 2026. SpaceX has informed banks that it will remain firm on its $135 per share pricing.

      Investor demand has soared to $250 billion, making the IPO nearly four times oversubscribed, as reported by Reuters. SpaceX intends to sell around 555.6 million shares, aiming to raise $75 billion, which would put its valuation at around $1.77 trillion. Retail investors have shown interest in over $70 billion worth of shares, with up to 30% of the IPO potentially reserved for public purchasers.

      Shares will be available through brokers like Charles Schwab, Fidelity, Robinhood, SoFi, and E*Trade. Fidelity has reduced its minimum account balance for IPO participation from $100,000 to $2,000, while Schwab still requires $100,000. Robinhood, SoFi, and E*Trade do not have a specified minimum balance.

      However, not everyone is supportive. Senator Elizabeth Warren sent a lengthy letter to SEC Commissioner Paul Atkins calling for a delay, arguing that the size of the IPO warranted careful SEC scrutiny and expressing concerns over SpaceX’s governance. She noted that Elon Musk controls 85% of shareholder voting power through supervoting shares and Texas corporate law, labeling it “unprecedented power” that leaves investors with “significantly fewer rights.”

      Market analysts have also expressed skepticism regarding the valuation, with Morningstar estimating SpaceX should be valued at $63 per share, roughly half the asking price. Michael Burry, known for his role in “The Big Short,” claimed there was “nothing” in the filing indicating the company’s worth at $1 trillion, let alone $2 trillion. SpaceX claims its total addressable market is $28.5 trillion, a figure analysts have described as “nonsensical” and likened to “smoke-and-mirrors accounting.”

      The financial outlook presents a mixed picture. SpaceX reported a net loss of $4.28 billion for its latest quarter, following a loss of $4.94 billion in 2025. The only profitable segment is Starlink, which generated $4.69 billion in quarterly revenue, whereas the AI division incurred a loss of $2.5 billion. In the quarter, capital expenditures reached $10.1 billion, with $7.7 billion allocated to AI. Last year, SpaceX invested $12.7 billion in AI compared to $3.8 billion in space initiatives.

      If shares are sold at $135, Musk’s 42% stake would value around $688 billion, potentially making him the world's first trillionaire when combined with his other assets. The S-1 filing also revealed that president Gwynne Shotwell could be worth $1.6 billion, CFO Bret Johnson $1.2 billion, and board member Antonio Gracias might see his net worth of $4.8 billion increase by $68 billion.

      The IPO follows several valuation revisions and last-minute agreements. Recently, SpaceX secured a $920 million monthly computing deal with Google and a $1.25 billion monthly contract with Anthropic before the offering. Warren raised concerns that index funds might be compelled to buy SpaceX stock, thus exposing millions of passive investors to “significant risks with no choice in the matter.”

      SpaceX plans to announce its final IPO price on Thursday, with trading set to begin Friday morning on the Nasdaq under the ticker SPCX.