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

      **TL;DR** BlackRock placed an order for $5 billion in SpaceX stock. Total demand for the IPO reached $250 billion, almost four times oversubscribed. SpaceX will debut on Friday at $135 per share, although Morningstar values it at $63.

      According to the Wall Street Journal, BlackRock has ordered to purchase at least $5 billion in SpaceX shares ahead of its debut on Friday. This order is nearly equivalent to the total of the $5.5 billion Cerebras IPO, which is the largest of 2026 so far. SpaceX has stated to banks that it will maintain its price of $135 per share.

      Total demand from investors has hit $250 billion, making the offering nearly four times oversubscribed, as reported by Reuters. SpaceX plans to sell around 555.6 million shares, aiming to raise $75 billion, resulting in a valuation of about $1.77 trillion. Retail investors have requested shares worth over $70 billion, with public buyers potentially receiving up to 30% of the IPO.

      Allocated shares will be accessible through platforms like Charles Schwab, Fidelity, Robinhood, SoFi, and E*Trade. Fidelity has reduced its minimum required account balance for IPO access from $100,000 to $2,000, while Schwab still requires $100,000. Robinhood, SoFi, and E*Trade have no specified minimum.

      However, not everyone is supportive of the IPO. Senator Elizabeth Warren sent a 12-page letter to SEC Commissioner Paul Atkins asking for a delay. She expressed that the size of the IPO warrants careful SEC review and raised questions regarding SpaceX’s governance model. Musk controls 85% of shareholder voting rights through supervoting shares, compulsory arbitration, and Texas corporate laws, which Warren deemed “unprecedented power” that would leave investors with “significantly fewer rights than those typically granted.”

      Market analysts have also questioned the company’s valuation. Morningstar estimates that SpaceX should be valued at $63 per share, about half of its asking price. Investor Michael Burry, known for “The Big Short,” mentioned that the filing provided “nothing” to justify a $1 trillion valuation, let alone $2 trillion, while SpaceX assesses its total addressable market at $28.5 trillion, a figure analysts call “nonsensical” and based on “smoke-and-mirrors accounting.”

      The financials present a mixed picture. SpaceX reported a net loss of $4.28 billion for the latest quarter after a $4.94 billion loss in 2025. Starlink, with $4.69 billion in quarterly revenue, is the only profitable segment, while the AI division lost $2.5 billion. Capital expenditures reached $10.1 billion in the quarter, with $7.7 billion allocated to AI. Last year, SpaceX invested $12.7 billion in AI, compared to $3.8 billion for space.

      If shares are priced at $135, Musk’s 42% stake would be valued at about $688 billion, potentially making him the world’s first trillionaire when combined with his other assets. The S-1 filing from SpaceX also indicated billionaire-status stakes for president Gwynne Shotwell ($1.6 billion), CFO Bret Johnson ($1.2 billion), and board members like Antonio Gracias of Valor Equity, whose net worth of $4.8 billion could increase by $68 billion.

      This IPO comes after various valuation revisions and last-minute agreements, including a $920 million monthly computing deal with Google and a $1.25 billion monthly agreement with Anthropic leading up to the offering. Warren highlighted concerns that index funds might be compelled to acquire SpaceX stock, placing millions of passive investors at “significant risk without a choice.”

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