Elon Musk's SpaceX (NASDAQ: SPCX) is preparing to make its stock market debut after completing the largest initial public offering (IPO) on record.
The rocket and satellite company has priced 555.6 million shares at US$135 each, raising US$75 billion and valuing the business at around US$1.77 trillion.
SpaceX shares are expected to begin trading on the Nasdaq on Friday in the United States, which will be late Friday night in Australia.
While everyday investors have rushed to take part, one of the biggest orders has come from the world's largest asset manager.
Let's dive right in.
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BlackRock places a huge order
According to The Wall Street Journal, BlackRock Inc (NYSE: BLK) submitted an order for at least US$5 billion worth of SpaceX shares.
Other large asset managers reportedly placed similar orders, while sovereign wealth funds and wealthy family offices also joined the queue. One family office is said to have requested more than US$1 billion of stock.
In total, SpaceX received more than US$250 billion in demand, leaving the offer close to 4 times oversubscribed. That means not every order will be filled.
Nonetheless, BlackRock's US$5 billion commitment will still attract significant attention. The company is the world's largest asset manager, overseeing trillions of dollars in assets across shares, bonds, ETFs, and other investments for clients worldwide.
Australians pile into the IPO
Interest has also been strong closer to home.
The Australian reported that CommSec closed its books for the SpaceX IPO after receiving more than 30,000 applications.
Globally, retail buyers requested more than US$70 billion worth of shares, with at least 20% of the offer expected to go to individuals. That's a much bigger allocation than is normally set aside for the public in a float of this size.
The rush also means many applicants are likely to receive fewer shares than they asked for, while some may miss out altogether.
Should investors follow BlackRock?
BlackRock's involvement is a strong vote of confidence, but it doesn't remove the risks attached to the valuation.
SpaceX generated US$18.7 billion in revenue during 2025, which means the company is being valued at almost 95 times last year's sales. It's also spending heavily across rockets, satellites, Starlink, and AI infrastructure.
Investors are therefore paying today for growth that may take years to arrive.
Heavy demand and a limited number of shares could still support the stock when trading begins. But BlackRock's US$5 billion commitment isn't enough reason on its own to buy.
SpaceX may have a strong long-term future, but at a valuation of US$1.77 trillion, the company will need to deliver on some very high expectations.
