SpaceX Raises $75 Billion in Biggest IPO of All Time

Summary

Bloomberg's Ed Ludlow breaks the SpaceX IPO details: $75 billion raised at $135 per share, massive oversubscription on both institutional and retail sides, and an unusually high 30% retail allocation. He explains how Elon Musk kept pricing power away from asset managers, setting up a likely explosive open on the first trading day, but warns that profit-taking could drive a sharp afternoon reversal. He also outlines the long-term bull case built on a diversified business and the underappreciated orbital data center opportunity.

• SpaceX priced its IPO at $135 per share, raising $75 billion on a $1.77 trillion valuation.
• Retail demand approached $100 billion, and 30% of the deal was allocated to retail, an unprecedented share.
• Elon Musk set the price early and kept it fixed to prevent long-only institutions from bidding it up.
• The pricing and demand structure suggest a strong opening pop, but the reporter warns of a potential afternoon sell-off as flippers take profits.
• SpaceX is described as a much more diversified company than widely reported, with the orbital data center business seen as a near-term growth catalyst.
• Institutional investors view the IPO as a chance for high returns on equity and expect rapid capital deployment.