SpaceX’s bankers are preparing for one of Wall Street’s biggest tests: listing a $1.78tn company at a fixed price as tech stocks are hit with waves of volatility.
Elon Musk’s lossmaking rockets-to-AI group is expected to make its market debut on Friday following what is set to be the biggest IPO on record, offering shares at $135 each, a set price that several people involved in the deal said left underwriters with less flexibility than is typical in a conventional listing.
Investors, bankers and people close to the offering say orders exceed available shares by at least three times. But oversubscription in no way guarantees the stock will surge once it begins trading.
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