BlackRock Wants to Buy at Least $5 Billion in SpaceX IPO Shares: Report

Asset manager BlackRock sought to buy at least $5 billion worth of shares in Elon Musk’s initial public offering of SpaceX, the Wall Street Journal reported Thursday, citing people familiar with the matter.

SpaceX is expected to raise about $75 billion in what would be the world’s largest IPO with a valuation of about $1.8 trillion.

The order book closed on Wednesday and bankers are determining share allocations ahead of a planned Nasdaq listing on Friday, the WSJ said.

Reuters previously reported that SpaceX was considering allocating up to 30% of the offering to individual investors.

Musk has rewritten the IPO playbook for SpaceX in several other ways, from planning to give retail investors a bigger role in allocations to pushing for early index inclusion and structured governance to maintain strong founder control.

SpaceX did not immediately respond to a request for comment, while BlackRock declined to comment. Reuters could not immediately verify the report.