SpaceX has already received more orders than available shares in its $75 billion initial public offering, according to people familiar with the matter, putting the company on the verge of setting a record for the largest listing ever.
The IPO for Elon Musk’s rocket, satellite and artificial intelligence company has been oversubscribed after one-on-one meetings between the company and institutional investors, said one of the people, who asked not to be identified as the information is not public. The Starbase, Texas-based company is offering about 555.6 million shares at $135 each, valuing it at about $1.8 trillion.

SpaceX is poised to deliver the largest IPO in 2019, more than double the size of Saudi Aramco’s $29.4 billion listing. In a fixed-price offering, receiving more orders than available shares usually indicates that the company has enough demand to raise the full amount it is asking.

The deal is expected to price June 11 and begin trading the next day, and will be very early in the marketing process, the people said. Discussions are ongoing and details may change, the people said. A SpaceX spokeswoman did not immediately respond to a request for comment.

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Musk’s decision to offer shares at a fixed price before taking orders was almost unheard of for large US IPOs, unlike in Europe and Asia. Most companies typically announce a price range before marketing the stock during investor presentations, with only a few smaller companies forgoing the opportunity to gauge demand and potentially generate excitement by pricing at or above the top.

SpaceX and other potential mega-IPOs could see significant buying from index-tracking investors soon after they go public this year. Nasdaq Inc. recently changed its rules to allow SpaceX to join the Nasdaq 100 index, a group of the largest non-financial companies listed on its exchange, in just 15 trading days, down from the three-month minimum. FTSE Russell took a similar approach, reducing the waiting time to five trading days.

S&P Dow Jones Indices declined to follow other index firms, however, and will maintain its existing eligibility requirements for benchmarks including the S&P 500, closing the door to faster entry for big tech IPOs.

Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp., Citigroup Inc. And JPMorgan Chase & Co. is leading the deal, with 18 other banks participating. The company, formally known as Space Exploration Technologies Corp., expects to debut on the Nasdaq and Nasdaq Texas under the symbol SPCX.