Elon Musk's SpaceX has drawn more than $250 billion of investor demand for what stands to be the largest-ever IPO, said people familiar with the matter on Tuesday, dwarfing the $75 billion the firm is seeking to raise. The deal's oversubscription rate is running at three and a half to four times the planned offering size, sources said, which bankers and investors say is the latest sign that demand is strong, as Reuters reported on Friday. Long-only funds have put in what one source described as sizable orders. Musk briefly joined some Zoom meetings with potential investors, a source said. The company remains in the midst of the marketing process, sources said. On Tuesday, SpaceX President Gwynne Shotwell and finance chief Bret Johnsen were expected to attend a lunch meeting at Morgan Stanley in midtown Manhattan with about 300 institutional investors and hosted by Morgan Stanley Co-President Dan Simkowitz, said a source familiar with the plans.
Investor demand is still subject to change before the IPO prices, expected on Thursday afternoon.
