Elon Musk’s SpaceX has reportedly attracted more than $250 billion in investor interest for its blockbuster IPO on Friday.
Reuters reports that Elon Musk’s SpaceX is preparing for what could become the largest IPO in history, with demand running at three and a half to four times the planned offering size. The company aims to raise $75 billion, but indications of interest have far exceeded that target.
Elon Musk himself made brief appearances at some virtual meetings with prospective investors during the roadshow process, according to a person with knowledge of the matter. Investment funds have placed substantial orders for the offering based on these meetings.
The marketing effort for the IPO continued on Tuesday with a significant event in New York. SpaceX President Gwynne Shotwell and CFO Bret Johnsen were scheduled to attend a lunch at Morgan Stanley’s midtown Manhattan offices with approximately 300 institutional investors. Morgan Stanley Co-President Dan Simkowitz hosted the gathering, a source familiar with the arrangements said.
The final pricing for the IPO is anticipated on Thursday afternoon, though investor demand could shift before that point. The current subscription figures represent indications of interest rather than confirmed allocations, which will be determined at the time of pricing. Some major institutional investors typically place their orders late in the process, sources noted. The individuals providing this information requested anonymity because the details are confidential.
In its presentations to investors and regulatory filings, SpaceX has emphasized several distinctive elements of its business. The company noted that its rocket-launching operations have been responsible for the vast majority of mass sent into orbit during the past three years. It also highlighted the robust performance of its Starlink satellite internet service.
Beyond its existing operations, SpaceX has pointed to a $23 trillion market opportunity in AI. The company asserted that it is uniquely positioned to overcome constraints facing terrestrial businesses by utilizing space for AI computing infrastructure, which it anticipates will generate massive demand going forward.
Breitbart News previously reported Elon Musk pushed the idea of Space-based AI data centers in a video interview this week:
The AI data center satellite, which Musk characterized as a preliminary version of the final design, will stand 20 meters tall with an expansive wingspan of 70 meters. These dimensions make it the largest satellite SpaceX has ever attempted to launch. The structure features a rack of AI chips flanked by extensive solar panels and liquid radiators for thermal management.
Musk described the current design as a draft iteration of what will become the operational version. He noted that the satellite is considerably less complex than SpaceX’s Starlink satellites, which the company has been deploying since 2019. Much of the technology draws from systems already developed for the satellite internet service.
“We don’t think this is a super hard problem, compared to things we already do,” said Musk.
Read more at Reuters here.
Lucas Nolan is a reporter for Breitbart News covering issues of AI, free speech, and online censorship.