SpaceX IPO Oversubscribed Fourfold; Nasdaq Funds to Buy $22B–$27B

SpaceX’s initial public offering closed roughly four times oversubscribed at a $1.75 trillion valuation. The company set a fixed offering price of $135 per share to raise about $75 billion and reported order-book demand of roughly $250 billion. SpaceX is scheduled to list on Nasdaq on June 12.

Retail brokers including Robinhood, Fidelity, Charles Schwab, SoFi and E*Trade were allocated about 30% of the deal, above the typical 5–10% retail slice. Several large institutions placed individual orders on the scale of roughly $10 billion.

To fund allocations, investors sold existing liquid holdings. Crypto markets lost more than $180 billion the same week the order book filled. Other market pressures, including doubts about the timing of rate cuts and forced liquidations of leveraged positions, coincided with broad weakness across risk assets.

Nasdaq changed index rules this spring, removing a three-month waiting period and the minimum float requirement for very large new listings that rank in the top 40 by market capitalization. Under the revised rules, a qualifying company can join the Nasdaq-100 15 trading days after its debut. FTSE Russell relaxed float requirements for large listings. S&P Dow Jones did not adopt a fast-track process; under current S&P rules SpaceX is ineligible for the S&P 500 until at least mid-2027.

Funds that track the Nasdaq-100 must remain fully invested, and index-tracking vehicles are expected to buy SpaceX shares automatically once the company enters the index. Analysts estimate passive and active Nasdaq-100 funds will need to acquire roughly $22 billion to $27 billion of SpaceX stock. To fund those purchases, those funds will reduce holdings in other large-cap Nasdaq names, including Nvidia, Apple, Microsoft and Amazon, and in AI-infrastructure companies concentrated in the index.

Only about 3% to 5% of SpaceX shares are expected to trade initially. The company negotiated a rolling lockup instead of a standard 180-day block. Under that arrangement some insiders can sell up to 20% of their holdings shortly after the first quarterly report, with additional selling windows in the autumn. A number of major shareholders, including Elon Musk and several large backers, agreed to one-year lockups.

Anthropic filed confidentially for an IPO on June 1. OpenAI filed a week later, and company executives have indicated a potential initial public offering as soon as the fourth quarter of 2026.

Analysts expect increased market volatility in the near term as forced index buying, front-running, retail demand and later insider selling each influence flows. Market observers say the most intense adjustments could occur over the summer and into the autumn if additional large listings proceed.