BlackRock Inc. is seeking to buy shares in SpaceX’s initial public offering and is targeting an amount of about $5 billion, according to people familiar with the matter, as investors jockey for allocations in what’s expected to be the biggest listing ever.
At that size, the firm would join Middle Eastern investment funds that have agreed to place orders of $1 billion or more, people familiar with the matter have said. SpaceX’s IPO has drawn multiple times the orders for the 555.6 million shares available, including anchor orders of about $10 billion each, Bloomberg News has reported .
Deliberations are ongoing and the details of the offering could change, the people said, asking not to be identified as the information isn’t public.
A spokesperson for BlackRock declined to comment. A representative for SpaceX didn’t immediately respond to a request for comment. The size of BlackRock’s order was reported earlier by the Wall Street Journal.
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SpaceX’s IPO is set to price Thursday with trading beginning Friday. The company is offering shares at a fixed price of $135 each, which would raise about $75 billion, and value it at about $1.8 trillion.
The banks were expected to stop taking orders from institutional investors Wednesday, people familiar with the matter have said.
Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. are leading the deal, with 18 other banks participating. Shares in the company, which is formally known as Space Exploration Technologies Corp. will trade on Nasdaq and Nasdaq Texas under the symbol SPCX.
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