SpaceX’s $100 Billion Order Book Is Tiny Versus Hot Chinese IPOs

Elon Musk’s SpaceX made history with the biggest initial public offering of all time, but there’s at least one metric where the deal falls short.

The IPO of Space Exploration Technologies Corp., as the rocket, satellite and artificial-intelligence company is formally called, drew more than $100 billion of orders from retail investors, people familiar with the matter have said. While the bids are enormous by most standards, they still pale in comparison to some of the hottest IPOs in mainland China and Hong Kong.

In Shanghai, Chinese chipmaker MetaX Integrated Circuits Shanghai Co.’s IPO in late 2025 drew ...