SpaceX’s initial public offering is well oversubscribed with multiple institutional investors placing orders for about $10 billion or more of shares, according to people familiar with the matter, as demand builds for a potentially record-setting debut.
Banks leading the offering by Elon Musk’s rocket, satellite and artificial intelligence company are expected to stop taking orders from institutional investors on Wednesday after the market closes in New York at 4 p.m., some of the people said, asking not to be identified as the information isn’t public.
Closing the order books gives banks time to gauge demand ahead of the ...
