SpaceX's IPO subscription demand exceeded 250 billion US dollars, with an oversubscription ratio of 3.5 to 4 times.

According to insiders, as of this Tuesday, SpaceX's first public offering (IPO) has attracted a demand for investor subscriptions totaling over $250 billion, far exceeding the planned fundraising of $75 billion. Based on the current situation, the oversubscription ratio for this IPO has reached 3.5 to 4 times, further demonstrating the strong market enthusiasm for this "space + AI" giant. Insiders say that many long-term investment institutions have already submitted substantial subscription orders, with some institutions placing orders in the tens of billions of dollars. Meanwhile, Musk himself has briefly participated in video meetings with some potential investors, introducing the company's long-term development strategy to institutional investors. As per the issuance schedule, SpaceX President Gwynne Shotwell and CFO Bret Johnsen will hold a roadshow exchange event with approximately 300 institutional investors at Morgan Stanley's headquarters in New York on Tuesday, hosted by Morgan Stanley co-president Dan Simkowitz. However, insiders caution that the disclosed subscription amounts currently mainly reflect investor intentions and do not represent the final allocation results. Institutional orders may still change before the IPO is officially priced. In addition, large institutional investors typically submit final subscription applications in the final stages of the offering, so there is the potential for further growth in demand. It is worth noting that SpaceX's IPO coincides with a significant increase in global financial market volatility. Last Friday, US tech stocks experienced a significant sell-off, with the Nasdaq index recording its largest single-day decline in over a year. This Tuesday, the price of Bitcoin also continued to decline, down approximately 37% from its historic high in January. Some market participants even speculate that the recent adjustments in tech stocks and crypto assets may be related to some investors raising funds in advance to participate in the SpaceX IPO. Despite the turbulent market environment, SpaceX remains one of the most highly anticipated investment targets in the current global capital markets. This is not only due to the company's absolute leading position in the commercial space sector but also closely related to its expanding Starlink satellite internet business and artificial intelligence initiatives in recent years. According to SpaceX's roadshow materials, the company emphasizes its unique competitive advantages in rocket launch operations and the Starlink satellite internet network. SpaceX states that over the past three years, it has undertaken the majority of global orbital payload launch missions and has become one of the most important infrastructure providers in the global commercial space industry. At the same time, the Starlink satellite internet network is continually expanding its coverage. The company aims to connect over 3 billion people globally who do not currently have stable internet access and further narrow the global digital divide. "By significantly reducing the cost of access to space, we are able to expand our mission, not only advancing human exploration of space but also helping to address some of the most important challenges facing Earth, including providing internet access and knowledge resources to billions of people globally," SpaceX says in its roadshow materials. Compared to its space business, the market is more interested in SpaceX's grand vision for the future development of artificial intelligence. In its latest roadshow materials, SpaceX outlines a $23 trillion market opportunity for artificial intelligence. The company believes that one of the biggest bottlenecks in the future AI industry will come from power supply and computing infrastructure construction. SpaceX points out that the expansion rate of US power generation and computing capacity has gradually fallen behind China, and large data center projects in the US face issues such as lengthy approval processes, high construction costs, and limited energy supply. Therefore, the company proposes a long-term strategy of using space to build AI infrastructure. SpaceX believes that with the continuous decrease in the cost of rocket launches, future data centers, power facilities, and even AI computing platforms may be deployed in near-Earth orbit space, thereby overcoming restrictions on ground energy and land resources. The company states in its materials, "We are the only platform enterprise capable of breaking through ground business model limitations and building AI computing power using space." Analysts point out that this vision aligns closely with Musk's xAI development strategy in recent years. Musk has already deeply integrated his artificial intelligence company, xAI, with his vast infrastructure resources, and the market generally believes that SpaceX will be an important part of his AI ecosystem in the future. As AI infrastructure construction becomes one of the hottest investment topics in the global tech industry, SpaceX's "space computing power" story has also become a significant factor in attracting investors to this IPO.