Over $250 billion in subscription interest! Reuters reports that SpaceX has attracted over $250 billion in investor subscription demand, far exceeding the planned $75 billion fundraising target. The oversubscription rate for this deal is approximately 3.5 to 4 times the planned issuance size. Investment banks say market demand remains strong, and long-term holding funds have submitted 'some substantial orders.' Of course, the subscription data reflects indicative interest, not the final allocation results, which will be determined at pricing. Some large institutional investors often submit orders later in the IPO process. This is why last Monday on X (formerly Twitter), there was talk about SpaceX's massive IPO having a "draining effect" that would manifest during the roadshow rather than at the IPO itself, as institutions prepare funds and adjust positions in advance for the IPO. By the time the actual IPO day arrives, these oversubscribed funds will likely be released instead (right now, they’re essentially in a locked state because these institutions don’t know how much allocation they’ll ultimately receive. At the very least, they need to prepare a significant portion of the funds they’ve indicated for subscription. This portion of funds can essentially be considered locked up).