SpaceX IPO Is Said to Be More Than Four Times Oversubscribed

SpaceX’s initial public offering has attracted demand for more than four times the available shares, according to people familiar with the matter, ahead of the Elon Musk-led rocket, satellite and artificial intelligence firm stopping taking orders.

The banks are expected to stop taking orders from institutional investors after the market closes in New York at 4 p.m. on Wednesday, people familiar with the matter have said.

SpaceX’s IPO is set to price June 11 and trade the following day. The company is offering 555.6 million shares at a fixed price of $135 each, which would raise about $75 ...