SpaceX’s Record IPO Is Said to Draw Over $350 Billion in Demand

SpaceX’s historic $75 billion IPO drew more than $350 billion in demand from institutions and retail investors, according to people familiar with the matter.

The largest ever initial public offering saw institutional investors place orders for more than $250 billion of stock, the people said. The company sold 555.6 million shares at $135 each in a deal that values it at roughly $1.8 trillion.

About 70% of the shares sold to institutions were allocated to so-called long-only investors in addition to sovereign wealth funds, the people said. BlackRock Inc. sought to buy about $5 billion in the IPO while ...