In a midnight scramble on Goldman Sachs' 41st floor, SpaceX executives and bankers allocated oversubscribed shares to sovereign wealth funds and top U.S. institutions. More than 20 investors secured billion‑dollar stakes, dwarfing the prior IPO record. The offering closed with $75bn raised, pushing the launch‑company’s market cap beyond $2tn.

Goldman and Morgan Stanley teams, led by Kim Posnett, Dan Dees, Kate Claassen and Colin Stewart, spent six months in Hawthorne, mapping a strategy that demanded investors ignore steep losses and accept a sci‑fi valuation. About 70% of the float went to long‑only managers and sovereign funds, while retail received roughly 20% and hedge funds were limited to 10%.

The syndicate stands to earn a historic $500m underwriting fee, the highest ever. SpaceX’s shares jumped 19% on debut, cementing its place as the world’s sixth‑largest firm and making Elon Musk the first trillionaire. The deal illustrates how AI‑driven capital markets can revive U.S. equity supply after a decade‑long shortage.