SpaceX IPO draws more than $70b in retail orders

Elon Musk's SpaceX has drawn more than $70 billion in orders from retail investors for its blockbuster initial public offering, Bloomberg News reported on Thursday, citing people familiar with the matter, according to Reuters.

Retail investors are expected to be allocated at least 20% of the shares, Bloomberg News reported, adding that deliberations are ongoing and details of the offering could still change.

SpaceX did not immediately respond to a Reuters request for comment. Reuters couldn't immediately verify the report.

Reuters previously reported that SpaceX was considering allocating as much as 30% of the offering to individual investors, an unusually large retail tranche aimed at tapping into Musk's cult-like following.

SpaceX's hotly anticipated debut is scheduled for Friday, with the rocket maker aiming to raise $75 billion at about a $1.8 trillion valuation. The firm has drawn more than $250 billion of investor demand for what stands to be the largest-ever IPO, Reuters reported on Tuesday, citing people familiar with the matter.