Foreign investors are pouring into the SpaceX IPO at a historic pace, with total demand surpassing $250 billion across global markets.
The offering is running three-and-a-half to four times oversubscribed, signaling extraordinary appetite for one of the most anticipated listings in years.
International participation is especially notable, with European buyers from Germany and France among those placing some of the largest individual orders in the deal.
Sovereign wealth funds from Gulf nations and institutional investors from Singapore and South Korea are also participating, with some single institutions placing orders exceeding $10 billion each.
The IPO is intended to raise $75 billion at a $1.75 trillion valuation, making it one of the largest public offerings in U.S. market history.
Commerzbank currency strategists led by Volkmar Baur ran the numbers on the likely dollar impact, estimating that foreign investors could direct at least $15 billion in capital toward the U.S. as a result of the offering.
Their analysis is based on the observation that foreign investors own roughly 20% of the U.S. stock market, with European investors accounting for half of that share.
The Commerzbank strategists noted: “The IPO and the anticipated capital inflows demonstrate that the AI boom is supporting not only the U.S. economy but also the U.S. dollar.”
Despite the massive demand figures, analysts do not expect a significant surge in dollar buying to materialize in foreign exchange markets as a direct result of the IPO.
Many large foreign institutional investors already hold USD reserves specifically for opportunities like this, reducing the need for fresh currency purchases tied to the deal.
South Korea, for example, recorded only $1.5 billion in related dollar purchases, a figure that appears modest relative to the overall scale of foreign participation.
Analysts also pointed out that a portion of IPO proceeds will likely flow back out of the United States to purchase microchips and related supplies from South Korea and Taiwan.
The U.S. dollar index, widely tracked as DXY, was steady following the news and remains up 5% from the lows recorded in late January.
