SpaceX tells banks it won't move its $135-a-share IPO price

SpaceX told banks in its $75 billion initial public offering that it is set on the $135-a-share price that the firm disclosed on Wednesday in its amended IPO filing, sources told Reuters.

The company’s decision is the latest sign that Elon Musk is intent on holding the largest ever initial offering according to his preferences, upending Wall Street tradition -- though sources stressed that the decision is subject to change before the IPO takes place. SpaceX didn't immediately respond to a request for comment.

SpaceX began meeting with investors on Thursday in its IPO roadshow – where securities issuers and their bankers typically gather investor feedback before determining the final IPO price at a meeting held a day before the shares begin trading.

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Three sources familiar with the roadshow described demand as insatiable. Analysts working on the IPO were fielding as many as 20 calls a day from investors, above the 10 to 15 typically seen on in-demand offerings, one of the sources said.

SpaceX publicly set a $135 price for shares in its initial public offering on Wednesday, upending the longstanding Wall Street price-discovery apparatus and underscoring Elon Musk’s determination to raise record sums his way.

The company’s decision to publish a price a week ahead of its landmark offering has few if any precedents among major U.S. IPOs, and reflects Musk’s standing in the financial world as an adventurer with a golden touch - even as the capital raise will value SpaceX at very lofty multiples.

SpaceX's amended IPO filing confirms a Reuters report on the $135 price from earlier this week. The company is aiming to raise $75 billion, the most ever for an IPO, in a deal that would value it at $1.75 trillion, immediately placing it among the top 10 most valuable U.S.-listed firms.

SpaceX's trading debut is expected on Friday, June 12.