Investing.com -- SpaceX’s initial public offering has attracted orders from institutional investors that are several times larger than the number of shares available, according to a report from Bloomberg News, citing people familiar with the matter.

Banks managing the IPO told investors early Tuesday that the offering has received additional demand following meetings with management, said the people, who asked not to be identified because the information is not public.

The volume of share orders has increased since Monday, the people said. At that time, banks reported the offering was well oversubscribed.

The banks have indicated separately that share allocations in the institutional portion will focus on large long-only investment management firms, some of the people said. Several institutional investors placed orders for around $10 billion or more of shares each.

The IPO aims to raise roughly $75 billion, which would make it the largest in history, surpassing Saudi Aramco’s $29.4 billion record in 2019.

SpaceX is offering 555.6 million shares at a fixed price of $135 each, giving the company an estimated valuation of $1.8 trillion.

Shares will trade on Nasdaq and Nasdaq Texas under the symbol SPCX.

Institutional order books close at 4:00 p.m. in New York on Wednesday. Retail investors have a slightly extended window on certain brokerage platforms.

The IPO is scheduled to price on June 11, with public trading set to begin the following day, June 12.

Company executives, including President Gwynne Shotwell and CFO Bret Johnsen, are meeting with hundreds of institutional investors in sessions hosted by lead banks including Morgan Stanley and Goldman Sachs.