NEW YORK CITY, New York: Investor demand for SpaceX's blockbuster initial public offering has exceeded US$250 billion, far surpassing the $75 billion the company is seeking to raise and underscoring a strong appetite for what could become the largest IPO in history, according to people familiar with the matter.

The offering is currently running at roughly three-and-a-half to four times oversubscribed, sources said, providing the latest indication of strong investor interest as the company continues its roadshow ahead of pricing.

Long-only funds have submitted what one source described as sizable orders, while Elon Musk briefly joined some Zoom meetings with prospective investors during the marketing process, according to a source.

SpaceX remains in the middle of its investor outreach campaign. On June 9, President Gwynne Shotwell and Chief Financial Officer Bret Johnsen were expected to attend a lunch meeting hosted by Morgan Stanley Co-President Dan Simkowitz in midtown Manhattan with about 300 institutional investors, a source familiar with the plans said.

Investor demand remains subject to change before the IPO is priced, which is expected on the afternoon of June 11.

The subscription figures reflect indications of interest rather than final allocations, which will be determined at the time of pricing. Sources noted that some large institutional investors typically submit orders late in the IPO process. The sources requested anonymity because the matter is confidential.

SpaceX did not immediately respond to a request for comment.

The offering comes during a period of heightened market volatility. The Nasdaq Composite traded lower on June 9 after posting its steepest decline in more than a year on June 5, while bitcoin fell 2.8 percent on June 9 and remained 37 percent below its January high.

Some analysts have suggested that part of the recent market weakness could stem from investors selling other assets to raise funds for participation in the SpaceX offering.

In its roadshow presentation and IPO filings, SpaceX has highlighted the strength of its rocket-launch business and Starlink satellite internet network as key drivers of future growth.

The company said it has accounted for the lion's share of mass launches into orbit over the past three years.

SpaceX has also pointed to what it describes as a $23 trillion market opportunity tied to artificial intelligence. The company argues it is uniquely positioned to overcome limitations facing Earth-based businesses by using space to expand AI computing capacity.

According to SpaceX, growth in U.S. electricity generation and computing capacity has lagged behind China because of challenges facing large infrastructure projects. The company says those constraints could be addressed by deploying data centers and other infrastructure in space using SpaceX launches.

"By dramatically reducing the cost of access to space, we have been able to expand our mission to address some of the Earth's most pressing challenges, including bridging the digital divide by aiming to connect over three billion unconnected people to the internet and humanity's collective knowledge," SpaceX said.