PANews reported on June 9th that, according to sources familiar with the matter, SpaceX's initial public offering (IPO) has attracted subscription demand from institutional investors several times greater than the available shares. Sources said that the lead underwriters for the IPO told investors earlier Tuesday that demand had increased further after meetings with management. These sources stated that the number of share subscription orders has been steadily increasing since Monday. Some sources indicated that the underwriting banks have stated that the allocation to institutional investors in this offering will be primarily concentrated in large, long-only investment management firms. According to foreign media reports, several institutional investors have each placed orders for approximately $10 billion or more of the shares.