SpaceX may become BlackRock's largest single IPO in recent years; last time they made a high-profile move that created the Circle myth.

Mars Finance News, May 17th, this morning’s report, “BlackRock is considering investing $5 billion to $10 billion in SpaceX’s first public offering next month.” If true, SpaceX will become the largest IPO that BlackRock has participated in in recent years. According to public filings of mutual funds, BlackRock has already made a private investment in SpaceX, currently holding shares worth at least $300 million. As the world’s largest asset management firm, it is not unusual for BlackRock to participate in IPOs through its funds and actively managed products, but such a high-profile, large-scale direct participation in an IPO is rare. The last time BlackRock made a high-profile move was with the crypto stablecoin company Circle. As early as 2022, BlackRock participated in Circle’s $400 million Series F funding round (at that time, the valuation was about $8.05 billion). During the 2025 IPO, BlackRock even directly subscribed for 10% of Circle’s shares. After CRCL’s listing, its largest increase exceeded 860%, once becoming a market focus. Given SpaceX’s scale, it’s hard to imagine it replicating CRCL’s meteoric rise after going public, but “BlackRock Select” may become an important ballast in the market, safeguarding the largest IPO in history.