The deal started strong. Early last week, Morgan Stanley had already received over $3.5 billion in investor orders. That suggested the offering could be oversubscribed, which is common for Musk-backed ventures. However, by June 16, 2025, interest had only reached around $5 billion. To keep momentum, the bank started contacting smaller lenders. These lenders were not part of the initial invitation.
The final investor list is still expected to be completed by June 17. Usually, banks want demand to far exceed the offer size. This gives them more room to adjust pricing and terms. The slower pace here reflects a more cautious market response.
