SpaceX Lands $75B IPO, 27% Debut Pop, and a Tokenized Twin — Musk Hits Trillionaire Orbit 🚀

SpaceX priced its initial public offering at $135 per share on Thursday, June 11, 2026, selling 555.6 million shares to raise $75 billion and giving the company a fully diluted valuation of roughly $1.8 trillion, according to a filing with the U.S. Securities and Exchange Commission. The raise is the largest IPO in history, surpassing Saudi Aramco's $30 billion listing in 2019. Shares began trading on Nasdaq on Friday, June 12, 2026, under the ticker SPCX, and opened at $172, a 27.4% gain over the offering price, after the deal was reportedly oversubscribed roughly four times.

The company generated about $19 billion in revenue in 2025, driven by launches, government contracts and its Starlink satellite internet business, but has yet to post a net profit, with Decrypt's Morning Minute reporting a $4.9 billion net loss after xAI spending. Morningstar analysts put the stock's fair value near $63, roughly half the $135 IPO price, and advised investors to wait for the hype to pass. The debut lifted Elon Musk's personal wealth to the point that multiple outlets, including CoinGape, described him as the world's first trillionaire, with about 70% of institutional allocations going to long-only investors and sovereign wealth funds and retail investors accounting for roughly $70 billion in demand against $22.5 billion in reserved shares.

The listing also brings SpaceX's bitcoin position into public markets. The company held 18,712 $BTC as of March 31, valued at just under $1.2 billion at bitcoin's price near $63,326.02, according to the SEC filing, giving SPCX holders indirect crypto exposure alongside Tesla, which holds more than 11,500 $BTC. The same day as the Nasdaq debut, a tokenized version of SpaceX stock issued by Backpack on Solana began trading, redeemable one-to-one for the underlying shares through Backpack's brokerage platform, while pre-IPO perpetual contracts on Hyperliquid had already amassed over $240 million in open interest and $220 million in 24-hour volume and were pricing SPCX around $177.

The deal structure has drawn unusual scrutiny. SpaceX reserved 5% of the offering for a direct share program, with participants chosen "at the discretion of executive officers" and carrying no lockup restrictions, while Elon Musk is barred from selling any shares for one year. Other early investors face a staggered release starting with 20% after the first earnings report, followed by 7% tranches at 70, 90, 105, 120 and 135 days. The Australian Financial Review reported that at least one hedge fund allocated to the DSP tranche is preparing to sell its SpaceX stake as soon as trading begins. Space Capital founder Chad Anderson, an early SpaceX investor, stated his intentions plainly: "We've been invested for almost ten years, it's our business to return capital to investors."

The debut lands in a crowded macro week that also brings U.S. CPI data and a market that has spent recent weeks pricing in a Federal Reserve rate hike, adding to the selling pressure retail buyers on Robinhood, Fidelity and Schwab will face from the opening bell. Backpack's Solana-based SPCX token and Hyperliquid's perpetual contracts extend that pressure into crypto-native venues operating around the clock, making the largest IPO in history a simultaneous test of equity, tokenized equity and derivatives liquidity.