SpaceX Lands on Nasdaq, Musk Hits Trillionaire Orbit, and Bitcoin Hitched a Ride 🚀

SpaceX priced its initial public offering at $135 per share on Thursday evening, selling 555.6 million shares to raise $75 billion and setting a fully-diluted valuation near $1.77 trillion, according to a filing with the U.S. Securities and Exchange Commission. The company began trading on Nasdaq on Friday under the ticker SPCX, eclipsing Saudi Aramco's $30 billion 2019 record to become the largest IPO in history. Shares opened near $150, climbed as high as $176, and closed around $161, pushing the company's market value past $2 trillion intraday and ranking it the sixth largest U.S.-listed company by the closing bell. The surge lifted Elon Musk's net worth above $1 trillion, a threshold no individual had previously crossed. Roughly 20% of the offering was allocated to retail investors, and retail demand reached about $70 billion against $22.5 billion reserved, with the deal reportedly oversubscribed by roughly four times.

The offering also brings SpaceX's bitcoin holdings into public view. The S-1 disclosed 18,712 BTC as of March 31, acquired at an average of about $35,320 per coin and valued at roughly $1.19 billion at recent prices near $63,500. The position places SpaceX eighth among public corporate holders of bitcoin, per Bitcoin Treasuries data, and brings Musk's combined corporate BTC exposure, including Tesla's 11,509 BTC, to 30,221 BTC. A tokenized version of SPCX issued on Solana by Backpack launched the same day, redeemable one-for-one for underlying shares, while Hyperliquid pre-IPO perpetual contracts on SPCX carried more than $240 million in open interest and $220 million in 24-hour volume ahead of the debut.

The deal structure has drawn scrutiny. SpaceX reserved 5% of the offering for a direct share program, or DSP, with participants chosen "at the discretion of executive officers" and subject to no lockup restrictions, while the standard IPO market imposes 180-day lockups on insiders. Elon Musk cannot sell shares for one year, but DSP participants can sell from day one. Early investors who did not receive DSP allocations face a staggered release: 20% after the first earnings report, followed by 7% tranches at 70, 90, 105, 120, and 135 days. The Australian Financial Review reported a specific hedge fund was already preparing to sell its SpaceX stake as soon as permitted. 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." Morningstar's analysts put the company's fair value near $63 per share, roughly half the IPO price, and advised investors to wait out the hype, per the Wall Street Journal.

The public listing follows a February 2026 merger between SpaceX and xAI and lands the same week as CPI data and a market pricing in a Federal Reserve rate hike. SpaceX reported roughly $19 billion in 2025 revenue but posted a $4.9 billion net loss, driven by heavy R&D spending on Starship and AI infrastructure. Executives have cited a $28.5 trillion addressable market across launches, global connectivity, and orbital data centers, while Starlink's broadband constellation has grown to millions of subscribers and is on track for tens of billions in annual revenue. Musk holds 82.4% of voting power under the dual-class structure described in the prospectus, leaving decisions over future capital deployment, including any expansion of the bitcoin reserve, to him alone.