SpaceX Lands a $75B IPO, Briefly Touches the Stratosphere, and Leaves Earth With 18,712 BTC 🪙

SpaceX priced its initial public offering at $135 per share on Thursday, selling 555.6 million shares to raise $75 billion in the largest IPO ever recorded, surpassing Saudi Aramco's 2019 raise of $29.4 billion. The company is set to begin trading on Nasdaq on Friday under the ticker SPCX, with a fully diluted valuation near $1.8 trillion. The company generated roughly $18.7 billion in 2025 revenue but has yet to post a net profit, reporting a nearly $5 billion net loss driven by heavy R&D spending.

Shares climbed sharply on debut, opening near $150 and reaching as high as $176 before settling around $161, a gain of roughly 19% on the session, with trading volume topping 480 million shares. At its intraday peak, SpaceX's market value briefly exceeded $2.3 trillion, ranking it the sixth largest U.S.-listed company on day one. The rally increased Elon Musk's net worth past $1 trillion, making him the world's first trillionaire, according to multiple reports. Musk holds 82.4% of voting power under the company's dual-class structure, per the prospectus. President Gwynne Shotwell celebrated the listing at Nasdaq's Times Square site while Musk rang the opening bell remotely.

SpaceX's S-1 disclosed 18,712 $BTC held as of March 31, acquired for approximately $661 million at an average price near $35,320 per coin. At Bitcoin's price of about $63,500, the reserve is valued just under $1.2 billion. The position places SpaceX eighth among public corporate holders, according to Bitcoin Treasuries, while Tesla's untouched 11,509 $BTC lifts Musk-affiliated corporate holdings to 30,221 $BTC. The filing classifies the Bitcoin, roughly 1.8% of total assets, as a strategic reserve for excess cash.

Alongside the Nasdaq debut, Backpack Securities and Sunrise are launching a tokenized version of SPCX on Solana, redeemable one-to-one for real shares and tradeable around the clock. Pre-IPO perpetual contracts on Hyperliquid had amassed over $240 million in open interest and $220 million in 24-hour volume, with the contract trading near $177 ahead of the listing. Bitcoin was roughly flat on the day.

The offering included a 5% direct share program, or DSP, allocated at the discretion of executive officers with no lockup restrictions, while Elon Musk is barred from selling 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. Morningstar analysts estimated a fair value of roughly $63 for SPCX, about half the IPO price. Venture capitalist Tim Draper wrote on X, "I love Elon Musk.. Almost as much as I love Satoshi Nakamoto," while trader Scott Melker posted, "This would be a great time for SpaceX to buy more Bitcoin."