Musk Can't Touch His SpaceX Stock for a Year, But the Rest Are Already Dumping 🚀

SpaceX priced its initial public offering at $135 per share on Thursday, selling 555.6 million shares and raising $75 billion in the largest IPO on record, surpassing Saudi Aramco's $30 billion 2019 raise. The Elon Musk-led company is set to begin trading on Nasdaq under the ticker SPCX on Friday, entering the public markets with a fully-diluted valuation of roughly $1.8 trillion. The company sold roughly 555.6 million shares, generating the largest capital raise in IPO history, with the deal more than doubling Aramco's 2019 record of $29.4 billion.

Shares opened near $150 on Friday, climbed to an intraday high of $176, and closed around $161, a gain of roughly 19% on the session. Trading volume topped 480 million shares, and the company's market capitalization briefly exceeded $2.3 trillion at the session high, ranking it the sixth-largest US-listed company by the closing bell. Retail investors received about 20% of the offering, and the deal was oversubscribed approximately four times. Musk rang the opening bell remotely while President Gwynne Shotwell celebrated at Nasdaq's Times Square site.

The structure of the deal has drawn scrutiny. Standard IPOs impose a 180-day lockup on insiders, and Musk cannot sell any of his shares for a full year. However, SpaceX reserved 5% of the offering for a direct share program, with participants chosen "at the discretion of executive officers," who carry no lockup restrictions. Early investors who did not receive a DSP allocation face a staggered release, starting with 20% after the first earnings report, followed by 7% tranches at 70, 90, 105, 120, and 135 days. Chad Anderson, founder of Space Capital and 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 Australian Financial Review reported that a specific hedge fund is already preparing to sell its SpaceX stake as soon as it can. Morningstar's analysts put SpaceX's fair value at roughly half its IPO price and advised investors to wait for the hype to pass, with one analyst estimating fair value at $63 per share.

SpaceX's S-1 filing also disclosed 18,712 bitcoin held as of March 31, a position more than double the 8,285 BTC that trackers had previously estimated. The company paid about $661 million for its coins, an average near $35,320 each, and at bitcoin's recent price around $63,500, the reserve is worth just under $1.2 billion. BitcoinTreasuries now ranks SpaceX eighth among public corporate holders, and with Tesla's untouched 11,509 BTC, Musk's combined corporate total reaches 30,221 BTC, behind only four public companies. The filing classifies the Bitcoin, about 1.8% of total assets, as a strategic reserve for excess cash.

A tokenized version of SpaceX stock, issued by Backpack on Solana, will begin trading the same day as the Nasdaq debut, enabling onchain trading and redemption of the underlying shares one-to-one through Backpack's brokerage platform. Pre-IPO perpetual contracts on SpaceX (SPCX) on Hyperliquid have amassed over $240 million in open interest and $220 million in 24-hour volume, making it the eighth-largest asset on the platform by that measure. Backpack Securities and Sunrise are co-launching the tokenized instrument. BlackRock accumulated approximately $882 million in SpaceX stock through multiple ETFs, led by the iShares AI Innovation and Tech Active ETF at over $451 million, the iShares U.S. Equity Factor Rotation Active ETF at nearly $258 million, the iShares Defense Industrials Active ETF at almost $67.8 million, and the iShares U.S. Thematic Rotation Active ETF with about $47.1 million. ARK Invest also acquired shares. The debut gave Musk a net worth above $1 trillion, a milestone that venture capitalist Tim Draper acknowledged on X by writing, "I love Elon Musk.. Almost as much as I love Satoshi Nakamoto."