SpaceX IPO ranks as second largest in history, and crypto markets felt every bit of it

SpaceX just pulled off the largest IPO in recorded history, pricing 555.6 million shares at $135 each and raising approximately $75 billion in the process. To put that in perspective, Saudi Aramco’s 2019 offering, previously the undisputed heavyweight champion of public listings, brought in about $29 billion. SpaceX more than doubled it.

The stock debuted on Nasdaq under the ticker SPCX on June 12, opening at roughly $150 per share before climbing to nearly $225 at its intraday peak. By the close, shares had gained approximately 19%, pushing SpaceX’s market capitalization past $2 trillion.

The numbers behind the rocket launch

Pre-IPO demand was staggering. Reports indicated the offering was oversubscribed by as much as four times, meaning investors wanted to buy roughly four dollars’ worth of shares for every dollar actually available. Retail allocation was initially targeted at 30% of the offering, but that figure was adjusted after institutional and individual demand overwhelmed expectations.

SpaceX priced its shares on June 11, with trading commencing the following day. The gap between the $135 offering price and the $150 open alone represented an 11% pop before regular investors could even place their first trade.

Crypto markets absorbed the shockwave

Hyperliquid, the decentralized perpetual futures exchange, reported $1.4 billion in trading volume for SPCX perpetual futures contracts on the debut day alone. That made SPCX the largest single market on the entire Hyperliquid platform, beating out perennial favorites like Bitcoin and Ethereum perps.

Analysts noted that the massive capital rotation into SpaceX’s equity offering created short-term liquidity pressures across parts of the crypto market.

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