SpaceX prices record IPO at $135 per share, raising $75B in largest public offering ever

SpaceX just set the price for the biggest IPO the world has ever seen. At $135 per share, the company plans to sell 555.6 million shares and raise $75 billion in a single offering, dwarfing Saudi Aramco’s 2019 debut, which previously held the record.

The stock will trade under the ticker SPCX on the Nasdaq. Pricing and allocations are expected around June 11, 2026, with public trading likely starting the following day.

The numbers behind the hype

The post-IPO valuation lands somewhere between $1.77 trillion and $1.8 trillion, placing SpaceX in the same weight class as the very largest publicly traded companies on Earth, immediately upon debut.

Elon Musk is expected to retain over 82% of voting control after the offering.

The IPO is oversubscribed by at least four times the expected volume. BlackRock alone has committed more than $5 billion. Retail investors have piled in with over $70 billion in interest.

SpaceX had been laying the groundwork for this moment since late 2025, filing confidentially with the SEC before dropping a public S-1 in May 2026.

The crypto angle you didn’t expect

As of March 31, 2026, SpaceX’s corporate treasury held 18,712 BTC, valued at approximately $1.29 billion. That makes SPCX shares a backdoor into Bitcoin exposure for traditional equity investors.

Analysts have flagged the risk of capital rotation out of digital assets as investors liquidate crypto positions to fund their SpaceX allocations. With retail interest alone exceeding $70 billion, even a modest percentage of that coming from crypto portfolios could create meaningful selling pressure on Bitcoin and other major tokens.

Pre-IPO trading on Hyperliquid, a decentralized exchange, has already been pricing in speculative post-IPO valuations between $1.8 trillion and $2.1 trillion, a premium above the official pricing range.

What this means for investors

SpaceX’s 18,712 BTC treasury means that every institutional investor buying SPCX is implicitly gaining Bitcoin exposure. If the stock trades at the valuations Hyperliquid’s pre-IPO markets suggest, that Bitcoin position becomes one of the most visible corporate crypto holdings in any public equity.

Tokenized shares and equity-linked derivatives have been growing as a category in decentralized finance. Trading volumes in tokenized SpaceX shares could become a significant new category on platforms like Hyperliquid, particularly from investors in jurisdictions where direct access to Nasdaq listings is limited.

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