SpaceX IPO priced at $135, expected to open between $170 and $175 in largest public offering ever

SpaceX priced its IPO at $135 per share on June 11, raising approximately $75 billion by selling 555.6 million shares. The stock is expected to open on June 12 somewhere between $170 and $175, which would value the company at roughly $1.77 trillion before most retail investors even place their first order.

That opening pop, if it holds, represents a roughly 26% to 30% gain from the IPO price. In English: institutional investors who got in at $135 are already sitting on a very comfortable cushion before the opening bell rings.

The biggest IPO in history, and it’s not close

Saudi Aramco’s 2019 IPO raised around $25.6 billion and held the crown for nearly seven years. SpaceX nearly tripled that figure.

The company used a fixed-price offering structure rather than the traditional book-building method, where bankers gauge investor demand to set a final price. The fixed-price approach invited heavy oversubscription, a sign that demand far outstripped available shares.

SpaceX’s previous private market valuation sat at $1.25 trillion as of February 2026. The jump to $1.77 trillion in a matter of months tells you everything about how aggressively investors competed for allocations.

For Elon Musk, the math gets even more staggering. His ownership stake could be worth hundreds of billions of dollars at the expected opening price. Depending on where the stock settles in its first days of trading, Musk could edge closer to trillionaire territory, a threshold no individual has ever crossed.

The crypto angle is real this time

SpaceX holds $545 million in Bitcoin on its balance sheet. That treasury position means SpaceX’s stock performance is now partially correlated with Bitcoin’s price movements. When a $1.77 trillion entity holds half a billion in BTC, every quarterly earnings report becomes a de facto Bitcoin sentiment check for a massive new audience of traditional equity investors.

Tokenized versions of SpaceX shares, trading under the ticker SPCX, are set to launch on Solana. These tokens are designed to be redeemable for actual equity, not just synthetic price exposure.

Perpetual futures contracts for SPCX have also appeared on Hyperliquid, the decentralized exchange, providing implied valuations and price discovery before the stock even begins trading on traditional exchanges.

What this means for investors

For crypto-native investors, the $545 million Bitcoin position creates an unusual dynamic. A rising BTC price directly improves SpaceX’s balance sheet, which could in turn lift the stock, which could lift the tokenized SPCX on Solana. A significant Bitcoin drawdown would create a visible drag on SpaceX’s financials, giving analysts another variable to model and potentially introducing volatility that has nothing to do with rocket launches or satellite deployments.

The tokenized shares on Solana also introduce regulatory questions that haven’t been fully answered. Redeemable equity tokens operating on a public blockchain sit in a gray area that the SEC will eventually need to address.

One thing worth watching in the first week of trading: the spread between SPCX token prices on Solana and the actual stock price on traditional exchanges. If those two numbers stay tightly correlated, it validates the tokenization model. If they diverge significantly, it signals friction in the redemption mechanism.

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