SpaceX Formally Lists on Nasdaq in Record $1.77 Trillion IPO

SpaceX had long been one of the most sought-after assets in private markets. Through its SPCXx token, xStocks connected with Binance Wallet, Bybit and Bitget Wallet in an effort to give retail investors economic exposure to the shares. The IPO therefore became a critical test of whether tokenization could turn on-chain demand into ownership of actual equity, and whether perpetual contracts could price the offering in advance.

SpaceX began trading on June 12, 2026, at $135 a share, raising $75 billion at a valuation exceeding $2 trillion. Subscriptions through xStocks topped $1 billion, including more than $500 million via Binance Wallet, but the money was refunded after intermediaries failed to obtain the shares. Talos Research data from June 15 showed that the SPCX perpetual contract had a volume-weighted average price of $159.89 during the first 30 minutes before the market opened, 6.6% above the opening price.

SpaceX was originally centered on rocket launches and its Starlink satellite network, but added its AI ambitions to its growth narrative after going public. Its market capitalization quickly surpassed $2.5 trillion, compared with bitcoin’s overall market value of about $1.3 trillion, reflecting competition between technology stocks and crypto assets for risk-seeking capital.

According to the latest reports as of July 20, 2026, a sharp rise in SpaceX shares lifted its market capitalization to $2.6 trillion, about $100 billion above the $2.5 trillion milestone and nearly twice bitcoin’s total market value. Analysts said the rally was driven by enthusiasm over the company’s AI business and was crowding out incremental capital that might otherwise flow into the cryptocurrency market.

Elon Musk's SpaceX is built around rocket launches and the Starlink satellite network. If it goes public, investors would gain indirect exposure to Bitcoin price swings alongside the risks of its aerospace operations and capital spending, putting the company's crypto holdings at the center of questions over valuation and financial transparency.

SpaceX originally planned to file confidentially as early as March 2026 and list in June. The latest reports say the IPO is priced at $135 a share and aims to raise $75 billion, with demand nearing four times the offering at $250 billion. The company holds 8,285 Bitcoin, whose market value has fallen to about $545 million as the cryptocurrency's price declined.

Elon Musk-founded SpaceX, whose core businesses span rocket launches and the Starlink satellite network, is preparing to list on Nasdaq in what could be the largest IPO on record. Polymarket, Ventuals and trade.xyz allow investors to wager on the listing’s performance through onchain derivatives, beginning to supplement the price-discovery role of traditional underwriting.

Allium data on June 11 showed onchain estimates of SpaceX’s valuation clustering between $1.8 trillion and $2.1 trillion. Polymarket put the probability of its valuation exceeding $2 trillion at the end of the first trading day at 64%. After the IPO was priced at $135 a share on June 12, valuing SpaceX at $1.77 trillion, IG International derivatives implied a valuation of about $2.4 trillion.