SpaceX jumped as high as $173.22 in early Nasdaq trading after pricing its IPO at $135 per share, pushing its market capitalization above $2 trillion and setting off a burst of activity across crypto venues tied to tokenized equities. The company raised about $75 billion in the record offering, debuting at an initial valuation near $1.77 trillion before climbing higher in the public market.
Demand for the deal was already intense before trading began. Reports said orders topped $350 billion, placing SpaceX among the most valuable listed companies in the U.S. That momentum quickly spilled into digital asset markets, where traders moved to gain exposure through blockchain-based stock products rather than the underlying shares alone.
Crypto venues turned into a parallel market for SpaceX exposure
Tokenized shares, synthetic assets, and derivatives all saw a sharp pickup. Earlier reporting noted that Backpack Securities and Sunrise launched SPCX, a Solana-based token backed by underlying SpaceX shares that eligible users can convert into actual stock. Binance Wallet also drew roughly $557 million in subscription funds for a SpaceX-linked campaign that offered tokens at an indicative price of 135 USDC before fees.
Derivatives markets moved just as quickly. Hyperliquid’s synthetic SPCX perpetual contract became one of the most watched products tied to the listing, with implied valuations trading above the IPO price before the debut. At the same time, HYPE futures open interest climbed to $2.56 billion, allowing Hyperliquid to move ahead of XRP in futures open interest.
Velvet was another major beneficiary of the trade. Its token surged more than 1,400% over the past week after the platform promoted synthetic SpaceX exposure through its SPCX market. Prediction markets joined the rush as well: a Polymarket contract tracking SpaceX’s closing valuation showed traders assigning about a 78% chance that the company would end its first session with a market cap between $2 trillion and $2.5 trillion.
Warnings about crypto outflows did not match market action
Before the listing, some participants expected the largest IPO on record to pull money away from digital assets. Spencer Hallarn, global head of over-the-counter trading at GSR, told Reuters, “We’ve got to find $75 billion for this IPO, and it’s got to come from somewhere.” Thomas Puech, chief executive of crypto firm INDIGO, also told Reuters that SpaceX could attract capital away from crypto because both markets compete for the same pool of risk capital. He added that artificial intelligence investments currently look more attractive to many growth-focused investors.
Market performance showed little sign of a broad liquidity drain. The global cryptocurrency market capitalization rose 1.7% to $2.26 trillion during the session. Bitcoin gained roughly 2%, Ethereum added 1.8%, XRP rose 2.2%, and Solana advanced 3.5%. Stablecoins also remained steady, with USDT at about $186.8 billion in market capitalization and USDC near $74.8 billion, both holding close to their dollar pegs.
Valuation debate remains, but tokenized equities took center stage
SpaceX’s valuation is still contested despite the strong opening. Morningstar analysts estimated fair value at roughly $63 per share, well below the IPO price, while some bullish projections pointed to a move toward $190. Senator Elizabeth Warren also urged the SEC to delay the offering, citing what she called “unprecedented threats to investor protection and market integrity,” while questioning the company’s valuation, governance structure, and reported multibillion-dollar losses.
For crypto markets, the most important development may be the trading activity created around the IPO rather than the stock itself. SpaceX’s debut concentrated demand in tokenized equities, synthetic shares, and prediction markets at the same time, giving the sector a rare burst of attention. With options on SpaceX shares expected to start trading next week, and investors already watching possible future listings from companies such as OpenAI and Anthropic, traders are now looking at whether this tokenized stock surge can last beyond the excitement of the listing itself.