SpaceX has attracted more than $250 billion in investor orders for its initial public offering, far above its planned $75 billion raise and close to four times oversubscribed. Reuters, citing sources, said the listing could become the largest public offering on record, valuing the company at $1.8 trillion. Pricing is expected on June 11, with trading set to begin on June 12 at $135 per share.
Demand builds as long-only funds place large orders
Bankers and investors described the order book as another sign of strong demand, with long-only funds submitting sizable orders. Final demand could still shift before pricing because large institutional buyers often place orders later in the process. Even before the final count is set, the scale of the transaction has already become the center of market attention.
The IPO is also a major milestone for Elon Musk’s business empire. The report said SpaceX’s growth narrative is tied closely to Starlink, its satellite internet business, which has become the company’s main source of revenue and profit. SpaceX has also said it sees a $23 trillion potential market opportunity in artificial intelligence.
Analysts say the deal is draining liquidity from risk assets
The offering comes during a sharp bout of volatility. U.S. tech stocks have fallen for several sessions, while the crypto market has lost more than $180 billion over the past week. Some analysts argue that part of the decline reflects investors selling existing holdings to free up cash for the SpaceX IPO.
Andri Fauzan Adziima, head of research at Bitrue Research Institute, told CoinTelegraph that he is watching a classic “pre-mega-IPO liquidity squeeze” unfold in real time. In his view, the drop in tech shares and digital assets is not random but a direct “IPO tax” created by this record-sized listing. He said the heavy oversubscription and large orders confirm strong market enthusiasm, yet that same enthusiasm is pulling liquidity out of other risk assets. Crypto, he added, has taken the hardest hit because it is more retail-driven and more sensitive to growth and technology narratives.
He described the move as a temporary capital rotation rather than the start of a new bear market.
Crypto exchanges launch SPCX pre-listing perpetuals
Crypto trading venues have moved quickly to capitalize on the IPO frenzy. Binance, Coinbase, Kraken and Bybit have all rolled out SPCX pre-listing perpetual products this month, adding a new way for traders to position around the expected debut.
Shunyet Jan, head of spot and derivatives at Binance, said Binance’s SPCX pre-listing perpetual contract generated $2.1 billion in trading volume within 18 days of launch, with participants from more than 130 countries. On decentralized exchange Hyperliquid, the product recorded $70 million in volume over the past 24 hours. The SPCX synthetic perpetual was trading at $157, down from $210 when it launched, while open interest stood above $115 million. That implied a projected valuation of about $1.97 trillion.