SpaceX set its IPO price at $135 per share, according to a SEC filing on Thursday, selling 555.6 million shares to raise $75 billion — easily topping Saudi Aramco's $30 billion haul in 2019 to become the largest initial public offering in history.
The Elon Musk-led aerospace firm will begin trading on Nasdaq on Friday under the ticker SPCX. At the offering price, the fully diluted valuation reaches roughly $1.8 trillion.
Sticker shock for some — last year SpaceX generated about $19 billion in revenue from launches, government contracts and its fast-growing Starlink satellite internet business. The valuation implies a price-to-sales ratio of nearly 95x.
Bitcoin holdings in the spotlight. As of March 31, SpaceX held 18,712 bitcoin, worth just under $1.2 billion at BTC's current price around $63,500. That makes it the second-largest corporate bitcoin treasury among public companies, behind only Tesla (which holds over 11,500 BTC). Musk has previously floated the idea of combining SpaceX with Tesla, putting the combined bitcoin exposure under even more scrutiny.
Tokenized shares go live same day. On top of the Nasdaq debut, SpaceX shares will also be available as a tokenized version on Solana. The token, issued by Backpack, represents ownership of underlying shares and can be redeemed through Backpack's brokerage platform. This marks one of the boldest experiments yet to put freshly listed U.S. equities onchain from day one.
Proponents argue the model expands access and liquidity for global investors; critics raise concerns over regulation, custody and market fragmentation. SpaceX's listing tests both appetite for mega-cap tech IPOs and the convergence of traditional finance with blockchain markets.