SpaceX, the aerospace company led by Elon Musk, has set its initial public offering price at $135 per share, raising a staggering $75 billion — surpassing Saudi Aramco's 2019 record of $30 billion to claim the title of the largest IPO in global history.
Valuation and Listing Details
According to a filing with the U.S. Securities and Exchange Commission, SpaceX issued 555.6 million shares. At the offering price, the company commands a market cap of $1.77 trillion; fully diluted (including employee options and restricted stock), the valuation reaches $1.8 trillion. Trading under the ticker "SPCX" on Nasdaq will begin June 12.
Wall Street analysts, however, warn the valuation looks stretched. SpaceX reported roughly $19 billion in revenue last year, powered by commercial rocket launches, government defense contracts, and the Starlink satellite internet service. A price-to-sales ratio approaching 100x tests how much investors are willing to pay for Musk's future vision.
Bitcoin Exposure and Tesla Merger Talk
Going public means every SpaceX shareholder indirectly gains exposure to Bitcoin. As of March 31, SpaceX held 18,712 Bitcoin, worth about $1.2 billion. Market rumors also swirl that Musk is weighing a merger between SpaceX and Tesla — which itself holds over 11,500 Bitcoin, making it one of the largest corporate holders of the cryptocurrency.
Tokenized Trading on Solana
In a novel twist, SpaceX's stock will also be available as a tokenized version on Solana infrastructure. Issued by Backpack, the token represents ownership of SpaceX shares and can be converted into physical stock via Backpack's brokerage platform. This marks the highest-profile attempt to bring a newly listed U.S. stock on-chain from day one. Proponents argue it broadens global investor access and liquidity; critics flag concerns over regulation, custody, and market fragmentation.