CoinDesk
SpaceX priced its initial public offering at $135 a share for a record $75 billion raise, the largest IPO in history, and starts trading Friday on the Nasdaq under the ticker SPCX. The valuation sits near $1.75 trillion and puts Elon Musk on track to become the world's first trillionaire. Demand topped $250 billion, with retail orders alone above $100 billion.
Crypto took the cue higher. Bitcoin rose about 1.6% to roughly $63,550 and is now green on the week, recovering the ground it lost in the early-June selloff. Solana added 3%, while XRP and Dogecoin each rose 2.3%, and Hyperliquid bounced 7.6% on the day.
Why it matters
The SPCX pricing is the institutional seal of approval for a private asset the market has been pricing on secondary marks for years. A $250B order book against a $75B raise is roughly 3.3x oversubscribed, with retail demand alone north of $100B. Risk-on appetite at that scale usually bleeds into crypto within the same session — and that's the pattern BTC, SOL and the broader alt complex just printed.
Dogecoin's muted reaction is the more interesting read. The token has historically jumped on Musk and SpaceX headlines, and this was the largest SpaceX event ever. A 2.3% move in line with the broad market is a quiet signal that the DOGE trade has matured, or that the marginal Musk-narrative buyer has already moved on.
Market impact
The next data point is Friday's first print. A strong debut confirms the risk-on turn and puts a bid under BTC above the mid-$63K range; a weak debut or post-IPO drift tests whether the rally is structural or just a relief squeeze off the early-June lows. SOL and XRP's outperformance versus BTC suggests the flow is broad, not BTC-only, while Hyperliquid's 7.6% pop points to renewed perp interest.
Frequently asked questions
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How much did SpaceX's IPO raise?
SpaceX priced its IPO at $135 a share for a record $75 billion raise, the largest IPO in history. Demand topped $250 billion, with retail orders alone above $100 billion, putting the deal roughly 3.3x oversubscribed.
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What is the ticker for SpaceX's stock?
SpaceX will trade on the Nasdaq under the ticker SPCX starting Friday, with the company valued near $1.75 trillion at the IPO price.
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How did Bitcoin react to the SpaceX IPO pricing?
Bitcoin rose about 1.6% to roughly $63,550 and is now green on the week, recovering the ground it lost in the early-June selloff, according to CoinDesk data.
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Why didn't Dogecoin spike on the SpaceX IPO?
Dogecoin rose 2.3%, in line with the broad market. The token has historically jumped on Musk and SpaceX headlines, and this was the largest SpaceX event ever — making the muted reaction a notable signal.
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What is the next catalyst to watch?
SPCX's first trade on the Nasdaq on Friday is the key catalyst. A strong debut confirms the risk-on turn, while a weak one tests whether the crypto rally is structural or just a relief squeeze.
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