CryptoSlate
SpaceX shares have climbed more than 50% from their $135 IPO price within days of the company's record listing, with the stock rising as much as 13% to $210 in early Tuesday trading. The rally has been turbocharged by an unusually thin public float — only about 638.9 million shares entered the market out of roughly 13 billion outstanding, leaving a tiny slice of equity chasing enormous demand from retail traders, index funds, and momentum buyers.
Why it matters
The supply-demand imbalance has drawn direct comparisons to crypto token launches with restricted release schedules. CNBC's Jim Cramer noted the stock was behaving like a meme stock because it had "no sellers," while crypto analyst Colin Talks Crypto argued SPCX mirrors a token with a heavily restricted float. That framing has crossed into digital-asset markets: SPCX-linked perpetual futures on crypto platforms saw volume surge 501.5% to nearly $9 billion over 24 hours, with open interest reaching $813 million. More than $30 million in SPCX positions were liquidated in that window, with short liquidations accounting for roughly $19 million — forced buybacks that mechanically added upward price pressure.
The rally gained a fresh catalyst when SpaceX announced a $60 billion all-stock deal to acquire Anysphere, the company behind AI coding tool Cursor. Quinn Thompson of Lekker Capital called it a clever use of SpaceX's retail-inflated equity to acquire real businesses before lockup expiry. The acquisition broadens SpaceX's identity from a launch and satellite company into an AI and enterprise software platform.
Market impact
Skepticism is building on the valuation side.
Frequently asked questions
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Why are SpaceX's crypto perpetual futures seeing such extreme volume?
SPCX-linked perpetual futures allow traders to take leveraged positions on SpaceX's share price around the clock. The thin public float amplifies price swings, attracting speculative capital — 24-hour volume surged 501.5% to nearly $9 billion, with over $30 million in liquidations adding forced buying pressure.
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How does the Cursor acquisition affect SpaceX's post-IPO valuation story?
The $60 billion all-stock deal to acquire Anysphere, maker of AI coding tool Cursor, gives investors a narrative beyond rockets and satellites. Analysts note SpaceX is using its retail-inflated equity to buy real businesses before lockup expiry, broadening its identity as an AI and enterprise software platform.
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What could reverse the SpaceX rally once lockup periods expire?
With roughly 13 billion shares outstanding and only a fraction currently tradeable, lockup expirations will release significant new supply. Macro strategist Henrik Zeberg and Charlie Bilello both warn the $3 trillion-plus valuation is stretched against current revenues, meaning additional supply could trigger sharp…
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