CoinDesk
SpaceX priced its initial public offering at $135 per share late Thursday, selling 555.6 million shares to raise $75 billion and setting a fully diluted valuation near $1.8 trillion. Trading opens Friday on Nasdaq under the ticker SPCX, making the debut the largest IPO ever, well clear of Saudi Aramco's $30 billion listing in 2019.
The valuation lands at roughly 95x last year's revenue of about $19 billion — a multiple driven by launch services, government launch contracts and the rapidly scaling Starlink satellite-internet business, against a backdrop where the company has yet to post a net profit. On the balance sheet sits a notably large bitcoin position of 18,712 BTC, worth just under $1.2 billion at current prices, giving public equity investors indirect BTC exposure from day one and adding SpaceX to a short list of public companies with material corporate crypto holdings alongside Tesla's 11,500-plus BTC.
Why it matters
The pricing is a stress test of how much public markets will pay for a private-stage technology platform with crypto on the books. SpaceX joins Tesla as one of the only listed companies carrying a treasury-sized bitcoin allocation, and the disclosure puts a hard number on what had previously been an estimate. Reports that Musk has explored combining SpaceX with Tesla would, if executed, consolidate the two largest non-microwave corporate BTC treasuries under a single entity.
Market impact
In parallel with the Nasdaq listing, a tokenized version of SPCX issued on Solana by Backpack will enable onchain trading and redemption of the underlying shares — one of the highest-profile efforts yet to bring a newly listed US equity onchain from day one. The launch lands as tokenized assets hit a record $28.9 billion in May, their tenth consecutive monthly all-time high, with stablecoin market cap extending to $320 billion. Supporters frame the model as a path to broader access and 24/7 global liquidity; critics point to unresolved questions around custody, regulation and market fragmentation that the SpaceX test will now force into the open.
Frequently asked questions
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How much did SpaceX raise in its IPO and at what valuation?
SpaceX sold 555.6 million shares at $135 to raise $75 billion, giving a fully diluted valuation of roughly $1.8 trillion. It is the largest IPO ever, well clear of Saudi Aramco's $30 billion listing in 2019.
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When does SpaceX start trading and under what ticker?
SpaceX shares are set to begin trading on Nasdaq on Friday under the ticker SPCX, with pricing disclosed in an SEC filing on Thursday.
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How much bitcoin does SpaceX hold?
The SpaceX balance sheet carries 18,712 BTC, valued at just under $1.2 billion at current prices. A public listing now exposes those holdings to equity investors indirectly through SPCX shares.
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What is the tokenized SPCX on Solana and who issues it?
Backpack is issuing a tokenized version of SPCX on Solana that represents ownership of the underlying shares and can be redeemed for them through Backpack's brokerage platform. It is one of the highest-profile efforts to bring a newly listed US equity onchain from day one.
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Why is the SpaceX IPO significant for crypto markets?
It pairs a $1.8T public-market valuation with a treasury-sized bitcoin allocation and a same-day tokenized equity on Solana. The debut lands while tokenized assets hit a record $28.9B in May and stablecoin market cap extended to $320B, testing demand for the convergence of traditional equities and onchain markets.
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