SpaceX prices $135 IPO at $1.8T valuation — largest ever!

SpaceX priced its initial public offering at $135 per share on Thursday, raising $75 billion in what is now the largest IPO in history, surpassing Saudi Aramco's $30 billion raise in 2019. The Elon Musk-led aerospace and satellite company will begin trading on Nasdaq under the ticker SPCX with a fully diluted valuation of roughly $1.8 trillion, built on approximately $19 billion in annual revenue from launches, government contracts, and its rapidly expanding Starlink satellite internet business.

Why it matters

SpaceX's public debut carries several layers of significance for crypto and tech investors. The company holds 18,712 BTC valued at just under $1.2 billion, bringing one of the largest corporate bitcoin treasuries into public markets and giving equity investors indirect BTC exposure from day one. Reports of a potential combination with Tesla — which itself holds more than 11,500 BTC — add further weight to that angle. Simultaneously, Backpack is launching a tokenized version of SPCX on Solana, representing ownership of the underlying shares and redeemable through Backpack's brokerage platform. It is one of the highest-profile efforts yet to bring a newly listed U.S. equity onchain from its first trading day.

Market impact

The Solana-based tokenized share launch arrives as the broader tokenized asset market hit a record $28.9 billion in May — its tenth consecutive monthly all-time high — with the stablecoin market cap extending its own run to $320 billion. SpaceX's debut is a live stress test for the convergence of traditional equities and blockchain markets at institutional scale. Watch SPCX price action on open and Backpack's onchain volume as early signals of whether tokenized equity demand can match the hype.