CryptoSlate
SpaceX shares extended their post-IPO rally to $222.52 on Tuesday, up 27.6% in 24 hours and more than 50% above the $135 listing price set days earlier. The Elon Musk-led company, now trading under the ticker SPCX, has rallied on a public float that covers only a narrow slice of the 13 billion shares outstanding, leaving Musk and other insiders with most of the equity and lockup agreements restraining near-term supply. The $75 billion IPO — later expanded to $85.7 billion after the underwriter overallotment — released 638.9 million shares into a market where index funds, retail traders, and momentum chasers are all bidding for the same limited supply. Jim Cramer called the tape "no sellers"; Thierry Borgeat of Arvy called it an exceptionally tight supply setup for a company of SpaceX's scale.
Why it matters
The rally has crossed into crypto derivatives, where SPCX-linked perpetual futures have become one of the busiest contracts across trading platforms. Futures volume jumped 501.5% in a day to nearly $9 billion, while open interest climbed to $813 million, a signal that capital is being committed, not just rotated. The contracts give traders synthetic, 24-hour, leveraged exposure to a stock that otherwise trades only six-and-a-half hours a day, turning the post-IPO squeeze into a round-the-clock speculation cycle. That structure mirrors what happens in thin-float crypto tokens during crowded positioning events: short liquidations force buy-backs, the buy-backs push price higher, and the loop reinforces itself until positioning clears.
Market impact
The leverage has already produced a sharp unwind. CoinGlass data showed more than $30 million in SPCX positions liquidated in 24 hours as volatility exceeded 35%, with $19 million in short liquidations roughly offset by $12 million on the long side. The fundamentals behind the move got a fresh catalyst this week: SpaceX announced an agreement to acquire Anysphere, the company behind AI coding tool Cursor, in a $60 billion all-stock deal expected to close in Q3 2026. Lekker Capital's Quinn Thompson framed the structure as SpaceX using its retail-inflated, low-float stock to buy real businesses before the lockup expires — a creative bridge from post-IPO momentum to acquisition firepower. Bears are pushing back: Charlie Bilello of Creative Planning noted SpaceX's market cap has crossed $3 trillion, ahead of Amazon and near Microsoft, against revenue base that doesn't justify the comparison. Henrik Zeberg of Swissblock called the action late-cycle speculation rather than a bull-market takeoff.
Frequently asked questions
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Why is SpaceX stock behaving like a meme stock after its IPO?
The IPO released only 638.9 million shares into a 13 billion-share count, leaving Musk and insiders with most of the equity and lockup agreements restraining near-term supply. Jim Cramer called the tape "no sellers" — index funds, retail, and momentum buyers are all chasing a narrow float at a $3T+ valuation.
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How are crypto perpetuals tied to SpaceX shares?
SPCX-linked perpetual futures on crypto trading platforms give traders synthetic, leveraged, 24-hour exposure to SpaceX's share price. Futures volume jumped 501.5% in a day to nearly $9 billion, with open interest at $813 million, turning the post-IPO rally into a round-the-clock speculation cycle.
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How much has been liquidated in SPCX perpetual futures?
CoinGlass data showed more than $30 million in SPCX positions liquidated over 24 hours as volatility exceeded 35%. Short liquidations accounted for roughly $19 million of that total, compared with about $12 million in long liquidations.
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What is the Anysphere / Cursor deal SpaceX announced?
SpaceX announced an agreement to acquire Anysphere, the company behind the AI coding tool Cursor, in a $60 billion all-stock transaction expected to close in Q3 2026. Lekker Capital's Quinn Thompson framed the structure as SpaceX using its retail-inflated post-IPO equity to buy real businesses before lockups expire.
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Why are some strategists calling the SpaceX rally late-cycle speculation?
Charlie Bilello of Creative Planning noted SpaceX's market cap has crossed $3 trillion, ahead of Amazon and near Microsoft, against a much smaller revenue base. Henrik Zeberg of Swissblock called the action late-cycle speculation rather than a bull-market takeoff, warning that the same thin-float scarcity driving the…
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