The largest IPO in history saw shares surge nearly 20% on day one, with SpaceX's disclosed Bitcoin holdings adding a crypto twist to the blockbuster listing
SpaceX made its public market debut on June 12, 2026, trading on the Nasdaq under the ticker SPCX. Shares, priced at $135 in the IPO, surged to peaks around $176 during early trading, pushing the market capitalization past $2 trillion and reportedly nearing $2.1 trillion. That’s roughly a 19% jump on day one.
The IPO raised approximately $75 billion, making it the largest initial public offering in history by multiple measures. The initial valuation landed between $1.77 trillion and $1.8 trillion based on the offering price alone.
The numbers behind the rocket ship
The company reported revenue of around $19 billion for the prior year. It remains unprofitable. That means investors are paying more than 100 times revenue for a company that hasn’t turned a profit yet.
The company has been building out significant AI and cloud service capabilities, including collaborations with Google’s Gemini and Anthropic.
Pre-IPO prediction markets had already signaled that a $2 trillion debut-day valuation was the most likely outcome. Crypto-native prediction platforms showed substantial confidence that shares would breach that threshold within the first trading session.
SpaceX’s Bitcoin stash
Buried in SpaceX’s IPO disclosures was a detail that perked up every crypto investor’s ears: the company holds approximately 18,712 BTC, valued at around $1.45 billion at the time of filing.
The Bitcoin holdings represent less than 0.1% of the $2 trillion market cap.
What this means for investors
SpaceX’s 18,712 BTC position means that every institutional investor who buys SPCX shares is now, in a small way, gaining Bitcoin exposure whether they want it or not.
With his significant ownership stake in a company now worth north of $2 trillion, plus his holdings in Tesla and other ventures, speculation has already begun about whether Musk could become the world’s first trillionaire.
SpaceX is unprofitable, operating in capital-intensive industries, and now valued at more than 100 times its annual revenue. The company’s success depends on Starlink continuing to scale, Starship achieving reliable operations, and its AI and cloud ambitions materializing into real revenue streams.
