SpaceX went public on June 12, listed on Nasdaq under the ticker SPCX, priced shares at $135, and raised roughly $75 billion. Within days, its market capitalization ballooned from an initial $1.77 trillion to approximately $2.5 trillion, vaulting the company into the sixth spot among the world’s largest public companies.

That trajectory, from $350 billion private valuation in early 2026 to a $2.5 trillion public behemoth, is the kind of wealth creation that makes even seasoned Wall Street types do a double-take. Goldman Sachs led the offering, which ranks among the largest IPOs in history.

The numbers behind the hype

Here’s the thing about a $2.5 trillion market cap: it requires investors to believe SpaceX is worth roughly 90 to 100 times its revenue. That’s not a typo. Analysts have flagged this multiple as aggressive by any historical standard, and it dwarfs what comparable technology and infrastructure companies typically command.

The demand was real, though. Both retail and institutional investors piled in, driven by enthusiasm for SpaceX’s dominant launch business and the rapidly expanding Starlink satellite internet constellation.

Investors are also pricing in ventures that don’t fully exist yet, including space-based data centers.

Crypto’s gateway into the IPO

For crypto investors, the SpaceX listing wasn’t just financial news to watch from the sidelines. Exchanges Bybit and Kraken both offered tokenized SpaceX shares through their xStocks products, giving crypto-native investors a way to gain exposure without ever opening a traditional brokerage account.

Tokenized stocks work by wrapping equity exposure in a blockchain-based format. Investors buy a token that tracks the price of the underlying share, typically backed one-to-one by the actual equity held in custody.

What this means for investors

The bull case is straightforward. SpaceX essentially operates a monopoly on reusable heavy-lift launch, Starlink is building a global internet infrastructure with limited competition at scale, and Goldman Sachs led one of the largest IPOs in history.

The bear case is equally straightforward. A 90 to 100x revenue multiple leaves essentially zero margin for execution stumbles. If Starlink subscriber growth slows, if launch cadence hits regulatory snags, or if speculative ventures like orbital data centers remain conceptual for longer than expected, that multiple compresses.

For context, SpaceX’s private valuation was around $350 billion earlier in 2026. The jump to $2.5 trillion in a matter of months means the market is assigning over $2 trillion in value to growth expectations alone.

Tokenized stock products on Bybit and Kraken could see sustained volume if SpaceX remains a retail favorite. But tokenized equities also inherit the volatility of the underlying asset. If SpaceX shares correct sharply, crypto investors holding xStocks tokens will feel it just as acutely as anyone on Nasdaq.