SpaceX raises $111B in IPO and bond sale as crypto connections come into focus
The largest IPO in history was followed by a massively oversubscribed bond offering, and SpaceX's Bitcoin holdings add a crypto dimension worth watching.
SpaceX pulled off the largest initial public offering in history on June 11, pricing shares at $135 and raising between $75B and $86B. Less than two weeks later, the company tacked on a $25B bond sale that attracted roughly $90B in orders. Combined, that’s north of $111B in fresh capital flowing into Elon Musk’s rocket company in under a month.
The IPO and its wild first weeks
SpaceX sold 555.6 million shares at $135 apiece, beginning trading on June 12 under the ticker SPCX. The valuation at listing approached $1.75T to $1.8T, a figure that would place the company among the most valuable on Earth from day one.
Shares surged as high as $226 before pulling back sharply, settling in a range of $153 to $165 by late June.
On June 23-24, the company launched a bond offering initially sized at $20B but upsized to $25B after demand came in at nearly $90B. The tranches mature between 2031 and 2056, with interest rates ranging from 5.35% to 6.65%.
The Bitcoin and Dogecoin connection
SpaceX holds 18,712 BTC on its balance sheet, valued at roughly $1.2B to $1.4B at current prices. That makes it the 8th-largest public holder of Bitcoin, joining a club that includes MicroStrategy and Tesla.
SpaceX’s DOGE-1 lunar mission was fully funded by Dogecoin, and the company has accepted DOGE for select merchandise.
Tokenized SpaceX equity is already trading on platforms like PreStocks, where synthetic versions of SPCX shares track the underlying stock price.
What the bond sale says about market conditions
A $25B bond sale drawing $90B in orders two weeks after an IPO is worth interrogating. The bond tranches stretching out to 2056 are particularly notable. Investors are lending money to SpaceX for 30 years, with the longest tranches carrying rates of 6.65%.
What this means for investors
SpaceX’s Bitcoin treasury adds another publicly traded proxy for BTC exposure. Every quarterly earnings report will now include a mark-to-market on those 18,712 BTC, giving analysts another data point to discuss and traders another catalyst to react to.
The success of tokenized SpaceX equity trading suggests growing demand for bringing traditional assets onto blockchain infrastructure. Firms like BlackRock and Franklin Templeton have already been building in the regulated tokenized securities space.
SpaceX’s valuation exceeding $2T shortly after IPO puts it in territory where even modest disappointments can trigger sharp corrections. The stock dropped from $226 to the $150s range within days of listing.