SpaceX priced its IPO at $135 per share, raising approximately $75 billion and landing a $1.77 trillion valuation. That makes it the largest initial public offering in history.

But the IPO price might already be stale. Shadow market trading and crypto-linked derivatives suggest the stock could jump roughly 35% when it begins trading on Nasdaq under the ticker SPCX, potentially pushing the company’s valuation toward $2.4 trillion. That would put the implied share price around $180.

The crypto market got there first

Hyperliquid, the decentralized perpetual futures exchange, listed SPCX perpetual futures contracts that were trading in the $174 to $183 range ahead of the Nasdaq debut.

Hyperliquid reported 24-hour trading volume exceeding $230 million, with open interest crossing $260 million.

From $800 billion to $1.77 trillion in six months

In December 2025, SpaceX conducted a tender offer that valued the company at approximately $800 billion. Less than six months later, the IPO priced at more than double that figure.

Musk’s major ownership stake in the company means that if shares open near shadow-market levels, he edges closer to becoming one of the world’s first trillionaires.

Investor demand for the $75 billion IPO has reached exceptional levels, with more than $100 billion in retail orders reportedly submitted, according to Bloomberg. Many investors across Asia have been largely shut out of the offering and have instead turned to alternative instruments such as derivatives and pre-listing trading products.

A strong market debut would help validate SpaceX’s ambitious valuation and growth narrative, though historical IPO performance suggests investors should still expect periods of volatility, with many technology listings experiencing drawdowns despite strong long-term returns.