SpaceX just pulled off the largest IPO in history, raising $75B by pricing 555.6 million shares at $135 each. Shares opened around $150 on the Nasdaq and closed their first trading day at roughly $161, a 19% pop that pushed the company’s valuation past $2 trillion.

Retail gets a real seat at the table

Here’s the thing about IPOs: retail investors typically get scraps. The standard allocation sits somewhere around 5-10% of total shares, with the rest going to institutional players who get first dibs on the upside.

SpaceX flipped the script. Retail investors received as much as 30% of the total IPO allocation, distributed through brokerages like Robinhood, Fidelity, and Charles Schwab. First-day retail net purchases landed around $118 million.

The crypto crossover

Pre-IPO perpetual futures for SPCX on Hyperliquid, the decentralized perpetuals exchange, racked up trading volumes exceeding $1.3B. On the same day SpaceX hit the Nasdaq, a tokenized version of SPCX stock launched on Solana.

SpaceX’s Bitcoin stash

Buried in SpaceX’s IPO disclosures was a detail that caught the crypto world’s attention: the company holds 18,712 BTC, valued at approximately $1.29B during the IPO period. For Elon Musk, the IPO’s success had a more personal milestone attached. The surge in SpaceX’s valuation, combined with his existing Tesla stake, reportedly made him the world’s first trillionaire.

What this means for investors

The tokenized SPCX token on Solana, the $1.3B in Hyperliquid pre-IPO perpetual futures volume, and SpaceX’s 18,712 BTC treasury position each carry distinct risk profiles. Tokenized shares on Solana introduce smart contract risk and regulatory uncertainty. With 18,712 BTC on its balance sheet, SpaceX’s stock price will now carry implicit Bitcoin exposure, and every quarterly earnings report will include mark-to-market updates on that position. The $1.3B in perp volume on Hyperliquid means leveraged positions that could unwind violently if SpaceX shares pull back from their opening levels.