SpaceX is pricing its IPO at $135 per share, targeting a valuation of roughly $1.77 trillion. If that number feels absurd, consider that it would make SpaceX’s public debut the largest IPO in history, surpassing the record previously held by Saudi Aramco.

The offering aims to raise approximately $75 billion, and demand has already reached about four times the number of shares available. That translates to roughly $250 billion in interest from major investors.

The anti-flipping trap

Firms like Fidelity are imposing strict penalties for investors who dump their allocations within the first 15 days after the IPO. The consequences range from six-month bans to permanent exclusion from future IPO access.

This matters because pre-IPO signals on platforms like Hyperliquid suggest a potential first-day price surge of 17-25%. The temptation to flip is obvious. Buy at $135, watch it pop to $160 or higher on day one, and cash out. But the brokerages have built a system designed to punish exactly that behavior.

Retail gets an unusual seat at the table

One of the more surprising elements of this offering is the retail allocation. Up to 30% of total shares will be available to everyday investors through platforms like Robinhood and SoFi. That’s a dramatic departure from the typical IPO playbook, where retail investors usually get table scraps after institutional funds have filled their plates.

The first day of trading is slated for June 12, 2026, giving investors time to plan their approach. But the oversubscription numbers suggest that even getting an allocation will be competitive.

What this means for crypto markets

SpaceX reportedly holds a substantial Bitcoin treasury, with estimates ranging between $545 million and $1.29 billion. That makes the company one of the larger corporate Bitcoin holders, sitting alongside the usual suspects like MicroStrategy and Tesla.

When a $75 billion capital raise hits the market, that money has to come from somewhere. Analysts are flagging concerns about capital rotation, the idea that investors will sell existing positions in crypto and other risk assets to fund their SpaceX allocations.

The pre-IPO trading activity on crypto-native platforms like Hyperliquid offers a useful signal. The 17-25% premium that pre-IPO tokens are commanding suggests that crypto-native traders are themselves eager to gain exposure to SpaceX, which reinforces the capital rotation thesis.