SpaceX just pulled off the largest IPO in history, raising $75 billion at $135 per share and landing a $1.77 trillion valuation on day one. Shares closed around $161, roughly 19% above the offering price.

The float problem is a math problem

SpaceX’s public float sits at an estimated 3-4% of total shares outstanding. Analysts estimate that index funds and ETFs could need to purchase up to roughly 30% of the available float in a compressed timeframe.

Nasdaq reportedly modified its criteria to allow for faster index inclusion of SpaceX. The S&P maintained more stringent requirements, which delays the forced buying timeline for funds tracking that benchmark.

Bitcoin on the balance sheet changes the earnings game

SpaceX holds approximately $1.3 billion in Bitcoin as part of its corporate treasury. Under current fair-value accounting rules, that Bitcoin position gets marked to market each quarter, meaning gains and losses flow directly through the company’s earnings statements.

Fund managers tracking the Nasdaq 100 will effectively have indirect Bitcoin exposure through their SpaceX allocation, whether their investment policy statements contemplated that or not.

The crypto derivatives market already got a preview

Pre-IPO perpetual contracts tied to SpaceX on Hyperliquid experienced a 45% flash crash in May 2026, liquidating approximately $1.5 million in positions.