SpaceX debuted on the Nasdaq on June 12 at $135 per share. The IPO raised as much as $75 billion, making it the largest initial public offering in history. The S-1 filing disclosed that SpaceX holds 18,712 Bitcoin, valued at approximately $1.45 billion.

The numbers behind the historic listing

SpaceX priced its shares at $135 on June 11, giving it an initial valuation of roughly $1.77 trillion. The stock surged more than 50% within days, with the market cap recently hovering between $2.65 trillion and $2.8 trillion. That range puts SpaceX right on Amazon’s doorstep, with Amazon sitting at approximately $2.66 trillion to $2.7 trillion. Microsoft, Nvidia, Alphabet, and Apple remain ahead.

SpaceX was valued at around $137 billion in early 2023 as a private company.

SpaceX’s Bitcoin treasury and the crypto ripple effect

The S-1 filing confirmed SpaceX holds 18,712 BTC. At that position size, the company ranks among the largest corporate Bitcoin holders, a list historically dominated by MicroStrategy and a handful of other firms. The $1.45 billion valuation of that position at the time of the filing represents a meaningful but not overwhelming portion of the company’s balance sheet.

Dogecoin rallied as much as 7.6% in the wake of the IPO announcement. Bitcoin itself benefits from the broader narrative: every time a company of SpaceX’s stature discloses meaningful BTC holdings, it reinforces the asset’s legitimacy as a corporate treasury instrument.

What this means for investors

The Dogecoin reaction is worth treating with caution. DOGE’s price movements remain heavily correlated with Musk-related news events rather than fundamental developments in the token’s utility or adoption. A 7.6% pop on IPO news is a trade, not a thesis.

Market analysts have flagged execution risk as a major concern, noting the company’s high price-to-sales multiples. SpaceX is competing simultaneously in commercial space launch, satellite internet, AI, and potentially interplanetary travel.