SpaceX opened at $150 per share on Nasdaq, an 11% jump over its $135 IPO price, capping off what is now the largest initial public offering in history.

The company raised $75 billion by selling 555.6 million shares, landing a post-IPO valuation somewhere in the range of $1.77 to $1.78 trillion. This surpasses Saudi Aramco’s 2019 IPO, which previously held the record.

The numbers behind the debut

SpaceX priced its IPO at $135 per share on June 11, 2026. The following day, shares began trading on Nasdaq under the ticker SPCX, opening at $150.

The offering was heavily oversubscribed. The IPO included a significant retail allocation, a somewhat unusual move for a deal of this magnitude. Most mega-IPOs tend to favor institutional investors.

Elon Musk founded SpaceX in 2002. The company’s path to public markets involved confidential SEC filings and marketing roadshows before the formal listing.

Crypto’s parallel play: tokenized SpaceX stock

Tokenized versions of SpaceX shares were issued on Solana using infrastructure built by Backpack, allowing on-chain trading and redemption of the stock.

Meanwhile, Hyperliquid launched a cash-settled perpetual contract tied to SpaceX, also under the SPCX ticker, allowing traders to go long or short on SpaceX without an expiration date from a decentralized exchange.

The Hyperliquid perp was already reflecting market sentiment before and after the IPO, effectively functioning as a real-time gauge of how crypto-native traders felt about SpaceX’s public debut.

What this means for investors

For traditional equity investors, the 11% first-day pop is a strong signal. The oversubscription suggests demand is real, but demand at $135 and demand at $150 are two different conversations.

Tokenized stocks and crypto-native derivatives operate under different regulatory frameworks compared to their traditional counterparts. Investors trading SPCX on Hyperliquid or through Backpack on Solana should understand that the protections they’re accustomed to on Nasdaq may not apply.

The same asset can now trade on a stock exchange, a Layer 1 blockchain, and a decentralized perpetuals platform simultaneously.