SpaceX is about to pull off the largest IPO in history, and Wall Street apparently still wants more. Investor demand for the offering has hit roughly $150 billion, about twice the $75 billion the company aims to raise, according to Reuters.

The numbers behind the biggest IPO ever

SpaceX plans to sell 555.6 million shares at a fixed price of $135 each. That math lands the company at a valuation somewhere between $1.75 trillion and $1.77 trillion, making it one of the most valuable companies on the planet before it even starts trading publicly.

The timeline is tight. SpaceX filed its S-1 registration statement with the SEC on May 20. An investor roadshow kicked off in early June. Pricing is targeted for around June 11, with trading expected to begin June 12 on Nasdaq under the ticker SPCX.

For context, the previous record-holder for largest IPO was Saudi Aramco’s 2019 listing, which raised about $25.6 billion. SpaceX is targeting nearly three times that amount.

The demand surge reflects a few converging forces. SpaceX merged with Elon Musk’s xAI earlier in 2026, combining the rocket company’s hardware dominance with xAI’s artificial intelligence capabilities. Then there’s Starlink, SpaceX’s satellite internet division, which continues to serve as the company’s primary revenue engine, showing robust subscriber growth.

Crypto platforms are building their own on-ramps

The SpaceX IPO isn’t just a traditional finance event anymore. Crypto platforms have launched products designed to give their users exposure to the offering before shares even hit Nasdaq. Republic has introduced tokenized shares under the name preSPAX, while other platforms have rolled out SPACEX-branded pre-IPO derivative contracts.

What this means for investors

For crypto market participants specifically, the tokenized pre-IPO products introduce counterparty and structural risks that traditional share purchases don’t carry. Tokenized shares are only as reliable as the platforms issuing them and the legal frameworks underpinning them. Derivative contracts can amplify losses just as easily as gains, particularly if SpaceX’s opening-day price action doesn’t match expectations baked into those contracts.