SpaceX just pulled off something Wall Street hasn’t seen before. The company’s IPO raised $75 billion by selling 555.6 million shares at $135 each, producing an initial valuation of roughly $1.77 trillion. That makes it the largest public offering in recorded history.

Retail gets a real allocation for once

Retail investors received between 20-30% of the total IPO allocation. For context, the typical retail slice of a major IPO runs somewhere between 5-10%. Major US brokerages including Robinhood and Fidelity served as distribution channels, ensuring that brokerage customers received at least one share in the offering. Over $70 billion in retail orders flooded in.

The demand wildly outstripped supply, with many investors receiving fewer shares than they requested. First-day trading delivered gains of around 19%, rewarding those who managed to secure an allocation.

The crypto connection nobody asked for

A meaningful number of retail investors appear to have sold Bitcoin positions to fund their SpaceX purchases. The capital rotation was visible enough to register as a trend, not just anecdotal noise.

Hyperliquid reported $1.4 billion in SPCX perpetual futures volume, giving crypto-native traders a way to speculate on SpaceX price action without touching traditional equity markets. On-chain trading showed implied premiums for SpaceX shares ranging between 16-36%. Some exchanges canceled their tokenized SpaceX allocations entirely, citing insufficient underlying share availability.