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SpaceX shares climb for second straight day as IPO sparks crypto market frenzy
The largest IPO in history has already gained more than 25% from its offering price, while tokenized exposure and perpetual futures tied to SPCX are pulling crypto markets into the orbit
SpaceX stock continued its upward trajectory on its second day of public trading, rising nearly 8% intraday and pushing cumulative gains past 25% from the $135 IPO price.
The company raised $75 billion by selling 555.6 million shares, making it the largest initial public offering in history. Shares closed their first trading day at $160.95, a 19.2% pop that vaulted SpaceX’s market capitalization above $2.1 trillion.
From launchpad to orbit in two days
SpaceX priced its IPO at $135 per share on June 11, with trading beginning the following day on Nasdaq under the ticker SPCX. The first-day close of $160.95 represented the kind of return that makes institutional allocators feel very smart about their early positioning.
By the second trading day on June 15, shares tacked on another 8% intraday. That puts SPCX north of $173 per share at the session highs.
One side effect of the listing worth noting: Elon Musk’s stake in SpaceX was valued at approximately $690 billion at IPO pricing. That figure, combined with his other holdings, reportedly makes him the world’s first trillionaire.
Crypto markets catch the tailwind
Tokenized exposure to SPCX shares launched on the Solana blockchain almost immediately after trading began. These synthetic products allow crypto-native investors to gain price exposure to SpaceX equity without touching a brokerage account.
Meanwhile, Hyperliquid recorded over $1.3 billion in volume for perpetual futures tied to SPCX on the stock’s debut day alone.
SpaceX also holds 18,712 BTC on its corporate treasury. That position directly ties the company’s balance sheet to Bitcoin’s price movements and signals to investors that SpaceX views digital assets as a legitimate treasury allocation.
What this means for investors
Hyperliquid’s $1.3 billion debut-day volume for SPCX perps is the kind of number that makes traditional exchanges pay attention.
There’s a risk dimension that deserves attention. Tokenized equity exposure on platforms like Solana doesn’t carry the same investor protections as regulated brokerage accounts. Price feeds can lag, liquidity can evaporate during volatility, and smart contract risk is always present.