SpaceX just pulled off the biggest IPO in history, and it wasn’t even close. The company priced 555.6 million shares at $135 each on June 12, raising $75 billion in a single offering. Shares closed their first day of trading at $160.95, a 19% gain from the IPO price.

To put that $75 billion raise in perspective, it dwarfs every previous public offering. Saudi Aramco’s 2019 debut, long considered the gold standard, raised $25.6 billion. SpaceX nearly tripled that in a single day on the Nasdaq under the ticker “SPCX.”

The numbers behind the debut

Shares opened at roughly $150, an 11% premium above the offering price, and things only accelerated from there. The stock touched an intraday high near $176 during the session, briefly pushing SpaceX’s valuation above $2 trillion before settling back down.

At the closing price of $160.95, the company’s valuation sat at approximately $1.8 trillion. That makes SpaceX one of the most valuable publicly traded companies on the planet after a single day of trading.

Retail demand was staggering. Orders from non-institutional investors exceeded $100 billion. SpaceX targeted an unusually high allocation of about 30% for retail investors, a notable departure from the typical IPO playbook that tends to favor large institutional buyers.

Following the surge, Elon Musk reportedly became the world’s first trillionaire.

What crypto markets felt

Bitcoin held its ground during the SpaceX debut, trading around $63,400 and showing minimal volatility despite the massive capital reallocation happening in equity markets.

Several exchanges rolled out crypto-traded products tied to SPCX, allowing traders to gain exposure to the stock through digital asset infrastructure. No tokens were issued in connection with the IPO itself, but the massive capital infusion temporarily impacted liquidity across crypto markets.

What this means for investors

The 19% first-day pop raises familiar questions about IPO pricing. A near-20% jump on day one means early public investors did well, but it also suggests the shares were priced conservatively relative to actual demand. The $100 billion in retail orders alone represented more than the total raise, which typically signals that the offering could have been priced higher.

SpaceX’s decision to target 30% retail allocation could set a precedent. If the stock continues to perform well, other companies may follow suit to generate hype and broaden their shareholder base.