The largest IPO in history has a surprising crypto angle, from Bitcoin on the balance sheet to tokenized shares on Solana
SpaceX just pulled off the largest IPO in history. And then the stock kept climbing.
Shares of Elon Musk’s space exploration company priced at $135 on the Nasdaq and closed their first trading day at roughly $160.95, a 19% pop. By the third session on June 15, the cumulative gain had ballooned to nearly 50%, pushing SpaceX’s market capitalization to approximately $2.5 trillion.
The IPO raised $75 billion, shattering every previous record for a public listing. For context, Saudi Aramco’s 2019 IPO raised around $25.6 billion, which held the crown for years. SpaceX nearly tripled that figure.
Retail investors showed up in force
One of the more striking details of this listing is who got access. Retail investors, particularly those trading through Robinhood, accounted for up to 30% of the IPO allocation.
The second trading day alone saw an additional 20% gain.
The Bitcoin connection
SpaceX holds over 18,000 Bitcoin on its balance sheet, valued at around $1.3 billion depending on market conditions.
That makes SpaceX one of the larger corporate Bitcoin holders, sitting alongside MicroStrategy and Tesla in the growing club of publicly traded companies with meaningful BTC exposure.
Tokenized SpaceX shares are already trading
Before SpaceX even hit the Nasdaq, tokenized versions of its shares were circulating in crypto markets. A token called SPACEX trades on the Solana blockchain through the PreStocks platform, giving crypto-native traders exposure to the company’s equity performance without touching traditional brokerage infrastructure.
Pre-IPO perpetual futures for SpaceX were also actively traded on Hyperliquid, the decentralized exchange whose HYPE token has seen its own performance influenced by the SpaceX listing frenzy.
