SpaceX just pulled off the biggest IPO in history, and it wasn’t even close. Shares priced at $135 rocketed 20% on the first day of trading, tacking on roughly $412 billion in market value and pushing the company’s capitalization past the $2 trillion mark.

The Nasdaq debut raised $75 billion in fresh capital, a figure that makes every prior public offering look quaint by comparison. For context, Saudi Aramco’s 2019 IPO raised about $25.6 billion and held the record for years. SpaceX nearly tripled it.

The numbers behind the launch

SpaceX entered the public market with an initial valuation of approximately $1.8 trillion. Pre-IPO perpetual contracts on crypto trading platforms had already been hinting at valuations as high as $2.2 trillion, so the first-day surge wasn’t entirely a surprise to those paying attention.

18,712 Bitcoin on the balance sheet

SpaceX’s S-1 filing disclosed that the company holds 18,712 BTC, valued at approximately $1.29 billion to $1.3 billion as of March 31, 2026. That makes SpaceX the largest corporate Bitcoin holder to ever enter the public market through an IPO.

The Bitcoin holdings represent a relatively small slice of SpaceX’s overall valuation, well under 1% of its $2 trillion-plus market cap.

Crypto markets felt the gravitational pull

The intersection of SpaceX’s IPO and crypto markets went beyond the BTC holdings. Synthetic SpaceX perpetual futures traded on platforms like Hyperliquid exceeded $1.2 billion in volume on IPO day alone.

Lily Liu, a notable figure in the crypto space, pointed out that investor capital appeared to rotate out of crypto assets and into SpaceX shares during the IPO window.