SpaceX priced its IPO at $135 per share on June 11, raising approximately $75 billion by selling 555.6 million shares. That makes it the largest initial public offering in history, both by dollars raised and by valuation, and it wasn’t particularly close.

The offering established a post-IPO valuation of roughly $1.77 trillion, slotting SpaceX in as the sixth-most valuable company on the planet. The stock is set to begin trading on the Nasdaq under the ticker SPCX on June 12.

The numbers behind the rocket fuel

To put $75 billion in context: the previous record-holder for largest IPO was Saudi Aramco’s 2019 listing.

Investor demand was, to use a technical term, absurd. Reports indicated the offering was oversubscribed with demand ranging between $250 billion and $350 billion. That means investors wanted to buy roughly three to five times more shares than were actually available.

SpaceX reported revenue of approximately $18.7 billion in 2025, alongside an operating loss in the $4 billion to $5 billion range. So we’re looking at a company valued at roughly 95 times its revenue while still losing money on operations.

During pre-IPO futures trading, the implied market valuation actually exceeded $2 trillion, suggesting that when shares start changing hands on the open market, the price could climb above the $135 offering level.

Up to 30% of the IPO allocation was aimed at retail investors, a notably generous slice for an offering of this size. Most mega-IPOs reserve the overwhelming majority of shares for institutional players.

Why crypto investors should pay attention

SpaceX holds a Bitcoin treasury of 18,712 BTC, valued at approximately $1.2 billion. Every institutional investor and index fund that buys SPCX shares is now getting indirect Bitcoin exposure whether they wanted it or not. SpaceX joins a growing list of publicly traded companies, including MicroStrategy and Tesla, that give traditional equity investors a side door into Bitcoin.

The fast-track inclusion SpaceX expects in major indices like the Nasdaq-100 would force passive index funds to buy the stock, meaning billions more in automatic purchasing, all carrying that embedded Bitcoin exposure along for the ride.

When $75 billion flows into a single equity offering, that capital has to come from somewhere. The oversubscription numbers — $250 billion to $350 billion in demand — hint at just how much capital was mobilized for this event.

The bigger picture for markets

The IPO also leapfrogs SpaceX ahead of Tesla in some valuation rankings, creating the unusual situation where Elon Musk’s newer company is worth more than his older one.

For Bitcoin specifically, the 18,712 BTC on SpaceX’s balance sheet becomes a talking point every earnings season going forward. Analysts will track the value of that holding, and it normalizes Bitcoin as a corporate treasury asset in front of an entirely new audience of equity investors who may never have visited a crypto exchange.