US equity markets opened higher as Wall Street braces for what could be the most consequential IPO in stock market history. SpaceX, Elon Musk’s aerospace and satellite internet empire, is preparing to go public on the Nasdaq under the ticker SPCX, with shares priced at $135 each.

The offering aims to raise approximately $75 billion, which would dwarf Saudi Aramco’s previous record and value SpaceX at roughly $1.77 to $1.8 trillion.

The numbers behind SpaceX mania

The offering is reportedly oversubscribed by more than four times, with indicated interest exceeding $250 billion. That’s roughly a quarter-trillion dollars of demand chasing $75 billion worth of shares.

SpaceX plans to sell approximately 555.6 million shares, with a retail allocation target of 20-30%. That retail slice is significantly above the typical IPO allocation that individual investors receive, and platforms like Fidelity and Robinhood are expected to serve as key distribution channels.

The deal structure itself is unusual. There’s no traditional pricing range, which is a departure from standard IPO mechanics where underwriters set a preliminary window and then adjust based on demand.

SpaceX filed confidentially with the SEC in April 2026, released a public prospectus in May, and final pricing is expected to be confirmed in early June. The mid-June listing date has been the target all along, and so far there have been no major deviations from that plan.

Elon Musk’s ownership stake in SpaceX could push his net worth past the trillion-dollar threshold, potentially making him the world’s first trillionaire.

What SpaceX actually does with all that money

SpaceX’s business spans core launch operations, the rapidly expanding Starlink satellite internet constellation, and increasingly, integration with Musk’s AI venture xAI.

There’s also a crypto angle worth noting. SpaceX holds approximately $1.29 billion worth of Bitcoin on its balance sheet. That makes the company one of the larger corporate holders of the asset, sitting alongside MicroStrategy and Tesla in the club of publicly traded firms with significant BTC exposure. Once SpaceX goes public, that Bitcoin position becomes subject to quarterly disclosure requirements and public scrutiny in a way it hasn’t been before.

What this means for crypto investors

When investors want exposure to a once-in-a-generation equity offering, they need cash. Some of that cash comes from selling existing stock positions. Some comes from reallocating bond holdings. And some, inevitably, comes from liquidating crypto portfolios. Analysts have flagged the potential for significant capital rotation out of Bitcoin and other digital assets as investors position themselves for the SpaceX listing.

The retail allocation component adds another dimension. A 20-30% retail share means individual investors on platforms like Robinhood could be moving meaningful amounts of capital. These are the same platforms where retail crypto trading volume is substantial.

On the flip side, SpaceX’s $1.29 billion Bitcoin treasury could serve as a long-term positive signal for the crypto market. Once those holdings show up in quarterly SEC filings, they become part of the institutional conversation around Bitcoin as a treasury asset.

US equities have been trending positively in the lead-up to the IPO, a phenomenon that market participants have directly attributed to what some are calling “SpaceX mania.”