SpaceX just pulled off the largest IPO in history, raising $75 billion by pricing shares at $135 on June 12. The company debuted with a market valuation of roughly $1.77 trillion, which quickly ballooned past $2.1 trillion as shares opened at $150 and closed up approximately 19% on their first day of trading.

Here’s the thing about SpaceX’s public offering: the company kept most of its shares locked up. Only about 3-4% of total shares are actually available for public trading. The rest are subject to lock-up agreements, meaning insiders and early investors can’t sell yet.

That tiny float created enormous first-day demand. Trading volume exceeded 500 million shares, an extraordinary figure that reflects just how many investors were fighting over a very limited supply of stock.

Nasdaq has expedited inclusion rules for mega-IPOs, designed to get large new listings into benchmark indexes faster. That means passive funds tracking the Nasdaq 100 will need to start buying SpaceX shares to match their index weightings. Projections estimate that index funds could purchase around 30% of the available float within the first 15 trading days.

SpaceX holds a Bitcoin treasury of 18,712 BTC, valued at approximately $1.29 to $1.3 billion as of March 31, 2026. That puts the company in the growing club of public corporations with meaningful Bitcoin exposure on their balance sheets, alongside MicroStrategy and Tesla.

In the lead-up to the IPO, notable capital flows moved from crypto assets into SpaceX positions, with investors appearing to sell digital assets to free up capital for the equity offering.

Kraken launched SPCXx, a tokenized equity product that gives eligible non-US clients exposure to SpaceX shares. Meanwhile, pre-IPO perpetual contracts on Hyperliquid saw high open interest, showing that crypto-native traders were speculating on SpaceX’s debut price using decentralized derivatives.