SpaceX has priced its initial public offering at $135 per share, raising $75 billion in the largest IPO in market history and setting up for a highly anticipated debut on the Nasdaq under the ticker SPCX on Friday.
Market Context
The blockbuster offering dwarfs the previous record set by Saudi Aramco's $30 billion listing in 2019. SpaceX will enter public markets with a fully diluted valuation of approximately $1.8 trillion, making it one of the most valuable companies to ever list on a U.S. exchange. The company sold 555.6 million shares at the $135 pricing, according to an SEC filing.
Analysis
The valuation represents a premium multiple for a company that has yet to post net profits despite generating roughly $19 billion in revenue last year. Revenue is driven primarily by commercial launches, government contracts with NASA and the Department of Defense, and the rapidly expanding Starlink satellite internet service. SpaceX's path to profitability will be closely monitored by public market investors accustomed to evaluating cash-flow metrics rather than growth potential alone.
The IPO has drawn significant institutional interest given Musk's track record with Tesla shares, which have delivered extraordinary returns for early public investors. However, some analysts note the valuation leaves little room for error and will require consistent execution on launch cadence and Starlink subscriber growth.
Also drawing attention is SpaceX's bitcoin treasury. The company held 18,712 BTC as of March 31, valued at approximately $1.2 billion at current prices around $63,500 per token. This gives public investors indirect exposure to bitcoin through an equity wrapper, a structure that has attracted interest following Tesla's similar treasury strategy.
A notable development accompanying the IPO is the launch of a tokenized version of SpaceX shares on Solana via Backpack, representing one of the first efforts to bring newly listed U.S. equities onchain from their first trading day. The token can be redeemed for underlying shares through Backpack's brokerage platform, testing investor appetite for blockchain-based equity access.
Key Numbers
- IPO price: $135 per share
- Shares sold: 555.6 million
- Capital raised: $75 billion (largest IPO ever)
- Fully diluted valuation: approximately $1.8 trillion
- 2024 revenue: roughly $19 billion
- Bitcoin holdings: 18,712 BTC (~$1.2 billion at current prices)
What to Watch
Traders will monitor initial trading activity on Friday when SPCX begins quoting on the Nasdaq. Key levels to watch include the opening print versus the $135 reference price and early volume indicators that could signal institutional versus retail participation. Attention will also focus on options pricing and potential volatility surfaces given the size of the offering and retail investor interest in Musk-linked companies. Any commentary from the company regarding profitability timelines or launch schedules during the IPO roadshow period may move shares significantly.