SpaceX executed the largest IPO in history, raising $75 billion at $135 per share and debuting at a $1.77 trillion valuation. Shares closed up 19% at roughly $161.
A critical structural problem emerged immediately. With a public float estimated at only 3-4% of shares outstanding, index funds tracking major benchmarks will need to acquire up to 30% of that available supply in a compressed window. Nasdaq has already modified its criteria to accelerate inclusion, while the S&P maintains stricter requirements, delaying the forced buy cycle for its trackers.
The math is further complicated by SpaceX's balance sheet. The company holds $1.3 billion in Bitcoin as a corporate treasury asset. Under fair-value accounting rules, those holdings are marked to market quarterly, injecting direct crypto volatility into the firm's earnings reports. Fund managers replicating the Nasdaq 100 will now carry indirect Bitcoin exposure, likely without explicit authorization from their investment policy statements.
The crypto derivatives market already previewed this tension. Pre-IPO perpetual contracts for SpaceX on Hyperliquid suffered a 45% flash crash in May 2026, vaporizing $1.5 million in positions.