Elon Musk is preparing to take SpaceX public at a valuation between $1.75 trillion and $2 trillion. The offering could raise up to $75 billion, making it the largest IPO in history, surpassing Saudi Aramco's $1.7 billion listing. The company's diversified revenue streams, including Starlink's recurring broadband subscriptions and high-margin government contracts, underpin the bullish thesis.
Musk's pitch leverages two narratives: artificial intelligence and Mars colonization. The AI angle sees SpaceX's satellite infrastructure as backbone connectivity for AI-driven systems and autonomous vehicles. This story appeals to growth investors looking beyond current earnings.
A pre-IPO perpetual futures contract has appeared on Hyperliquid under the ticker SPCX. It allows traders to speculate on SpaceX's equity valuation before shares are available on traditional exchanges. Initial pricing implied a valuation north of $2.5 trillion, a premium to Musk's reported target. This represents a new financial primitive: DeFi infrastructure providing price discovery on a major equity event before traditional markets.
SpaceX reportedly holds approximately $637 million in Bitcoin on its balance sheet. If the IPO proceeds, SpaceX would become one of the largest publicly traded Bitcoin holders, joining MicroStrategy and Tesla. This move would normalize corporate Bitcoin holdings at the highest level of market capitalization. Analysts will scrutinize the Bitcoin position in future SEC filings, with potential copycat effects among other large-cap companies.
The convergence of a record-breaking IPO, a DeFi pre-market, and a major corporate Bitcoin position makes this one of the most consequential financial events for crypto markets in 2025.