SpaceX has officially dethroned Saudi Aramco as the issuer of the largest initial public offering in history. The aerospace giant priced its shares at $135, selling 555.6 million stock units to raise a staggering $75 billion.
Shares began trading on the NASDAQ under the ticker SPCX on June 12. The stock opened at $150, an immediate 11% gain over the offering price. Early trading sessions saw the value climb another 20-30%, cementing SpaceX’s market capitalization at approximately $1.77 trillion. This valuation places it among the seven most valuable public companies in the United States.
Retail investor participation played a pivotal role in this historic listing. SpaceX allocated roughly 30% of its shares to individual investors, a significant move for a deal of this scale. Demand was overwhelming, with retail orders exceeding $100 billion, far surpassing the available supply.
The disciplined pricing strategy ensured a healthy first-day pop without leaving excessive money on the table. This outcome satisfies both the company and its new shareholders, marking a successful transition from private unicorn to public powerhouse.
In the crypto sector, synthetic tokens representing SpaceX exposure traded at premiums of 31-36% above the IPO price on platforms like Hyperliquid prior to the listing. However, once real equity became accessible on the NASDAQ, demand for these speculative instruments collapsed immediately. Crypto firms quickly pivoted away from synthetic SpaceX products as traditional markets offered direct access.
The unfulfilled $100 billion in retail demand represents a massive pool of capital now seeking new opportunities. While some funds will rotate into other high-growth equities, a portion is expected to flow back into cryptocurrency markets, where liquidity remains uncapped and trading is continuous.