Key Takeaways
- SpaceX set a new record by raising $75 billion through its IPO, pricing shares at $135 each
- At debut, the aerospace company commands a fully diluted valuation approaching $1.8 trillion
- Elon Musk controls approximately 40% of the company’s equity and commands more than 84% of voting rights
- The company’s balance sheet includes 18,712 Bitcoin, currently valued at approximately $1.2 billion
- On its Nasdaq debut day, SpaceX shares also launched as tokenized assets on Solana blockchain infrastructure
On Thursday, SpaceX announced its initial public offering price of $135 per share, securing $75 billion in capital and establishing an all-time record for the largest IPO ever completed. Trading on the Nasdaq exchange begins Friday under the symbol SPCX.
This fundraising achievement substantially surpasses the previous benchmark set by Saudi Aramco, which raised $30 billion during its 2019 public offering. With the $135 pricing, SpaceX enters public markets carrying a fully diluted market capitalization of approximately $1.8 trillion.
The aerospace manufacturer sold 555.6 million shares during the offering. Financial filings reveal the company generated around $19 billion in revenue during the previous year, with income streams including launch services, contracts with government agencies, and its Starlink satellite broadband network.
Investment firm Oppenheimer has established an initial price target of $190 per share, representing upside from the $135 offering price. Market analysts anticipate strong demand from institutional funds and individual investors alike.
Elon Musk, currently holding the title of world’s wealthiest individual, stands poised to become the first person to achieve trillionaire status if the stock maintains or exceeds its offering price. Musk’s ownership encompasses roughly 40% of SpaceX’s total equity through holdings in both Class A and Class B share categories.
This equity position grants Musk command over more than 84% of all voting power within the company. For context, Meta’s Mark Zuckerberg maintains approximately 60% voting control over his organization.
Due to this concentration of authority, SpaceX faces no requirement to appoint independent directors to its board. Legal scholars at Harvard Law School have observed that this structure allows company insiders to approve transactions and compensation arrangements without external supervision.
SpaceX Brings Bitcoin Exposure to Public Equity Markets
As of March 31, SpaceX maintained a position of 18,712 Bitcoin on its corporate balance sheet. With Bitcoin trading near $63,500, this cryptocurrency holding represents a value approaching $1.2 billion.
The public market debut creates a new avenue for investors seeking indirect [[LINK_START_1]]Bitcoin[[LINK_END_1]] exposure through equity ownership. This cryptocurrency position has attracted particular scrutiny following discussions that Musk has considered merging SpaceX with Tesla, his electric vehicle company.
Tesla maintains one of the most substantial corporate Bitcoin reserves among publicly traded entities, with more than 11,500 Bitcoin recorded on its financial statements.
Blockchain-Based SpaceX Shares Launch Simultaneously
Coinciding with its Nasdaq listing, SpaceX shares became available as tokenized securities on Solana blockchain infrastructure. Backpack issued the digital token, which represents verifiable ownership of authentic SpaceX equity.
Token holders maintain the ability to convert their digital assets into traditional shares via Backpack’s licensed brokerage service. Advocates argue this structure democratizes access to newly public securities for international investors.
Skeptics have voiced concerns regarding regulatory compliance, asset custody protections, and potential market fragmentation. The SpaceX launch represents one of the most prominent experiments in simultaneously listing a major U.S. company on both traditional and blockchain-based platforms.
Industry observers view this listing as a potential blueprint for other prominent private enterprises, including Anthropic and OpenAI, both of which have publicly announced plans for upcoming public offerings.
SpaceX previously completed an acquisition of Musk’s artificial intelligence venture xAI, which subsequently purchased the social media platform X in 2025.
Tom Mueller, SpaceX’s inaugural employee and current founder of Impulse Space, described the company’s journey to the BBC as “an incredible ride,” reflecting on early propulsion failures before achieving the organization’s first successful orbital mission in 2008.
