SpaceX (SPCX) Stock: Historic $75B IPO Marks Nasdaq Debut at $135 Per Share

Key Highlights

• SpaceX set its IPO price at $135 per share, securing $75 billion in capital — establishing the largest public offering ever recorded
• At debut, the aerospace company’s fully diluted valuation reaches approximately $1.8 trillion
• Elon Musk maintains roughly 40% ownership stake while controlling over 84% of voting rights
• The company’s balance sheet includes 18,712 Bitcoin, currently valued near $1.2 billion
• Tokenized SpaceX equity launched simultaneously on Solana blockchain alongside traditional Nasdaq listing

SpaceX established its initial public offering price at $135 per share this Thursday, generating $75 billion in capital and establishing an unprecedented milestone as the most substantial IPO ever executed. Trading under the SPCX ticker on Nasdaq commenced Friday morning.

The aerospace giant’s capital raise dramatically surpasses Saudi Aramco’s 2019 offering of $30 billion, the previous record holder. With shares priced at $135, SpaceX enters public markets carrying a fully diluted market capitalization approaching $1.8 trillion.

The offering involved 555.6 million shares. Financial disclosures reveal the company generated approximately $19 billion in annual revenue, primarily through launch services, governmental partnerships, and the Starlink broadband constellation.

Investment firm Oppenheimer wasted no time establishing a $190 price target, representing a notable premium to the IPO price. Market analysts anticipate substantial interest from both institutional portfolios and individual investors.

This equity concentration grants Musk commanding voting authority exceeding 84% of total shareholder power. For context, Meta’s Mark Zuckerberg exercises approximately 60% voting control over his platform.

Due to this ownership structure, SpaceX faces no regulatory requirement for independent board directors. Harvard Law School scholars observed that company insiders possess unfettered authority over strategic transactions and executive compensation matters.

Bitcoin Treasury Gains Public Market Exposure

SpaceX maintained 18,712 Bitcoin as of its March 31 financial statement. With Bitcoin trading around $63,500, this digital asset position represents approximately $1.2 billion in value.

The public listing creates an opportunity for traditional equity investors to gain indirect cryptocurrency exposure through SPCX shares. This Bitcoin treasury has attracted considerable attention amid ongoing speculation about potential SpaceX-Tesla integration.

Tesla maintains one of the corporate world’s most significant Bitcoin reserves, holding over 11,500 Bitcoin on its books.

Blockchain-Based Shares Debut Alongside Traditional Listing

Coinciding with its Nasdaq premiere, SpaceX equity became available as tokenized assets on Solana blockchain infrastructure. Backpack issued the digital tokens, which represent authentic ownership in SpaceX equity.

Token holders retain redemption rights for conventional shares through Backpack’s registered brokerage services. Proponents argue this framework democratizes access to newly public securities for international participants.

Skeptics have voiced concerns regarding regulatory compliance, asset custody security, and potential market fragmentation. The SpaceX rollout represents among the most prominent experiments in simultaneous blockchain and traditional exchange listings for a major U.S. company.

Industry observers view this dual-listing approach as a potential blueprint for other high-profile private enterprises, including Anthropic and OpenAI, both currently preparing for anticipated public debuts.

SpaceX previously absorbed Musk’s artificial intelligence venture xAI, which had itself acquired social platform X during 2025.

Tom Mueller, SpaceX’s inaugural employee who now leads Impulse Space, characterized the company’s evolution to the BBC as “an incredible ride,” reminiscing about early propulsion setbacks before achieving the milestone 2008 orbital launch success.

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