SpaceX Soars 11% in Nasdaq Debut After $135 IPO; Tokenized Shares Begin Trading on Solana

SpaceX made a blockbuster market debut, opening at $150 a share on Nasdaq—up 11% from its $135 IPO price—in what is now the largest initial public offering on record. The company raised $75 billion by selling 555.6 million shares, implying a post-IPO valuation of roughly $1.77 trillion to $1.78 trillion. The deal surpasses Saudi Aramco’s 2019 listing, which previously held the top spot. SpaceX priced the IPO at $135 per share on June 11, 2026. Trading began the next day on Nasdaq under the ticker SPCX. The offering was heavily oversubscribed and included a notable retail allocation, an uncommon feature for an IPO of this size, which typically skews toward institutional buyers. Elon Musk founded SpaceX in 2002. The company’s route to the public markets included confidential SEC filings and investor roadshows ahead of the formal listing. Crypto markets also moved in parallel. Tokenized representations of SpaceX shares were issued on Solana using infrastructure built by Backpack, enabling onchain trading and redemption. Separately, Hyperliquid launched a cash-settled perpetual contract tied to SpaceX—also labeled SPCX—allowing traders to take long or short exposure without an expiration date via a decentralized exchange. The Hyperliquid perpetual was already tracking sentiment around the listing, acting as a real-time barometer of how crypto-native traders viewed SpaceX’s IPO. For equity investors, the 11% first-day rise signals strong demand, though the appetite at $135 and at $150 is not the same question. Market participants engaging with SPCX via Hyperliquid or tokenized shares on Solana should note that these products operate under different regulatory regimes, and the investor protections associated with Nasdaq trading may not apply. With the launch, exposure to the same underlying can now trade simultaneously on a stock exchange, a Layer 1 blockchain, and a decentralized perpetuals venue.