SpaceX Debuts on Nasdaq in Record $75B IPO, Discloses $656M Bitcoin Position

SpaceX began trading on Nasdaq on June 12, 2026, after pricing its initial public offering at $135 a share and raising $75 billion, the largest IPO on record. Elon Musk rang the opening bell remotely from the company's Starbase site in Texas, while president Gwynne Shotwell and other executives appeared at the Nasdaq MarketSite in New York. Shares, trading under the ticker SPCX, opened around $175, roughly 30% above the offering price. SpaceX sold 555.6 million shares at $135, implying an initial valuation of about $1.77 trillion to $1.8 trillion. The company had previously been valued at more than $200 billion in private markets. The jump underscores investor expectations for continued expansion, led by the Starlink satellite internet business and government launch contracts. The SEC is reported to have expedited its review to support the listing. SpaceX also disclosed it holds 8,285 Bitcoin on its balance sheet, worth about $656 million at the time of the IPO. The position places SPCX among notable public companies with sizable Bitcoin treasuries, alongside names such as MicroStrategy and Tesla. Crypto-linked activity is already developing around the stock. Perpetual futures tied to SpaceX have been trading on crypto exchanges, with open interest above $200 million. For investors, SpaceX's Bitcoin holdings introduce a direct link between BTC price moves and the company's reported financials. Any decision by SPCX to sell or add to its Bitcoin position could become market-moving for both equity and crypto traders. The scale of derivatives positioning suggests some participants are treating SPCX as a proxy trade within the crypto ecosystem, potentially setting up arbitrage between SPCX shares, related exchange-traded derivatives, and Bitcoin. The first-day move from $135 to $175 indicates much of the initial momentum may already be reflected in the price for short-term traders. In the weeks ahead, the clearest read will come from tracking how closely SPCX trades alongside Bitcoin and whether the IPO proves to be a one-off liquidity event or a more sustained shift in capital allocation away from digital assets.