Key Takeaways
- SpaceX completed its IPO at $135 per share, securing $75 billion in what stands as history’s largest initial public offering
- At the offering price, the aerospace company commands a fully diluted valuation near $1.8 trillion
- Elon Musk maintains approximately 40% ownership while controlling more than 84% of shareholder votes
- The company’s balance sheet includes 18,712 Bitcoin, currently valued at approximately $1.2 billion
- On its listing day, tokenized SpaceX shares launched simultaneously on Solana blockchain infrastructure
SpaceX completed its highly anticipated initial public offering Thursday at $135 per share, securing $75 billion in capital and shattering all previous IPO records. Trading under the ticker symbol SPCX commenced Friday on the Nasdaq exchange.
The capital raise dramatically surpasses the previous benchmark set by Saudi Aramco’s $30 billion offering in 2019. The $135 pricing delivers SpaceX a fully diluted market capitalization approaching $1.8 trillion as it transitions to public ownership.
The aerospace manufacturer issued 555.6 million shares through the offering. Financial disclosures reveal the company generated approximately $19 billion in revenue during the previous year, with income streams spanning commercial rocket launches, government aerospace contracts, and the Starlink satellite broadband network.
Oppenheimer, a global investment firm, has established an initial price target of $190 per share, indicating potential upside from the offering price. Market analysts anticipate substantial demand from institutional investment funds and individual investors alike.
Elon Musk, currently holding the title of world’s wealthiest individual, stands positioned to achieve trillionaire status should the stock trade at or exceed the IPO price. Musk’s ownership encompasses approximately 40% of SpaceX’s total equity through holdings in both Class A and Class B share categories.
This ownership structure grants Musk control over more than 84% of all voting rights within the corporation. As a reference point, Meta Platforms CEO Mark Zuckerberg controls roughly 60% of his company’s voting power.
Due to this concentrated voting authority, SpaceX faces no regulatory requirement to appoint independent directors to its board. Harvard Law School researchers have observed that this structure permits insider decision-making on corporate transactions and executive compensation without independent oversight mechanisms.
Bitcoin Treasury Now Part of Public Portfolio
As of March 31, SpaceX maintained a position of 18,712 Bitcoin on its corporate balance sheet. With Bitcoin trading around $63,500, this cryptocurrency reserve represents approximately $1.2 billion in value.
The public market debut means equity investors gain indirect Bitcoin exposure through their SPCX shareholdings. This digital asset position has garnered particular interest following reports that Musk has considered potential integration scenarios between SpaceX and electric vehicle manufacturer Tesla.
Tesla maintains one of the most substantial corporate Bitcoin treasuries among publicly traded entities, holding over 11,500 Bitcoin on its books.
Blockchain-Based Share Trading Launches Simultaneously
Coinciding with its Nasdaq premiere, SpaceX equity became available as a tokenized instrument on Solana blockchain systems. Backpack issued these tokens, which represent legal ownership of authentic SpaceX shares.
Token holders maintain the ability to convert their digital assets into traditional shares via Backpack’s registered brokerage services. Proponents argue this framework could democratize access to newly public equities for international participants.
Skeptics have voiced concerns regarding regulatory compliance, asset custody vulnerabilities, and potential market liquidity fragmentation. The SpaceX launch represents among the most prominent experiments in same-day blockchain integration for a major U.S. equity listing.
Industry observers view this listing as a potential blueprint for additional large private enterprises, including Anthropic and OpenAI, both of which have announced intentions to pursue public listings in coming periods.
SpaceX previously integrated Musk’s artificial intelligence venture xAI, which subsequently acquired social platform X during 2025.
Tom Mueller, SpaceX’s first official employee who now leads Impulse Space, described the company’s evolution to the BBC as “an incredible ride,” reflecting on early propulsion system setbacks before achieving the maiden successful orbital launch in 2008.
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