Elon Musk's SpaceX prices shares at $135, raising $75 billion in largest-ever IPO
SpaceX priced its IPO at $135 a share, raising $75 billion and implying about a $1.8 trillion value. The listing also highlights its bitcoin holdings and a Solana-based stock token launch.
Intelligence analysis by GPT-5.4 Mini
SpaceX’s debut matters to crypto because the company holds 18,712 BTC and its shares are also set to trade on Solana through a tokenized version issued by Backpack. The story ties a giant traditional market listing to bitcoin exposure and onchain equity trading.
SpaceX is selling shares to the public like putting slices of a giant cake on sale. It also owns a lot of bitcoin, and some of its stock will even be traded on a blockchain, like putting a sticker of the cake slice in a digital marketplace.
Analysis
IPO and valuation
SpaceX priced its shares at $135, selling 555.6 million shares and raising $75 billion, according to the article. That makes it the largest IPO ever, and it values the company at roughly $1.8 trillion on a fully diluted basis.
Crypto angle
The article highlights that SpaceX held 18,712 bitcoin as of March 31. At the BTC price cited in the piece, that stash was worth just under $1.2 billion. Because the company is going public, investors in SpaceX shares will also get indirect exposure to that bitcoin position.
Tokenized stock on Solana
Alongside the Nasdaq debut, a tokenized version of SpaceX stock is expected to trade on Solana through Backpack. The token represents the underlying shares and can be redeemed through Backpack’s brokerage platform.
This makes the listing more than a standard IPO. It is also a live test of whether newly listed U.S. equities can be brought onchain immediately, with supporters arguing that it could broaden access and liquidity. The article notes critics’ concerns around regulation, custody, and market fragmentation.
Broader context
The piece also mentions reports that Musk has explored combining SpaceX and Tesla, which already holds a large bitcoin treasury. Taken together, the article frames SpaceX as a major public-market event with direct relevance to crypto investors, especially those watching corporate bitcoin holdings and tokenized securities.
Key points
- SpaceX priced its IPO at $135 a share and raised $75 billion.
- The deal implies a fully diluted valuation of about $1.8 trillion.
- SpaceX held 18,712 bitcoin as of March 31, worth just under $1.2 billion at the price cited.
- A tokenized SpaceX stock is set to trade on Solana through Backpack.
- The launch tests investor appetite for onchain equities and corporate bitcoin exposure.
If demand holds, the IPO could validate huge appetite for both large tech listings and corporate bitcoin exposure. The Solana token launch could also show that tokenized stocks can attract real trading interest from the first day a major company goes public.
The size of the valuation may look hard to justify against last year’s revenue and the fact that SpaceX has not posted a net profit. The tokenized-share plan also faces the regulatory, custody, and fragmentation concerns the article says critics have raised.
