#What did SpaceX achieve with its recent IPO?
SpaceX recently completed the largest initial public offering in history by raising a remarkable $75 billion. The company set its share price at $135 on June 12, resulting in an opening market valuation of around $1.77 trillion. Interestingly, within the first day of trading, the company's valuation surged past $2.1 trillion. Shares opened at $150 and closed approximately 19% higher on the first trading day.
#Why is the share float for SpaceX so restricted?
A critical aspect of SpaceX’s IPO is the limited availability of its shares for trading. Approximately 3-4% of the total shares are accessible for public trading, while the remaining shares are under lock-up agreements. This means that insiders and early investors cannot sell these shares, which significantly narrows the float and contributes to high demand.
#How did this limited float affect trading?
The minimal float resulted in an unprecedented demand on the first trading day, with trading volumes surpassing 500 million shares. This figure underscores the intense interest from investors competing for a scarce supply of stock.
#What does Nasdaq's inclusion policy mean for SpaceX?
In response to the massive IPOs, Nasdaq has expedited its inclusion rules for megacompanies, which allows newly listed firms like SpaceX to be added to benchmark indexes more swiftly. Accordingly, passive index funds tracking the Nasdaq 100 will be required to acquire SpaceX shares to align with the index weightings. Analysts estimate that these index funds could buy roughly 30% of the available float within the first 15 trading days.
#What role does Bitcoin play in SpaceX's strategy?
SpaceX maintains a substantial Bitcoin treasury, holding 18,712 BTC valued between $1.29 and $1.3 billion as of March 31, 2026. This positions SpaceX among an emerging group of public companies with significant Bitcoin investments on their balance sheets, similar to firms like MicroStrategy and Tesla.
#How has the IPO influenced investment movements?
Leading up to the IPO, there were significant capital shifts as some investors moved funds from cryptocurrency assets into SpaceX stock, demonstrating strategic portfolio management to capitalize on the equity offering.
#What innovative products are emerging in the crypto space?
In addition, Kraken has introduced SPCXx, a tokenized equity product that allows eligible non-U.S. clients to invest in SpaceX shares. During this time, pre-IPO perpetual contracts on platforms like Hyperliquid displayed considerable market activity, indicating that cryptocurrency traders were speculating on the expected share price as SpaceX made its public market debut.