- Lead. SpaceX began trading on the Nasdaq under the ticker SPCX on June 12 at $135 per share, completing a $75 billion capital raise that is the largest initial public offering in history, more than doubling Saudi Aramco’s 2019 record of $29.4 billion.
- Fact. The offering was heavily oversubscribed, with retail investors receiving an unusually large allocation; synthetic perpetuals on Hyperliquid had already implied a $2 trillion valuation before the market opened.
- Stake. MSCI announced SpaceX is eligible for early index inclusion, with passive funds expected to start buying SPCX on June 13 — creating a structural second wave of institutional demand from day two of trading.
A record-breaking listing
SpaceX priced 555,555,555 shares at a fixed $135 each on the evening of June 11, bypassing the traditional roadshow price range in a take-it-or-leave-it structure that underscored the company’s confidence in demand. Goldman Sachs led the offering alongside Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase. The deal values the merged SpaceX-xAI entity at $1.77 trillion, placing it seventh among the most-valuable U.S. companies and ahead of Tesla. CNBC reported the raise surpassed Aramco’s record by more than $45 billion.
The company’s 18,712-bitcoin treasury — worth approximately $1.29 billion at recent prices — also entered public markets with the listing, giving shareholders indirect exposure to digital assets alongside the rocket, satellite-internet, and AI businesses.
What MSCI index inclusion means
MSCI’s decision to fast-track SPCX for benchmark inclusion, effective June 13, adds a structural demand dynamic beyond day-one retail enthusiasm. Passive funds tracking MSCI global indices will be required to purchase shares regardless of price, providing a demand floor that most speculative IPOs lack. The scale of index-driven inflows in the first week will be a key indicator of whether the $1.77 trillion valuation holds.
Liquidity competition
Pre-IPO analysis warned that SpaceX’s listing, combined with anticipated S-1 filings from OpenAI and Anthropic, could attract more than $240 billion in capital by year-end, drawing liquidity away from existing technology stocks and digital assets. Bitcoin analysts noted the listing may keep cryptocurrency prices subdued as retail investors redirect capital toward SPCX. The dual catalyst of SpaceX’s debut and President Trump’s Iran ceasefire announcement pushed U.S. stock futures higher on Friday morning.