The company’s shares began trading on Nasdaq under the ticker SPCX at an IPO price of $135. The stock opened at $150 and climbed as high as $175 during the trading session, gaining nearly 25% from the offering price. SpaceX’s market capitalization exceeded $2 trillion, placing it among the world’s largest assets at around seventh or eighth place, ahead of Saudi Aramco, Tesla, Meta, and Bitcoin.
Following the rally in its share price, SpaceX’s market value surpassed $2 trillion. By this measure, the company joined the ranks of the world’s largest publicly traded assets, overtaking several major corporations, including Saudi Aramco, Tesla, and Meta.
The previous record for the largest IPO belonged to Saudi Aramco, which raised approximately $38 billion in 2019. As a result, SpaceX’s offering nearly doubled the previous record.
Following the IPO, Elon Musk officially became the world’s first dollar trillionaire.
Market Skepticism
Despite strong investor demand, some market participants believe SpaceX’s current valuation is excessively high.
In 2025, the company generated $18.7 billion in revenue while reporting a net loss of $4.94 billion.
In terms of revenue, SpaceX remains significantly smaller than many companies with comparable market capitalizations, leading analysts to closely assess the company’s long-term growth prospects.
Issues With the Distribution of Tokenized Shares
At the same time as the IPO, several cryptocurrency platforms offered users access to tokenized SpaceX shares through the xStocks infrastructure. However, strong demand resulted in a shortage of available shares.
Bybit stated that it was unable to secure the required number of shares for distribution to users and will fully refund subscription participants, along with an additional 10% compensation.
According to market rumors, every participant on Kraken received the same allocation of 4.2786 SPCX shares, while any unused funds will be returned to clients.
Binance canceled its Binance Wallet campaign related to the SPCXx token offering. The platform announced that it will return users’ locked USDC funds and additionally distribute SpaceX tokens worth a total of $1 million among participants in the program. At the same time, trading of SpaceX shares through the Binance Stocks service remains available.