SpaceX is pricing its IPO today June 11 at $135 a share, raising roughly $75 billion and valuing the company at about $1.75 trillion. The stock begins trading on Nasdaq tomorrow Friday June 12. The pre IPO derivatives that have tracked SpaceX exposure on crypto exchanges have already fallen 27% over the last three weeks, signaling that the air has come out of the most aggressive bids ahead of the official debut.
Key Takeaways
- SpaceX prices its IPO at $135 a share for a $1.75 trillion valuation
- The stock begins trading on Nasdaq on Friday June 12
- Pre IPO contracts SPCX have shed 27% in three weeks ahead of the debut
The pricing in detail
The IPO price has landed at $135 a share.The deal raises approximately $75 billion in gross proceeds.The implied market capitalization sits at roughly $1.75 trillion, which makes SpaceX the largest IPO in history by a wide margin. The full picture is available in SpaceX’s official IPO pricing announcement at $135.The placement is on track to roughly double the entire 2025 US IPO market combined.
Trading kicks off Friday June 12 on Nasdaq. The company has positioned the placement as a record breaking debut without an immediate index inclusion. Standard inclusion timelines for the S&P 500 and Nasdaq 100 would put any rebalancing several months out, which matters for passive flow modeling around the stock.
The pre IPO derivatives market on crypto exchanges has been a leading indicator. Bitget, Binance, Coinbase and OKX have all listed SpaceX perpetual contracts that mirror an off market valuation. The most actively traded of these, SPCX, has dropped 27% over the past three weeks, while still trading above the fixed $135 IPO price. The implied first day premium has compressed from roughly 60% in May to around 16% today.
The compression is meaningful. It says that retail and crypto native traders had front loaded a much more bullish first day pop than they are willing to underwrite now. The same flow that made thousands of SpaceX employees suddenly wealthy has also been on the receiving end of the recent compression.
How the deal reshapes capital flows
The IPO sits inside a larger megacap supply event. SpaceX, OpenAI and Anthropic together are projected to raise more than $240 billion from June through year end. That figure is larger than every venture backed US IPO combined since 2000. The supply scale alone is enough to reshape how risk on capital is being allocated.
The crypto angle matters here. SpaceX itself is one of the more visible corporate Bitcoin holders, with a stack that has shrunk from $780 million in early 2026 to roughly $545 million by the IPO filing. The position itself is now a tiny line in the company’s overall balance sheet, but the optics still matter for institutional crypto narratives.
The bigger concern raised by market analysts is liquidity drainage. The thesis is straightforward. A megacap IPO of this size pulls capital from existing risk on positions, with Bitcoin and high beta tech being the obvious sources. MSCI modeled the impact in February and flagged billions of dollars in index driven flows alongside material liquidity compression outside the new names. The OpenAI S-1 filing earlier this week stacked another major draw onto the same calendar.
Not everyone is bearish on the supply absorption. Tom Lee at Fundstrat has argued that family offices, pension funds and high net worth investors are sitting on historically low public equity allocations after years of favoring private markets. The liquidity that flows back into public names through these IPOs would simply rebalance years of underweight positioning. That side of the debate sees the megacap calendar as a structural reset rather than a crowding event.
What to watch on day one
The first day tape will set the tone for the rest of the megacap IPO calendar. A clean pop above the $135 price will give OpenAI and Anthropic a strong tailwind for their own pricing windows. A flat or negative open would force both companies to revise their indicated ranges or delay timing into a more receptive window. The debut delivered, with SpaceX stock jumping 19% on its Wall Street open.
The cross asset signal will also matter. If Bitcoin tracks lower in the days following the SpaceX open, the liquidity drain thesis gains weight. If Bitcoin holds or bounces back toward $65,000, the megacap IPO absorption story will read as benign for crypto. The Anthropic SpaceX compute deal worth $1.25 billion a month through May 2029 ties the AI capex story directly to SpaceX’s listed equity, making the cross asset linkage more direct than past tech IPOs. Index mechanics amplified the move, the Nasdaq-100 debut sparking $4.3B in forced buying.
For retail traders, the calendar opens a clear sequencing question. The capital pull is concentrated across June through December, with three trillion dollar names listing in close succession. Allocating into the IPOs at the listing requires either selling existing exposure or putting fresh cash to work, and the data already suggests the former is the dominant choice. CoinDesk reporting on retail flows points to active rotation out of Bitcoin into pre IPO and IPO ticket exposure.
The other variable is the secondary market for the SPCX perpetuals once SpaceX trades freely. Pre IPO derivatives typically lose most of their premium once spot trading opens, since the optionality on the listing date evaporates. Whether the SPCX listing closes out cleanly or migrates into a long term basis trade against SpaceX equity will tell the next chapter of crypto’s pre IPO product cycle.
The biggest single equity event of the decade is now hours away from pricing, and the market is watching every cross asset signal.
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