SpaceX prices $75B IPO at $135; Nasdaq debut June 12

SpaceX priced a $75 billion initial public offering at $135 a share on June 11. The shares will list on Nasdaq under the ticker SPCX at 9:30 a.m. ET on June 12. The all-primary offering implies a post-IPO market value near $1.75 trillion. Goldman Sachs led the transaction, with Morgan Stanley, Bank of America Securities, Citigroup and JPMorgan as joint bookrunners.

About 30% of the offering was earmarked for retail investors, but allocations were limited and not guaranteed. Five brokerages received direct retail tranches with varying eligibility rules: Fidelity required a $2,000 minimum account balance, Robinhood and SoFi reported no minimums, E*TRADE listed no minimum reported, and Charles Schwab indicated roughly $100,000 in brokerage assets was needed to qualify. Investors without a direct allocation can purchase SPCX on the open market through any U.S. brokerage once Nasdaq trading begins.

Because the deal is all-primary, proceeds will go to SpaceX rather than existing shareholders. Shares owned by Elon Musk are subject to a 366-day lockup.

Several crypto and digital-asset platforms are offering tokenized or synthetic exposure to SpaceX for eligible non-U.S. investors and traders seeking 24/7 access. Kraken and Bybit are listing tokenized shares labeled SPCXx through the xStocks program; the tokens are issued by Backed Assets (JE) Limited and are described as backed 1:1 by underlying equity held in regulated third-party custody. Kraken also offers a perpetual contract, PF_SPCXXUSD, with up to 5x leverage.

Bitget Wallet ran a tokenized IPO subscription on Solana that closed oversubscribed and expanded its allocation from $3 million to $13 million; the wallet accepted entries starting at $10 in USDT and USDC and plans to distribute SPCXx tokens before Nasdaq trading begins. Ondo Finance plans to launch SPCXon, a total-return tracker backed 1:1 by regulated custodians with minting and redemption available via self-custody wallets on Ethereum and Solana. Coinbase International has listed SPCX-PERP, a USDC-settled perpetual futures contract that runs 24/7 and will convert to a post-IPO perpetual on listing. BitMEX offers a USDT-margined perpetual contract for synthetic exposure. None of these products confer share ownership, voting rights or dividends; the xStocks tokens and Ondo’s tracker are described as closest to equity because of the claimed 1:1 custody backing, while perpetual contracts are leveraged derivatives with liquidation risk.

Market mechanics on debut day can add volatility. The Nasdaq opening auction may be delayed if order imbalances are extreme. Traders placing market orders face uncertainty about final execution prices; traders using limit orders can control execution price but may not trade immediately. Tokenized and synthetic products may trade at premiums or discounts relative to the offering price until Nasdaq establishes a public reference price.

Research by University of Florida finance professor Jay Ritter shows average first-day IPO returns of about 15% to 20% historically, with much of that gain typically going to institutional investors who receive shares at the offering price. Ritter’s work also documents longer-term underperformance for many IPOs over three to five years and finds that more than 90% of IPOs trade below their first-day low at some point during the price-discovery period.

“Self-custodial wallets are becoming a serious channel for capital markets access,” commented Alvin Kan, chief operating officer of Bitget Wallet.