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SpaceX just did what SpaceX does: shatter records. The company completed the largest initial public offering in history, raising approximately $85.7 billion after underwriters exercised a greenshoe overallotment option to sell an additional 83.3 million shares on top of the base offering.
The IPO, which debuted on Nasdaq under the ticker SPCX, initially priced at $135 per share with 555.6 million shares sold, bringing in $75 billion before the overallotment kicked in. Shares opened around $150 on the first trading day, a roughly 11% pop that signals the kind of investor appetite most companies can only dream about.
Inside the numbers
To put $85.7 billion in context, that’s more than the GDP of most countries. It dwarfs every previous IPO by a wide margin. Saudi Aramco’s 2019 listing, previously the record holder, raised around $25.6 billion. SpaceX more than tripled that figure.
At the initial $135 pricing, SpaceX carried a valuation between $1.75 trillion and $1.8 trillion. That places it among the most valuable companies on the planet right out of the gate, sitting comfortably in the same neighborhood as Apple, Microsoft, and Nvidia.
Institutional investors wasted no time getting involved. ARK Invest, the fund led by Cathie Wood, scooped up nearly 3.3 million shares on the debut day alone, a position worth more than $500 million.
The Bitcoin angle
Buried in SpaceX’s S-1 filing was a detail that caught the digital asset world’s attention: the company holds 18,712 BTC on its balance sheet.
Those Bitcoin holdings were acquired for approximately $661 million and were valued between $1.29 billion and $1.3 billion as of March 31, 2026. That’s a tidy unrealized gain of roughly $630 million to $640 million, or close to a 2x return on the original investment.
SpaceX now holds the largest Bitcoin position ever tied to an IPO. The move positions Bitcoin as a strategic treasury reserve asset for the company, following a playbook popularized by MicroStrategy years ago but increasingly adopted by major corporations looking to hedge against dollar depreciation and diversify their cash holdings.
What this means for crypto investors
An $85.7 billion IPO absorbs an enormous amount of capital from both retail and institutional investors. Some of that money inevitably comes from other asset classes, including crypto. In the short term, this could create selling pressure in digital asset markets as investors rebalance portfolios to accommodate their new SpaceX positions.
The risk, of course, is that SpaceX’s Bitcoin position cuts both ways. If the company ever decides to sell its holdings, 18,712 BTC hitting the market would represent a notable supply event.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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