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Key Takeaways
- SpaceX priced a record $75 billion IPO at $135 per share, valuing the company at roughly $1.77 trillion ahead of a June 12 Nasdaq listing.
- The S-1 discloses 18,712 BTC worth $1.29 billion on the balance sheet, making SpaceX one of the larger known corporate Bitcoin holders.
- Retail investors can join the selling group through Schwab, Fidelity, Robinhood, SoFi, and E*Trade.
SpaceX has set the price for its initial public offering at $135 per share, selling 555.6 million Class A shares to raise approximately $75 billion at a valuation of roughly $1.77 trillion. The offering, confirmed in an amended S-1 filing with the SEC on Wednesday, would surpass Saudi Aramco’s 2019 listing as the largest IPO in history and bring SpaceX’s 18,712-Bitcoin treasury into public markets.
SPCX Shares Expected to Begin Trading June 12 on Nasdaq
The S-1/A filing confirms the terms that Reuters first reported on Tuesday. SpaceX plans to list Class A common stock on Nasdaq and Nasdaq Texas under the ticker SPCX, with trading expected to begin on June 12. Underwriters hold an overallotment option to purchase an additional 83.3 million shares, which could raise another $11.2 billion if exercised.
At the proposed valuation, SpaceX would arrive as one of the largest public companies in the United States, ahead of Berkshire Hathaway and Tesla based on recent market values. Musk would retain approximately 82% of voting power following the offering.
Retail investors will have access through the selling group. The prospectus names Schwab, Fidelity, Robinhood, SoFi, and E*Trade (Morgan Stanley’s retail arm) as broker-dealers expected to receive shares for retail customers at the company’s request.
SpaceX Joins Public Markets With One of the Largest Corporate Bitcoin Holdings
SpaceX held 18,712 BTC with a fair value of $1.29 billion as of March 31, according to the S-1 filing. That makes it one of the larger known corporate holders of Bitcoin. A public listing gives shareholders indirect exposure to those holdings through SPCX shares.
The Bitcoin position has drawn additional attention because of reports that Musk has explored combining SpaceX and Tesla. Tesla holds over 11,500 BTC on its own balance sheet. If the two companies were ultimately merged, Musk would control one of the largest corporate Bitcoin treasuries among publicly traded companies. Neither company has announced a formal merger plan.
The IPO Arrives Amid a Crowded Pipeline of Large Tech Listings
The offering also comes amid a broader pipeline of large private technology listings. A deal of this size could compete with crypto for some risk-on capital, though the effect on flows remains difficult to measure.
The Bitcoin effect is less straightforward. SpaceX’s Bitcoin treasury gives the asset class new visibility among traditional equity investors entering through the IPO. How those investors view the holdings, as a positive or as balance-sheet risk, could influence whether the listing broadens Bitcoin’s investor base over time.
