•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
SpaceX’s June 12 debut on Nasdaq under the ticker SPCX marked the largest initial public offering in history, raising attention not only for its size but also for a surprise disclosure tied to crypto markets. The company’s IPO priced at $135 per share, with 555.6 million shares sold to investors. The stock opened at $150 and closed its first day at $160.95, a 19% gain that pushed SpaceX’s market capitalization above $2.1 trillion.
Shares were priced at $135 each. On its first trading day, the stock opened at $150 and finished at $160.95, up 19%. The move lifted SpaceX’s market capitalization to more than $2.1 trillion, with the market cap exceeding $2.25 trillion at its peak during the session.
Alongside the IPO details, SpaceX disclosed a Bitcoin position that drew immediate focus from the crypto sector. In its filing, the company reported holding 18,712 Bitcoin on its balance sheet. The value of the position was stated as between $1.29 billion and $1.45 billion as of March 31, 2026.
SpaceX categorized the holding as “non-core treasury,” indicating it is not central to operations, but is significant enough to require disclosure. The company’s debut was therefore described as the largest Bitcoin position ever associated with an IPO.
The IPO also created a personal financial milestone for Elon Musk. His SpaceX stake was valued at approximately $690 billion at the IPO price. Combined with his holdings in Tesla and other ventures, that valuation pushed Musk’s total net worth past $1 trillion, making him the first person reported to cross that threshold.
SpaceX’s IPO attracted strong institutional interest, surpassing previous records by more than three times. The company’s implied pre-IPO valuation was reported in the range of $1.77 trillion to $1.8 trillion.
For crypto markets, the Bitcoin disclosure may carry more immediate relevance than typical corporate references to blockchain. SpaceX’s classification of Bitcoin as non-core treasury suggests the company could liquidate the holdings without strategic consequences tied to core operations.
If SpaceX were to sell 18,712 BTC, the transaction would likely be market-moving given the scale of the position. For a company that does not depend on Bitcoin for revenue, the holding is framed as an “option” that can be valuable when prices rise and more disposable if priorities change.
Coinbase has launched a High Yield USDC vault within its in-app DeFi lending offering, adding a second lending option that provides exposure to a wider range of collateral assets. The product is powered by Morpho infrastructure and uses vault allocations curated by Steakhouse Financial.
