SpaceX raises $85.7 billion in historic IPO

Record-breaking listing with greenshoe boost

SpaceX debuted on Nasdaq on June 12, 2026, immediately setting a new world record for IPO size. The initial offering proceeds were further expanded after the underwriting syndicate exercised the so-called greenshoe option — a mechanism that allows additional shares to be allocated when demand is exceptionally strong. The total amount came to $85.7 billion, according to Seeking Alpha.

The offering was more than two times oversubscribed, underscoring the extraordinary interest from both institutional and retail investors.

Unusually high retail allocation

A striking feature of the SpaceX IPO was that approximately 30 percent of shares were allocated to retail investors — far above the industry standard of five to ten percent for large listings. This created intense FOMO dynamics in the market and contributed, according to analysts cited in available research, to many retail investors selling crypto holdings to free up capital for SPCX purchases.

Crypto markets felt the capital drain

In the weeks leading up to the stock market debut, Bitcoin experienced significant price weakness. Analyst Vetle Lunde at K33 Research pointed to IPO expectations as a contributing factor in the downward pressure, with Bitcoin falling to around $61,000 in early June — its lowest level since the FTX collapse in 2022. In May alone, U.S. spot Bitcoin ETFs recorded outflows of more than $2.3 billion, indicating weaker institutional demand during the period.

Spencer Hallarn, head of OTC trading at GSR, estimates that the IPO alone required approximately $75 billion in liquidity from the market. Thomas Puech, CEO of crypto firm INDIGO, noted that the offering temporarily competed with crypto for the same risk capital pool.

There is nonetheless reason to nuance the picture: analyst Dean Chen at Bitunix Exchange believes that the crypto market is primarily driven by its own internal cycles, macro liquidity, and regulatory conditions — not by individual equity listings alone.

SpaceX holds over 18,000 bitcoin

One detail that has not gone unnoticed in the crypto community: SpaceX discloses in its S-1 filing that the company holds 18,712 BTC on its corporate balance sheet. This means buyers of SPCX shares gain indirect exposure to the bitcoin price, and strengthens the case for BTC as a legitimate reserve asset for large corporations.

SpaceX shareholders gain indirect bitcoin exposure through the company's balance sheet of over 18,000 BTC

Tokenized SPCX breaks onto crypto exchanges

Alongside the traditional stock listing, a number of crypto-based platforms have launched tokenized versions of the SpaceX share. The structures vary considerably and carry different risk profiles:

• Backpack (SPCX) on Solana claims 1:1 backing against actual shares held in custody, with the option for redemption via the ACATS/DTCC system
• xStocks (SPCXx) is offered on Kraken and Bybit, but does not confer voting rights, dividend rights, or direct legal ownership. Several platforms had to refund customers after the underlying shares could not be delivered
• Dinari (dShares™) is available in more than 85 jurisdictions outside the United States and is designed to preserve investor rights including dividends and redemption at NBBO price
• Republic (rSPAX) is regulated under Regulation CF with a minimum investment of $50 and a maximum of $5,000, and does not confer direct share ownership

It is important to emphasize that many of these products are synthetic representations without traditional shareholder rights. Investors should review the terms carefully and be aware of counterparty risk and regulatory uncertainty.

What happens next?

The newly created wealth among early investors, venture capital funds, and SpaceX employees could in time find its way back into risk assets such as crypto — a pattern that has repeated itself following previous major listings. The market will be watching closely to see whether the capital rotation reverses, and whether SpaceX's balance sheet of over 18,000 bitcoin sets a precedent for other technology companies.

As of June 16, 2026, Bitcoin is trading at around $65,969, according to 24markets' own data, and the Fear & Greed Index stands at 23 out of 100 — firmly in "extreme fear" territory.