SpaceX made history on June 12 with the largest initial public offering ever, pricing shares at $135 and raising $75 billion. Underwriters later exercised their greenshoe option, bringing total proceeds to $85.7 billion. The stock, tickered as SPCX on traditional exchanges, immediately soared, climbing 49% within days and pushing the company’s valuation to $2.65 trillion.
South Korean retail investors poured over $834.6 million into SpaceX shares on the first trading day, making it the most-purchased U.S. stock among local individual investors. Limited access to the IPO allotment drove heavy secondary market buying, according to data from the Korea Securities Depository. The frenzy briefly sent after-hours prices to $229.85 on Monday, briefly valuing SpaceX above $3 trillion before a 4.95% pullback on Wednesday to $191.82.
Beyond traditional markets, the listing has spilled into the crypto space. A tokenized version of SpaceX shares, trading as SPACEX/USD, is now actively listed on the crypto exchange Biconomy.com. This marks a significant test for blockchain-based equity infrastructure, allowing traders to gain synthetic exposure to SPCX’s price movements on a decentralized platform. The tokenized stock adds a new dimension to the growing trend of bringing real-world assets onto blockchain rails.
Meanwhile, SpaceX wasted no time deploying its newfound capital, announcing a $60 billion all-stock acquisition of Anysphere, the startup behind the AI coding agent Cursor. The deal folds into xAI, the AI venture SpaceX acquired earlier this year, expanding its footprint in commercial AI coding tools. Elon Musk’s net worth has also rocketed, reclaiming the top spot on global wealth rankings as his SpaceX stake swells alongside the stock’s gains.
The tokenized equity experiment on Biconomy adds a layer of crypto relevance to the already historic IPO. Options activity and derivative hedging have been flagged as drivers of the stock’s volatility, dynamics that are now mirrored on the crypto market infrastructure as well. As of Thursday premarket, SPCX was trading at $193.11, up 1.2%.
