SpaceX IPO Prices at $135 a Share, Puts an 18,712-BTC Treasury and Dogecoin in Crypto Market’s Path

• SpaceX is set to price its initial public offering at $135 per share on June 11 and begin trading on the Nasdaq under the ticker SPCX on June 12.
• This is a $75 billion raise, valuing the company at nearly $1.77 trillion and ranking as the largest IPO on record.
• The listing carries direct crypto exposure: SpaceX holds 18,712 Bitcoin worth roughly $1.29 billion as of March 31, 2026.
• Its long association with Dogecoin has also made the meme coin a sentiment proxy for the event.
• Analysts are split on the market impact, weighing a $75 billion liquidity drain against Dogecoin spillover hopes, while a new “pre-IPO perpetuals” product category lets crypto traders bet on the listing through derivatives.

The SpaceX IPO is set to price at $135 per share on June 11, with shares scheduled to begin trading on Nasdaq under the ticker SPCX on June 12. It is in a deal that would raise about $75 billion and value Elon Musk’s company at nearly $1.77 trillion. SpaceX confirmed the fixed $135 price in a filing with the U.S. Securities and Exchange Commission (SEC). This offering would rank as the largest in market history and surpass the 2019 listing of Saudi Aramco.

For crypto markets, the listing matters because it drags a substantial digital-asset position into public view. SpaceX holds 18,712 Bitcoin worth about $1.29 billion as of March 31, 2026. The IPO also revives the Musk-Dogecoin connection that has historically moved the meme coin during events tied to his businesses.

According to people familiar with the matter, the offering is roughly two times oversubscribed, with total orders reaching about $150 billion against the $75 billion target. Reuters reported that multiple institutional investors placed single orders of $10 billion or more, and Gulf sovereign wealth funds reportedly ordered billions of dollars in shares. SpaceX set the fixed price rather than a range and earmarked about 30% of shares for retail investors, far above the 5% to 10% typical of major listings.

The structure of the deal shapes the crypto read. SpaceX is offering 555.6 million shares, releasing only about 4% of the company to public markets, which concentrates the float and amplifies post-listing volatility. MSCI confirmed it will apply its standard early-inclusion treatment for large IPOs, adding SpaceX to its Global Standard Indexes and triggering structural buy orders from passive funds after the debut.

One concern among analysts is liquidity. A $75 billion raise would absorb a large pool of risk capital, and some have framed part of the recent crypto sell-off as an IPO effect, with investors trimming positions to free up cash for the listing. The same logic applies after the debut, since SpaceX shares now offer Wall Street a regulated, indirect route to Bitcoin exposure through the company’s treasury.

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Dogecoin sits at the center of the retail narrative. The token traded near $0.087 on June 9, up about 4% in 24 hours but down roughly 13% over the week, and remains about 88% below its 2021 peak near $0.73. On-chain data shows whales accumulated more than 200 million DOGE near the $0.081 support level, while U.S. spot Dogecoin ETF net inflows climbed 29% to $12.44 million between May 1 and June 8 ahead of the event. The catalyst case rests on Musk’s February confirmation that Dogecoin would fund the DOGE-1 lunar mission, the first crypto-funded satellite launch.

The listing has also seeded a new product category. Binance launched pre-IPO perpetual futures on May 21, beginning with a SpaceX-linked SPCXUSDT contract. And that generated more than $280 million in trading volume in its first five days. The exchange then added an OpenAI-linked OPENAIUSDT contract on May 26, offering up to 20x leverage and deriving its mark price from private-market activity. Both are synthetic perpetuals margined in USDT that confer no equity ownership or shareholder rights. It is a model that blurs the line between crypto derivatives and private equity. Hyperliquid and Coinbase have since entered the same category.

Whether the IPO lifts crypto or drains it will become clearer once SPCX prints on June 12. Analysts caution that “buy the rumor, sell the news” dynamics could drive Dogecoin into post-event consolidation even if the listing succeeds, and that ETF inflows are a lagging signal rather than a leading one.

Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.

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