SpaceX completed the largest initial public offering in history on June 12, 2026, pricing shares at $135 and raising approximately $75 billion. The stock, trading under the ticker SPCX on Nasdaq, closed its first day near $161, a roughly 19-20% gain that pushed the company's market capitalization to between $2.1 trillion and $2.2 trillion. Elon Musk's net worth climbed to an estimated $1.1 trillion following the IPO, according to Forbes and Bloomberg calculations, making him the first person to ever cross that threshold.
The Bitcoin in the rocket ship
Buried in SpaceX's S-1 filing was a disclosure that the company holds 18,712 BTC in its treasury, valued at between $1.2 billion and $1.45 billion at the time of filing. That makes SpaceX the 8th-largest public company Bitcoin holder. Combined with Tesla's holdings of roughly 11,509 BTC, Musk's two public companies now sit on more than 30,000 Bitcoin. The market noticed: Dogecoin jumped 6-7.6% on IPO day alone, while Bitcoin saw renewed buying interest as institutional investors digested the fact that yet another trillion-dollar company was long on digital assets.
Liquidity math and what it means for crypto
A $75 billion capital raise is not a neutral event for risk assets. Institutional investors who participated in the SpaceX offering may have trimmed exposure to speculative assets to fund their allocations, creating a temporary headwind for tokens and smaller-cap digital assets that compete for the same risk-appetite dollars. The post-IPO trading pattern tells its own story: SpaceX shares reportedly exceeded $200 at one point before pulling back and stabilizing around the IPO price by late June and early July 2026.
The trillionaire question and market gravity
Musk's trillionaire status proved somewhat fragile. The same stock volatility that briefly pushed SpaceX shares above $200 also reportedly pulled Musk's net worth back below the $1 trillion mark at various points. SpaceX as a public company now faces quarterly earnings scrutiny, analyst coverage, and regulatory obligations that will bring its crypto holdings under a microscope every three months. Any decision to buy, sell, or write down those Bitcoin positions will move markets. The Dogecoin effect is harder to quantify but impossible to ignore: DOGE's 6-7.6% jump on IPO day was driven purely by association, not by any fundamental change to the memecoin's utility or adoption.