SpaceX Jumps Past $135 IPO Price as Tokenized Shares Debut on Solana

SpaceX made a blockbuster market debut, opening at $150 a share on Nasdaq—up 11% from its $135 IPO price—in what is now the largest initial public offering on record. The company sold 555.6 million shares, raising $75 billion and implying a post-IPO valuation of roughly $1.77 to $1.78 trillion. The deal overtook Saudi Aramco's 2019 flotation, previously the largest IPO in history. SpaceX priced its offering at $135 per share on June 11, 2026. Trading began the next day on Nasdaq under the ticker SPCX. The transaction was heavily oversubscribed and included a notable retail allocation, an uncommon feature for an IPO of this size, which typically skews toward institutional buyers. Crypto markets moved in parallel. Tokenized versions of SpaceX shares were issued on Solana via infrastructure built by Backpack, enabling on-chain trading and redemption of the underlying stock. Separately, Hyperliquid introduced a cash-settled perpetual contract linked to SpaceX—also under the SPCX ticker—letting traders take long or short positions without an expiry through a decentralized exchange. The perp traded as a real-time barometer of crypto-native sentiment around the listing. For investors, the first-day 11% gain signals strong initial demand, though appetite at $135 and at $150 are not the same calculation. Trading tokenized shares and crypto-native derivatives also comes with different regulatory guardrails than Nasdaq. Participants using SPCX on Hyperliquid or tokenized SPCX via Solana should factor in that the investor protections they expect in traditional equity markets may not apply. The same exposure can now trade across a stock exchange, a Layer 1 blockchain, and a decentralized perpetuals venue at the same time.