SpaceX's initial public offering launches Thursday, targeting a $135 share price to raise $75 billion and achieve an anticipated $1.77 trillion market cap, with up to 30% of shares reserved for retail investors. The high-profile offering by Elon Musk's company has generated significant activity in crypto markets, where pre-IPO perpetual futures and tokenized share products are already trading across exchanges including Hyperliquid, Binance, and OKX. Some analysts have suggested the capital requirements for the IPO could prompt investors to exit digital assets, potentially contributing to recent downward pressure on Bitcoin and Ethereum prices.
SpaceX Sets $135 IPO Price With 30% Retail Allocation
SpaceX set its IPO share price at $135 to raise $75 billion, giving the company an anticipated market cap of $1.77 trillion, according to CNBC. The company reportedly allocated up to 30% of IPO shares for retail investors. Robinhood will provide U.S. customers access to the IPO, while the company began offering European users exposure to tokenized derivatives tied to SpaceX shares nearly a year ago.
Analysts Link Bitcoin Price Pressure to IPO Capital Rotation
GSR's Global Head of Over-the-Counter Trading Spencer Hallarn told Reuters that crypto serves as "a funding currency for a lot of this," stating "We've got to find $75 billion for this IPO, and it's got to come from somewhere." Jeff Park, a Bitwise adviser, said "Bitcoin is being tapped to fund the market's upcoming hot ball of money trades: SpaceX, Anthropic, whatever else everyone suddenly 'has to own'" while weighing in on bitcoin's price slump. K33's Head of Research Vetle Lunde said on Wednesday that investor anticipation for hot IPOs like SpaceX's may be pushing Bitcoin's price lower.
Pre-IPO Perpetual Futures Generate $2.7 Billion Trading Volume
SpaceX perpetual futures are trading at about $155, above the $135 IPO price, according to Talos. The activity has generated more than $385 million in open interest and $2.7 billion in cumulative volume across exchanges including Hyperliquid, Binance, and OKX. Talos VP of International Markets Samar Sen said "Crypto-native markets are enabling around-the-clock trading and transparent valuation signals ahead of major public listings." Talos provides trading, portfolio management, and data infrastructure.
Crypto Exchanges Offer Tokenized SpaceX Share Access
Bitget said on Wednesday its tokenized SpaceX IPO subscription through xStocks was oversubscribed, growing from "an initial $3 million allocation to $13 million as demand surged." Bitget Wallet COO Alvin Kan said "The speed and scale of demand here reflects something the traditional IPO system was never designed to accommodate, crypto-native users with capital conviction and no tolerance for gatekeepers." Crypto exchanges Kraken and Bybit also offer access to SpaceX IPO shares on their platforms. Binance offers stock-linked perpetual products to non-U.S. customers.
FAQ
What is SpaceX's IPO share price and market cap target?
SpaceX set its IPO share price at $135 to raise $75 billion, targeting an anticipated market cap of $1.77 trillion.
How much trading volume have SpaceX perpetual futures generated?
SpaceX perpetual futures have generated more than $385 million in open interest and $2.7 billion in cumulative volume across exchanges including Hyperliquid, Binance, and OKX, with futures trading at about $155.
