Nothing in the history of public markets has looked like this. SpaceX’s IPO prices tomorrow, and the numbers are so big they barely seem real.
More than $250 billion in total orders were received. Retail interest alone exceeds $70 billion. Thirty percent of the shares are allocated to ordinary investors. Valuation of up to $1.8 trillion. And for crypto natives who want exposure from day one, a SpaceX token stock called $SPCX will launch on Solana on the same day, trade around the clock, backed by real shares, and redeemable directly into a brokerage account.
Friday will be the day the markets have been talking about for a very long time.
Numbers that put this IPO in a class of its own
the Al Qubaisi’s message set the standard. It is worth reading slowly. SpaceX is raising $75 billion in this offering. The previous record for the largest IPO in history was Saudi Aramco in 2020, which raised $29.4 billion. Retail interest in SpaceX alone, not just total orders, but retail, has exceeded $70 billion. This single figure is 2.4 times larger than the total amount raised in what was previously the largest IPO ever recorded.
Total orders received exceeded US$250 billion against an increase of US$75 billion, meaning the offering was approximately 3.5 times oversubscribed. At $135 per share, the valuation comes to $1.8 trillion, making SpaceX one of the most valuable companies on Earth from the moment it began trading. Nearly 4,000 SpaceX employees are set to become millionaires through the listing. The company has allocated 30% of its shares to retail investors, a deliberate decision that reflects Elon Musk’s stated goal of democratizing access to record debuts.
In context, platforms confirmed to offer SpaceX shares to retail investors include Robinhood, Fidelity, Schwab, SoFi, and E-Trade. If you have an account on any of these platforms, you have a direct path to one of the most anticipated IPO allotments in history.
$SPCX brings SpaceX to Solana on the same day
The traditional mediation route is one path. For crypto users, Solana announced a different decision. $SPCX is a SpaceX token stock being launched on Solana through Sunrise DeFi following its IPO on Friday, and the structure behind it is designed to be truly redeemable and not purely synthetic. Each $SPCX token is backed by a real SpaceX stake and can be redeemed on an individual basis directly into your brokerage account through Backpack Securities.
This recovery mechanism is important. The cryptocurrency space has seen a lot of tokenized asset products that display prices without actual ownership rights. $SPCX is designed differently, the support is real, the redemption path is defined, and the delivery vehicle is Backpack Securities, which provides the regulated bridge between the on-chain token and the underlying shares. For DeFi users who want to maintain on-chain exposure to SpaceX without opening a traditional brokerage account, this is the most direct path available at launch.
Trading on Solana means that $SPCX operates twenty-four hours a day, seven days a week, including during weekends and after-hours sessions when traditional stock markets are closed. At a time when real-world asset trading around the clock has become one of the defining narratives in the cryptocurrency space, SpaceX landing Solana on IPO day is an important proof of concept for the broader token stock thesis.
The retail sector gets 30% and the demand to fill it is already there
the Decision to allocate 30% The offer to individual investors is not just a public relations gesture. It’s a structural commitment that came directly from Elon Musk’s vision to make SpaceX’s IPO accessible outside the institutional investor community that typically dominates large offerings. In most IPOs of this size, retail participation is a symbolic gesture, with a few percentage points allocated to generating goodwill while the bulk of the allocation goes to hedge funds, sovereign wealth funds, and large asset managers.
But SpaceX does the opposite. Thirty percent of the $75 billion increase directed toward retail investors represents $22.5 billion in equity available to common buyers. Because retail interest has already exceeded $70 billion, more than three times this allocation, demand is not the constraint. The constraint is supply, and even with a 30% reservation, most retail applicants will get a fraction of what they asked for through standard allotments.
What does $1.8 trillion actually mean in context?
The $1.8 trillion valuation places SpaceX comfortably within the category of the world’s most valuable companies. For reference, this puts SpaceX in the same conversation as Apple, Microsoft, Nvidia, and Saudi Aramco, companies that have taken decades to reach comparable valuations. SpaceX will get there on IPO day, driven by a combination of its dominance of commercial launch services, Starlink’s satellite internet business that generates real revenue at scale, and the long-term optionality tied to Musk’s ambitions to colonize Mars.
The market is not pricing SpaceX as a launch services company. It prices it as an infrastructure layer for humanity’s expansion beyond Earth, a story that commands a premium that the discounted cash flow model cannot fully capture. Whether this premium is sustainable post-IPO or whether the stock regains some of its opening enthusiasm in the weeks following the listing is a question being debated by institutional analysts. What is not up for debate is that the demand signal coming from the $250 billion total orders is one of the most unambiguous statements of market conviction in the history of public offerings.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash To stay up to date on the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
