Elon Musk and SpaceX filed on Wednesday, June 3, for what would be the largest IPO in history.
And, crypto holders have reasons to pay attention.
A Record That Rewrites the Record Books
SpaceX confirmed it will offer 555.5 million shares at $135 each, targeting a raise of $75 billion and a valuation of $1.765 trillion. That blows past Saudi Aramco’s $25.6 billion IPO in 2019, the previous record holder, by some margin.
However, SpaceX recorded a net loss of $4.95 billion last year, partly due to heavy AI-related expenditures, even as its Starlink business grew revenue 50% year-over-year. Connectivity is the only part of the business turning a profit.
Not everyone is convinced the price is right. Morningstar values SpaceX at $780 billion — roughly half the IPO target, and warns that xAI poses a “material threat of value destruction.”
ARK Invest’s Cathie Wood sits at the opposite end, projecting a $2.5 trillion enterprise value by 2030. The gap between those two views tells you everything about how divisive this listing really is.
This Could Get Much Bigger
Analysts expect further consolidation of Musk’s empire, with SpaceX likely to merge with Tesla as early as 2027. The two companies already jointly develop projects, including a giant semiconductor plant known as Terafab.
If the listing hits its target valuation, it could make Musk humanity’s first trillionaire. He currently retains over 80% of voting rights, meaning shareholders buy exposure to his vision, rather than a say in it.
The Bitcoin Angle to Consider
SpaceX’s listing will bring its 18,712 Bitcoin treasury, worth about $1.29 billion, into public markets, giving shareholders indirect exposure to the cryptocurrency for the first time.
But the bigger concern runs the other direction. With SpaceX, OpenAI, and Anthropic together expected to pull in more than $240 billion by year-end, analysts warn these megacap listings may drain liquidity from tech, AI, and crypto markets and potentially mark a cyclical peak.
The Coinbase IPO offers a painful precedent: Bitcoin hit $64,800 on listing day in April 2021, then lost 50% within six weeks.
Whether history repeats depends partly on whether spot ETF inflows hold up through the roadshow window. If institutional buyers keep buying Bitcoin regardless, the liquidity drain may be limited. If they don’t, the impact could be tangibly felt.
