SPCX Starts Trading On Nasdaq After SpaceX’s Record $75B IPO

SpaceX has started trading on Nasdaq under the ticker SPCX, turning one of the most anticipated private-company listings into a live public-market stock.

The stock opened at $150 per share, 11% above the $135 IPO price, after SpaceX completed the largest initial public offering on record. SPCX recently traded near $165 during the first session, with intraday trading above the opening print as public-market investors began pricing SpaceX beyond the IPO book.

SpaceX sold 555,555,555 Class A shares at $135 each, raising $75 billion before any underwriter overallotment option. The pricing valued the company at about $1.77 trillion before trading began, while the first-session move pushed the public-market value above $2 trillion.

The listing gives investors direct stock-market exposure to SpaceX for the first time. SPCX is now a listed equity on the Nasdaq Global Select Market and Nasdaq Texas, separate from synthetic crypto perps, tokenized-stock wrappers and campaign-based IPO access products.

Crypto Markets Had Already Been Trading The Debut

SPCX became a crypto-market theme before the first Nasdaq trade. Trade.xyz’s SpaceX pre-IPO perpetual on Hyperliquid drew heavy volume as traders positioned around SpaceX’s expected public-market valuation, with the SPCX pre-IPO perp topping $500 million in 24-hour volume during the listing window.

That market gave crypto traders a synthetic way to trade SpaceX-linked price expectations before the stock opened. It did not represent SpaceX equity, shareholder rights, voting rights, dividends or delivery of Class A shares. Now that SPCX is trading publicly, the Nasdaq price gives those derivative markets a live equity reference point.

The same listing also exposed limits in tokenized access products. Bybit moved to refund users after its SpaceX allocation route failed, while Binance Wallet cancelled its SPCXx IPO campaign and moved participating users into refunds plus a planned SPCXB airdrop. Those products remain separate from Nasdaq-listed SPCX stock.

Record Demand Turns Into Live Price Discovery

SpaceX’s IPO drew enormous demand before trading began. Retail orders topped $70 billion before the debut, nearly matching the full size of the offering, while total demand was several times larger than the deal.

The first trading session now shifts attention from allocation demand to open-market liquidity. Early SPCX trading around the $150 to $165 range places the stock well above the IPO price, but the float remains limited and first-day IPO trading can move sharply as allocations settle, funds adjust exposure and short-term traders react to the opening range.

SPCX also changes the wealth and market-cap calculations around Elon Musk. SpaceX’s public valuation helped push Musk into the world’s first trillionaire milestone, while the company now sits among the largest public-market names from its first day of trading.