The SpaceX IPO Is Here. What Does It Mean for Crypto?

Today is the day. SpaceX — Elon Musk’s rocket and satellite-internet company — officially begins trading on the Nasdaq under the ticker SPCX, marking what is widely expected to become the largest initial public offering in history. The company is targeting roughly $75 billion at $135 per share, implying a valuation of nearly $1.75 trillion. The listing has Wall Street buzzing and institutional allocators jostling for position. But the crypto market has had a front-row seat to this story for weeks — and the relationship between the SpaceX IPO and digital assets is more complex than a simple “risk-on rotation” narrative suggests.

SpaceX Already Owns Bitcoin

Before examining what the IPO could do to crypto, it is worth noting what crypto has already done for SpaceX. SpaceX’s S-1 filing discloses a holding of 18,712 Bitcoin worth more than $1.1 billion at recent market prices. Bloomberg reported that the filing points to Bitcoin playing a role in SpaceX’s broader treasury strategy — less a speculative bet, more a strategic reserve for excess cash.

The listing brings SpaceX’s Bitcoin treasury into public markets and gives every SPCX shareholder indirect exposure to the cryptocurrency. That is not a footnote. Under new FASB accounting standards, SpaceX will be required to disclose the fair value of its digital currency holdings in quarterly and annual reports, with changes in Bitcoin’s market price recorded directly in the company’s net income. The two asset classes are now formally linked on a public balance sheet.

SpaceX Already Owns Bitcoin

Crypto Gets There First: The Pre-IPO Perps Explosion

While traditional investors waited in line for IPO allocations, crypto traders had already built their own market. Binance launched a SpaceX “Pre-IPO Perpetual Contract” letting retail traders speculate on the rocket maker’s valuation before its Nasdaq debut. Trade.xyz’s SpaceX perpetual futures launched on May 18 with a reference price of $150 per share and generated $33 million in trading volume on the first day alone.

The scale of participation has been remarkable. Ahead of the June 12 IPO, SPCX perps traded at an aggregated VWAP of $155 across venues against the $135 IPO price, with over $215 million in open interest and $2.2 billion in cumulative volume across Hyperliquid, Binance, and other venues. Binance alone reported $2.1 billion in trading volume over 18 days. Lawyers have called the volumes “mind-boggling.”

As of this week, the perpetual contract on Hyperliquid was trading around $162 — approximately 20% above the $135 IPO price — down sharply from peak levels exceeding $220 reached shortly after the May launch. That compression tells a story: early euphoria gave way to a more measured implied premium as the actual debut approached. One important caveat — these instruments are not equity. The SPCX-USDC contract is a perpetual future settled in stablecoin USDC with no equity custody, officially restricted for U.S. investors.

Did the SpaceX IPO Sink Bitcoin? The Honest Answer

The dominant narrative since SpaceX filed on May 20 has been that the IPO is draining liquidity from crypto. Since that filing, Bitcoin dropped roughly 20%, slipping under $60,000 on June 5 for the first time since September 2024. Two events, one timeline, an obvious villain — but the timeline is the only thing connecting them, and correlation this clean usually hides a messier truth.

The actual drivers of that selloff were more macro in nature. The Nasdaq dropped 4.2% on June 5, its worst single-day decline of 2026, with Nvidia down around 6% as the AI trade wobbled amid bubble fears. Geopolitics piled on — Iran launched missiles at Israel that week, pushing Brent crude back toward $95 a barrel and stoking the inflation fears that keep the Fed hawkish. Bitcoin, which trades as a high-beta risk asset far more than as digital gold, did what every speculative position did in that environment: it got sold.

Did the SpaceX IPO Sink Bitcoin? The Honest Answer

That broader macro reality is essential context. Bitcoin recovered to above $63,800 on Thursday after President Trump announced on Truth Social that a scheduled Iran strike was canceled and that a deal was ongoing. The move underscored a principle chart analysts often underweight: macro and geopolitical signals move Bitcoin more decisively than technical setups. The SpaceX IPO narrative competed with genuine global risk-off conditions, and it is impossible to cleanly separate the two.

That said, the slower version of the rotation thesis is legitimate. SpaceX’s listing, combined with anticipated fundraising from OpenAI and Anthropic, is estimated to attract more than $240 billion in new equity supply by year-end, potentially siphoning liquidity from digital assets as both retail and institutional investors reallocate.

The Bigger Picture: Crypto as the New Financial Infrastructure

Perhaps the most underappreciated storyline here is what the pre-IPO perps market reveals about where financial infrastructure is heading. The popularity of these new instruments intensified the clash between crypto and Wall Street. News that U.S. regulators would approve perps betting on cryptocurrencies was enough to knock shares of New York Stock Exchange parent Intercontinental Exchange, as investors weighed what they saw as a long-term competitive threat for incumbent bourses.

Looking further ahead, OpenAI and Anthropic are the most likely candidates to copy the SpaceX BTC treasury template before year-end. Anthropic’s pre-IPO valuation has already crossed $1 trillion on private markets. Either company could disclose a BTC position to secure a 5 to 8% premium from crypto-correlated allocators on their book.

Conclusion

The SpaceX IPO is a genuinely historic event, and it has created real short-term turbulence for crypto markets. Some capital has rotated. Some retail attention has shifted. But the structural case for crypto remains intact. SpaceX holds over a billion dollars in Bitcoin on its balance sheet. Crypto exchanges processed billions in SpaceX-linked derivatives before Wall Street even opened its doors. And the broader macro environment — not the IPO itself — was the primary driver of Bitcoin’s recent drawdown. Bitcoin has absorbed Fed tightening, geopolitical shocks, exchange collapses, and regulatory crackdowns. It will absorb a rocket company’s IPO too.