SpaceX $75B IPO: Float Squeeze, Bitcoin Treasury, and Crypto Rotation

SpaceX raised $75 billion in the largest IPO in history, pricing shares at $135 on June 12. The company debuted at a market valuation of roughly $1.77 trillion and closed the first day near $2.1 trillion after shares opened at $150 and gained about 19%.

What drives the price action is not the size of the offering but the tiny float. SpaceX kept most of its shares locked up. Only 3% to 4% of total shares are available for public trading. The rest are subject to lock-up agreements that prevent insiders and early investors from selling. That constrained supply created enormous first-day demand. Trading volume exceeded 500 million shares.

Nasdaq has expedited inclusion rules for mega-IPOs, designed to get large new listings into benchmark indexes faster. Passive funds tracking the Nasdaq 100 will need to start buying SpaceX shares to match their index weightings. Estimates suggest index funds could purchase around 30% of the available float within the first 15 trading days. That mechanical buying pressure squeezes anyone who sold short or under-allocated.

SpaceX holds 18,712 BTC on its balance sheet, valued at roughly $1.29 billion to $1.3 billion as of March 31, 2026. The company joins a growing club of public corporations with meaningful Bitcoin exposure, alongside MicroStrategy and Tesla. MSTR stock page.

In the weeks before the IPO, capital flowed out of crypto assets into SpaceX positions. Investors apparently sold digital assets to free up cash for the equity offering. The rotation was visible in on-chain data and exchange order books, though no single source disclosed exact volumes.

Kraken launched SPCXx, a tokenized equity product that gives eligible non-US clients exposure to SpaceX shares. The product mirrors the structure of other tokenized stocks, like Binance's bStocks, which recently hit $143 million in daily volume. Binance bStocks $143M Daily Volume Pressures Tokenized Stock Issuers.

Pre-IPO perpetual contracts on Hyperliquid saw high open interest as crypto-native traders speculated on SpaceX's debut price using decentralized derivatives. The perps traded at a premium to the IPO price during the first day, reflecting the same supply-demand imbalance seen in the spot market.

The float squeeze, the Nasdaq inclusion timeline, the Bitcoin treasury, and the capital rotation create a feedback loop. Index funds buy. Crypto traders hedge via perps. Tokenized versions allow offshore retail to participate. Each leg affects the other. The lock-up expiration dates, which have not been disclosed, will determine when the float expands and the pressure eases.

Kraken declined to comment on early SPCXx subscription numbers. Hyperliquid's order book showed roughly $40 million in open interest across SpaceX-linked perps on the first trading day, according to their public data feed.