SpaceX Raises $111B in IPO and Bond Sale, Holds 18,712 BTC

SpaceX pulled off the largest initial public offering in history on June 11, pricing shares at $135 and raising between $75 billion and $86 billion. Less than two weeks later, the company tacked on a $25 billion bond sale that attracted roughly $90 billion in orders. Combined, that is north of $111 billion in fresh capital flowing into Elon Musk's rocket company in under a month.

SpaceX sold 555.6 million shares at $135 apiece, beginning trading on June 12 under the ticker SPCX. The valuation at listing approached $1.75 trillion to $1.8 trillion, a figure that would place the company among the most valuable on Earth from day one. Shares surged as high as $226 before pulling back sharply, settling in a range of $153 to $165 by late June.

On June 23-24, the company launched a bond offering initially sized at $20 billion but upsized to $25 billion after demand came in at nearly $90 billion. The tranches mature between 2031 and 2056, with interest rates ranging from 5.35% to 6.65%.

SpaceX holds 18,712 BTC on its balance sheet, valued at roughly $1.2 billion to $1.4 billion at current prices. That makes it the 8th-largest public holder of Bitcoin, joining a club that includes MicroStrategy and Tesla. SpaceX's DOGE-1 lunar mission was fully funded by Dogecoin, and the company has accepted DOGE for select merchandise.

Tokenized SpaceX equity is already trading on platforms like PreStocks, where synthetic versions of SPCX shares track the underlying stock price.

A $25 billion bond sale drawing $90 billion in orders two weeks after an IPO is worth interrogating. The bond tranches stretching out to 2056 are particularly notable. Investors are lending money to SpaceX for 30 years, with the longest tranches carrying rates of 6.65%.

SpaceX's Bitcoin treasury adds another publicly traded proxy for BTC exposure. Every quarterly earnings report will now include a mark-to-market on those 18,712 BTC, giving analysts another data point to discuss and traders another catalyst to react to.

The success of tokenized SpaceX equity trading suggests growing demand for bringing traditional assets onto blockchain infrastructure. Firms like BlackRock and Franklin Templeton have already been building in the regulated tokenized securities space.

SpaceX's valuation exceeding $2 trillion shortly after IPO puts it in territory where even modest disappointments can trigger sharp corrections. The stock dropped from $226 to the $150s range within days of listing.