SpaceX priced its initial public offering at $135 per share on June 11, raising $75 billion and setting a record as the largest public offering ever recorded. The stock debuted on Nasdaq at $150 on Friday morning and quickly climbed to $164, delivering immediate gains for retail investors.
IPO Mechanics and Early Trading
Nasdaq listed the ticker SPCX, allowing traditional brokers to process real‑share transactions under standard exchange regulations. The opening price of $150 reflected strong demand, while the intraday high of $164 highlighted the market’s enthusiasm for the aerospace giant.
Tokenized and Synthetic Exposure
Investors accessed SpaceX equity through multiple channels, including Backpack Securities’ redeemable token on the Solana blockchain, Binance’s whole‑share limit orders, Kraken and Bybit’s xStocks tracker certificates, Binance Wallet’s subscription campaign, and Hyperliquid’s perpetual futures contracts. Each product offered a distinct claim on the underlying shares, blurring the line between conventional equity and crypto‑based instruments.
Regulatory Structure and Settlement
Backpack’s SPCX token maintains a 1:1 reserve of actual SpaceX shares held by a regulated U.S. broker‑dealer, and token holders can redeem the digital asset for the physical share via ACATS/DTCC rails. Binance Stocks routes orders through an introducing broker and clears them with Alpaca Securities, ensuring that the settlement process adheres to Nasdaq’s trading rules.
Market Implications
The convergence of traditional stock trading and blockchain‑enabled tokenization exposes a structural ambiguity in how exchanges label equity‑linked products. As the most anticipated IPO in years, SpaceX’s debut forces regulators and investors to confront the evolving definition of ownership across financial and crypto markets.