SpaceX targets record $75 billion IPO as bitcoin treasury and liquidity risks draw focus

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email SpaceX targets record $75 billion IPO as bitcoin treasury and liquidity risks draw focus SpaceX's proposed $75 billion IPO would rank among the largest ever, while its $1.29 billion bitcoin holding and the broader wave of megacap listings could reshape capital flows across crypto and technology markets. By Helene Braun | Edited by Nikhilesh De Jun 3, 2026, 10:31 p.m. 2 min read Make preferred on (Brandon Bell/Getty Images) What to know : SpaceX plans to price its initial public offering at $135 a share, which would raise about $75 billion and value the company at roughly $1.75 trillion. The listing would bring SpaceX’s 18,712-bitcoin treasury, worth about $1.29 billion as of March 31, into public markets and give shareholders indirect exposure to the cryptocurrency. Investors and analysts are watching how the IPO, along with other large tech and AI fundraisings, could divert risk capital from crypto and whether any future combination of SpaceX and Tesla would concentrate one of the largest corporate bitcoin holdings. SpaceX is planning to set the price of its initial public offering at $135 per share in a deal that would raise a record $75 billion and value the company at $1.75 trillion, the company said in a filing with the U.S. Securities and Exchange Commission. The aerospace company plans to sell 555.6 million shares as part of the offering, according to the filing. If completed at the proposed size, the IPO would rank among the largest public listings ever and mark a major milestone for Elon Musk's privately held rocket and satellite business. The offering would also have implications for the crypto market. SpaceX held 18,712 bitcoin with a fair value of $1.29 billion as of March 31, making it one of the larger known corporate holders of the cryptocurrency. A public listing would bring those holdings into public markets, giving investors indirect exposure to bitcoin through ownership of SpaceX shares. The company's bitcoin position has drawn increased attention amid reports that Musk has explored combining SpaceX and electric vehicle maker Tesla (TSLA). Tesla already holds one of the largest corporate bitcoin treasuries among publicly traded companies, with over 11,500 BTC . If Tesla and SpaceX were ultimately merged, Musk could gain control over one of the largest corporate bitcoin holdings in public markets. Neither company, however, has announced a formal merger plan. The IPO may also test whether crypto can continue to attract capital amid a crowded market for risk assets. SpaceX's planned June listing, combined with anticipated fundraising from AI firms OpenAI and Anthropic, is estimated to attract more than $240 billion by year-end, potentially siphoning liquidity from technology stocks, AI investments and digital assets as both retail and institutional investors reallocate capital. Because bitcoin and other digital assets often compete for the same risk-on investment dollars as high-growth companies, a surge in demand for shares of SpaceX and other high-profile issuers could weigh on crypto prices in the short term. SpaceX Elon Musk More For You Bitmine's Ethereum bet nears $9 billion loss as ether falls below $1,800 By Krisztian Sandor | Edited by Stephen Alpher 1 hour ago Shares of Tom Lee's Ethereum treasury firm hit their lowest level since the company's crypto pivot as ETH revisits the February lows. What to know : Bitmine, the largest Ethereum treasury firm, is sitting on an estimated $8.9 billion in unrealized losses as ETH fell below $1,800 in the latest crypto pullback. The company’s shares hit their lowest level since it adopted its Ethereum treasury strategy in 2025. The selloff highlights the growing gap between Bitmine... Read full story Latest Crypto News Tom Lee's Bitmine to offer preferred stock with 9.5% dividend, seeking to raise $300 million 13 minutes ago Bitmine's Ethereum bet nears $9 billion loss as ether falls below $1,800 1 hour ago New DeFi entrant widens field of crypto political campaign funds as elections loom 3 hours ago Bitcoin isn't crashing because of Saylor, it's losing the momentum trade 3 hours ago Crypto Long & Short: What about the American consumer? 6 hours ago Every single bank will soon need to hold digital assets, says Zodia CEO Julian Sawyer 7 hours ago Top Stories Rare physical bitcoin worth $1.78 million gets cashed in after 12 years 7 hours ago Payment giants Stripe, Visa, Mastercard said to be among backers of soon-to-debut stablecoin platform 10 hours ago Live markets: bitcoin hits weakest level since late March as selling continues 10 hours ago Clarity Act survival depends on the U.S. Senate getting a lot of non-crypto work done 9 hours ago Bitcoin's dearth of fresh investors matters more than Strategy's sale, Citi says 9 hours ago Bitcoin steadies at $67,000, faces critical juncture after sliding 9.5% in seven days 11 hours ago