SpaceX shares rose as much as 37% after their Nasdaq debut, pushing their value past $2 trillion and sparking one of the largest waves of token stock activity ever seen across cryptocurrency markets.
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- SpaceX shares rose as much as 37% after their Nasdaq debut, pushing their value to more than $2 trillion and driving demand across cryptocurrency-related stock products.
- Analysts warned that a record $75 billion IPO could take capital out of cryptocurrencies, but Bitcoin, Ethereum and the broader digital asset market rose.
- Binance, Hyperliquid, Backpack, Sunrise and Velvet emerged among the biggest beneficiaries as traders rushed into SpaceX token and synthetic exposure.
After pricing its initial public offering at $135 per share, SpaceX announced open at $150 and rose to $173.22 during early trading. The company raised nearly $75 billion in its largest initial public offering ever, valuing the airline giant at about $1.77 trillion upon listing before the market capitalization crossed the $2 trillion mark.
The rise quickly placed SpaceX among the most valuable companies in the United States, ahead of companies including Meta, Tesla and Broadcom. Investor demand remained exceptionally strong throughout the offering, with orders reportedly exceeding $350 billion before trading began.
Cryptocurrency markets have become a parallel venue for SpaceX trading
While the IPO dominated headlines on Wall Street, it also sparked a frenzy in cryptocurrency markets as traders sought exposure through tokenized stocks, synthetic assets, and financial derivatives products.
Previous crypto.news reports indicated that Backpack Securities and Sunrise Fired SPCX, a Solana-based token backed by SpaceX underlying shares that eligible users can convert into physical stock. Binance wallet too It attracted approximately $557 million in sign-up funds for its SpaceX-related campaign, which offered the tokens at an indicative price of $135 before fees.
Interest has spread beyond token stocks to derivatives markets. Hyperliquid’s synthetic perpetual contract SPCX has become one of the most actively discussed products associated with the listing, with implied valuations trading higher than its IPO price ahead of its debut. This activity coincided with open interest for HYPE futures rising to $2.56 billion, allowing… Hyperliquid to bypass XRP In futures contracts open interest.
Elsewhere, Velvet has become one of the biggest beneficiaries of the SpaceX story. Token He rallied More than 1,400% over the past week after the platform promoted SpaceX’s synthetic exposure through its SPCX marketplace.
Prediction markets also joined the speculation. The Polymarket contract tracking SpaceX’s closing valuation showed that traders are assigning roughly 78% odds that the company will end its first session with a market capitalization of between $2 trillion and $2.5 trillion.
Analysts warned of cryptocurrency outflows but markets rose
Some were market participants expected The largest IPO in history to shift capital away from digital assets.
talking to ReutersCryptocurrencies often serve as a funding source for major investments, said Spencer Hallarn, global head of OTC trading at GSR.
“We have to find $75 billion for this IPO, and it has to come from somewhere,” Hallarn said.
Likewise, Thomas Bosch, CEO of cryptocurrency firm INDIGO, told Reuters that SpaceX could pull money away from digital assets because both markets compete for the same pool of risk capital. According to Boesch, AI investments currently represent a more attractive trade for many growth-focused investors.
However, so far, there is little evidence to suggest a widespread drain on cryptocurrency liquidity is occurring. The global cryptocurrency market capitalization rose 1.7% to $2.26 trillion during the session. Bitcoin rose nearly 2%, Ethereum added 1.8%, Ripple rose 2.2%, and Solana advanced 3.5%.
Stablecoins have also shown few signs of stress. USDT maintained a market capitalization of approximately $186.8 billion, while USDC remained near $74.8 billion, with both assets remaining near their pegs to the dollar.
SpaceX’s valuation remains a topic of debate despite a strong debut. Morningstar analysts did it estimated A fair value of about $63 per share, well below the IPO price, while some bullish forecasts have forecast a move toward $190.
And Senator Elizabeth Warren, too urge Securities and Exchange Commission to delay the offering, citing what it called “unprecedented threats to investor protection and market integrity,” while calling into question the company’s valuation, management structure, and reported multibillion-dollar losses.
For cryptocurrency markets, the most important things may be what happened around the IPO rather than the stock itself. Instead of draining liquidity from digital assets, SpaceX has helped create a new trading narrative focused on tokenized stocks, synthetic stocks, and prediction markets.
With SpaceX stock options expected to begin trading next week, investors are already looking ahead to potential future listings from companies like… OpenAI And humanity, market participants are now watching whether the surge in token stock activity can outlast the excitement surrounding the largest initial public offering in history.
Disclosure: This article does not constitute investment advice. The content and materials contained on this page are for educational purposes only.
