SpaceX opened for trading on Nasdaq Friday under the ticker SPCX, completing what Nasdaq and Morgan Stanley confirmed as the largest initial public offering in history.
The offering was priced at $135 per share and raised $75 billion pre-greenshoe, implying a $1.77 trillion valuation at open. Nasdaq confirmed the debut on its official account Friday morning. Morgan Stanley posted confirmation as co-lead underwriter, describing it as the largest IPO ever brought to market.
Bloomberg reported Thursday that investors across Asia were largely excluded from the SpaceX book and turned to crypto-native products for exposure. The report documented retail and institutional demand flowing into tokenized SpaceX equity and perpetual futures as alternatives to the oversubscribed traditional offering.
That demand had already built substantial open interest in Hyperliquid's pre-IPO SPCX perpetuals before the market open. Open interest was at above $200 million, the Hyperliquid dashboard shows. Hyperliquid's total open interest across all perpetual markets stood at $8.77 billion on Friday, per DefiLlama, placing it as the largest decentralized perps venue by open interest.
Galaxy Digital co-founder Mike Novogratz described the IPO pricing as carrying speculation comparable to bitcoin, in comments circulated before the open.
