SpaceX opens at $150 in Nasdaq debut as crypto-linked offerings diverge

SpaceX completed its Nasdaq IPO on June 12, pricing at $135, opening at $150 and closing its first trading day at $160.95, with reports citing an intraday high near $176 and a first-session market value around $2.1 trillion. Coverage said only 4.2% of shares were in public float, helping support the early surge, while valuation metrics such as a price-to-sales ratio above 112x underscored aggressive investor pricing. SpaceX’s SEC S-1 filing also disclosed holdings of 18,712 BTC worth about $1.18 billion at current prices. Around the debut, crypto-linked SpaceX products diverged: Kraken said some xStocks orders were only partially filled because underwriter allocations came in below expectations; Binance, Bybit and Bitget refunded or compensated users for canceled SPCXx-related offerings after backing shares could not be secured; and exchanges and onchain venues still launched secondary trading products. A newer report said SpaceX-linked crypto products generated about $9 billion in trading in 24 hours, including $5.6 billion on Binance. Separately, Saudi Arabia’s Kingdom Holding Company said its 42,408,860 Class A shares had a fair value of about $6.83 billion at the June 12 close and were subject to a lock-up of up to 180 days, with a possible earlier partial release if conditions are met. Reporting also said the $75 billion IPO was expected to generate about $500 million in underwriting fees, or roughly 0.7% of proceeds, with Goldman Sachs and Morgan Stanley set to receive the largest shares at about $100 million each.