On June 11, this aerospace giant valued at about $1.8 trillion will set the final IPO pricing, and it will officially list on Nasdaq the next day. Market subscription demand has reached about $150 billion—twice the $75 billion capital-raising target. Multiple institutional investors have submitted subscription orders of about $10 billion or more. Meanwhile, another publicly traded company owned by Musk, Tesla, saw its stock surge nearly 5% on June 8, closing at $408.95.
However, the impact radius of this market cycle has significantly exceeded traditional capital markets. As crypto platforms roll out IPO subscription services aimed at retail users one after another, SpaceX’s listing is creating an entirely new investment channel—enabling global investors to submit expressions of interest before a company officially goes public and receive allocated shares.
What an IPO with a $1.8 trillion market cap means
SpaceX plans to issue about 555.6 million shares at a price of $135 per share, with an overall listing valuation ranging from $1.75 trillion to $1.8 trillion. This is not only the largest IPO in modern financial history, but it also surpasses Saudi Aramco’s 2019 fundraising record of $29.4 billion.
Structurally, this IPO includes a certain special arrangement: it skips the traditional price-discovery and book-building process and locks the offer price directly at $135 per share. Retail investors can receive up to a 30% allocation of new shares—far higher than the typical 5% to 10% retail allocation ratio in most IPOs. The underwriting syndicate is extremely large, led by Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and JPMorgan Chase, with another 18 banks participating.
However, not all investors can participate in this feast through traditional channels. Due to key technology export restrictions and regulatory risks, underwriters have been explicitly instructed not to accept orders from investors in Hong Kong and mainland China. This restriction highlights the differentiated value of the straight-through IPO service offered by crypto platforms.
Why SpaceX’s listing has become so sought after by institutional investors
The demand-side data has already made the point clear. An expected market subscription of about $150 billion corresponds to roughly a two-times oversubscription rate. While a two-times figure is considered relatively mild among tech star IPOs—Wall Street typically regards 4 to 5 times as a success benchmark—the fact that SpaceX is raising a record $75 billion still makes the demand striking.
Institutional investors’ enthusiasm is supported by multiple layers of logic. First is SpaceX’s business structure itself: Starlink (connectivity), the space business (rockets + Starship), and the AI business (xAI) form a clear growth path. Starlink generated $11.387 billion in revenue in 2025, accounting for 61% of SpaceX’s total revenue, up nearly 50% year over year. As of the end of March 2026, the number of active users worldwide has already surpassed 10 million.
Second are recent major commercial developments. SpaceX announced an agreement with Alphabet’s Google, under which Google will pay SpaceX $920 million per month through 2029. The similar deal previously disclosed with Anthropic, along with Goldman Sachs’ expectation that SpaceX’s AI revenue will grow 100x by 2030, continues to reinforce the market’s perception of the company’s “AI infrastructure” attribute.
An analysis of the transmission chain behind Tesla’s rally
On June 8, Tesla rose 4.59% to close at $408.95, while the S&P 500 rose only 0.3% over the same period. This rally was not an isolated event—rising expectations for the SpaceX IPO and JPMorgan’s upgrade created a dual push.
JPMorgan analyst Rajat Gupta raised Tesla’s rating from “sell” to “neutral,” with the price target jumping from $145 to $475—an increase of more than 227%. The core logic of the adjustment is to redefine Tesla as an “artificial intelligence in the physical world” investment: focusing on the possibility that autonomous ride-hailing (Robotaxi), humanoid robots (Optimus), and AI services after 2030 become the main profit drivers, rather than viewing Tesla purely as a traditional carmaker.
There is a subtle connection between JPMorgan’s report and the SpaceX IPO. JPMorgan itself is one of the main underwriters for SpaceX’s IPO, and its overall valuation view of Musk’s corporate portfolio may already have been reconstructed from a more global perspective. Tesla currently holds nearly 19 million shares of SpaceX stock; based on the IPO price, the value is about $2.6 billion. The cooperation between the two companies in AI applications and semiconductor manufacturing is also deepening.
Even bets emerged in the market that the two companies could merge in the future. On the prediction market Kalshi, bettors estimated the chance that SpaceX and Tesla complete a merger by May 2027 at about 50%; on Polymarket, they put the chance of a merger before end of 2026 at about 43%.
Where do crypto assets and the SpaceX IPO intersect?
The impact of the SpaceX IPO on the crypto market is reflected at least in three dimensions. In the liquidity siphon layer, analysts have expressed concerns that the SpaceX IPO may pull liquidity away from tech stocks and other assets. Over the past month, the Nasdaq tech giants index rose only 2%, while some crypto asset market caps saw pullbacks during the same period. Because the SpaceX IPO is huge and will be quickly added to the Nasdaq 100 index, actively managed funds may need to adjust holdings to raise cash to participate in the subscription.
In the asset linkage layer, SpaceX already has traceable connections to the crypto world. Data shows that SpaceX holds about 8,285 bitcoins through a crypto-currency custody institution, worth about $603 million, and has maintained this position since mid-2024. This makes SpaceX one of the best-known, largest corporate holders of bitcoin by size.
In the product innovation layer, services represented by Gate’s latest launch of “straight-through IPO (IPO Access)” are changing how retail investors participate in global hot IPOs. Users can submit subscription intent directly through a crypto platform, use USDT to participate in the subscription, and after receiving an allocation, deposit the shares into their account for trading. This model opens up opportunities that were previously limited by geographic and funding thresholds in traditional IPOs to a broader user base.
How the straight-through IPO works and how it differs from a traditional IPO
A straight-through IPO is a one-stop service designed by crypto platforms to address the problem that traditional IPO participation thresholds are too high. Taking Gate’s IPO Access as an example, the core mechanics are as follows: during the intent-submission period before SpaceX lists, users use USDT to submit their subscription amount. The platform calculates weight based on the user’s average locked amount during the intent period. The earlier users participate in the subscription and continue locking, the more likely they are to get a higher allocation weight. After the IPO ends, the platform allocates share portions to users according to the weighting rules based on the actual amount of allocation it obtains. For users who receive an allocation, their shares are directly distributed to their Gate stock account, and they can hold or sell through the App.
Compared with traditional IPO participation routes, straight-through IPOs have three distinctive features. First, a lower threshold—traditional IPOs usually require investors to have specific brokerage accounts, higher capital thresholds, or qualifying investor status, while the minimum intent-subscription amount for a straight-through IPO is only 100 USDT. Second, fewer geographic restrictions—some users in regions excluded from traditional subscription channels due to underwriting compliance restrictions can participate via crypto platforms. Third, a simpler process—from subscription application, funds locking, and allocation distribution to secondary-market trading—everything is completed within one platform without cross-platform operations.
What risks and rules to watch when participating in a straight-through IPO
Although a straight-through IPO lowers participation barriers, investors still need to build a clear framework for risk awareness.
First is the risk of allocation uncertainty. A straight-through IPO uses an intent-subscription mechanism, and whether a user ultimately receives an allocation and the allocation quantity depends on the IPO quota the platform actually secures and the user’s weight ranking. For example, with SpaceX, due to extremely strong global subscription demand, the platform may only secure limited shares, and some users may receive only part of the allocation or none at all. The funds locked during the intent period will be refunded if the user does not receive an allocation, but the opportunity cost during that time must be borne by the user.
Second is the time cost of locked funds. During the subscription period, users need to lock USDT; the locking duration typically runs from the start of the subscription until the IPO allocation results are published. During this time, the locked funds cannot be used for other trading or wealth-management activities. Users should plan reasonably based on their own financial situation.
Additionally, regulatory and compliance risks cannot be ignored. Because regulatory policies for IPO subscriptions differ across jurisdictions, some users in certain regions may not be able to participate in a straight-through IPO. Users should carefully read platform announcements and relevant terms before submitting a subscription to confirm they meet participation requirements.
How similar events may affect subsequent tech IPOs and crypto platform ecosystems
The successful landing of the SpaceX IPO may likely become a catalyst for rebuilding exit paths in the tech industry’s primary market. OpenAI and Anthropic have already been clearly regarded by the market as the next two potential mega public listings. When capital markets see SpaceX complete its listing at such a scale and receive a two-times oversubscription, other AI-area top unicorns may adjust their valuation expectations and exit-window assessments accordingly by using this benchmark.
For crypto platforms, the larger significance of the SpaceX IPO is validating a new business path: opening up participation rights in traditional IPOs to global users with a lower threshold and more convenient process. The successful operation of a straight-through IPO service means that crypto trading platforms have the opportunity to become a bridge between liquidity in traditional primary markets and secondary markets. The core value of services like this is that they address the fundamental pain point that prevents ordinary investors from participating in the initial stages when top companies go public.
Future evolution may include: more unlisted companies in areas such as AI, space, and energy being included in the coverage of straight-through IPOs; tokenized products or points mechanisms related to IPO subscriptions becoming further enriched; and deeper linkages between such services and platform stock trading, wealth-management, and other products.
FAQ
Q：What are the specific timing arrangements for the SpaceX IPO?
A：SpaceX’s final IPO pricing will be determined on June 11, and it is expected to begin trading on Nasdaq on June 12 under ticker symbol SPCX. The offer price is locked at $135 per share. It plans to issue about 555.6 million shares, raising about $75 billion, corresponding to a valuation of about $1.8 trillion.
Q：What are the connections between the SpaceX IPO and the crypto market?
A：The links mainly show up in three areas: in terms of fund flows, some investors may need to sell crypto assets to raise cash to participate in the subscription; in terms of product innovation, crypto platforms have launched straight-through IPO subscription services that allow users to participate in pre-listing applications; and in terms of asset holdings, SpaceX itself holds about 8,285 bitcoins and is one of the best-known corporate holders of bitcoin by size.
Q：What is Gate’s straight-through IPO (IPO Access), and how can users participate in the SpaceX subscription?
A：A straight-through IPO is an IPO intent subscription service launched by Gate, allowing users to submit a subscription application before the company is officially listed. This first-round program is for SpaceX. It supports using USDT to participate, with a minimum intent subscription amount of 100 USDT and a maximum of 500,000 USDT. The platform allocates weights based on the user’s average locked amount during the intent subscription period—the earlier users lock funds, the higher the allocation weight they have a chance to receive. After the IPO ends, if the user receives an allocation, the shares will be directly sent to the user’s Gate stock account, and trading is supported through the App version v8.21.5 and above.
Q：Why did Tesla’s stock price rise due to the SpaceX IPO?
A：Both Tesla and SpaceX are controlled by Musk. The cooperation between the two companies in areas such as AI applications and semiconductor manufacturing is deepening. In addition, Tesla holds nearly 19 million shares of SpaceX stock, which is worth about $2.6 billion based on the IPO price. The market interprets this as mutual validation of the value of Musk’s companies, thereby boosting expectations for Tesla’s valuation.
Q：If I participate in a straight-through IPO, will I definitely receive an allocation?
A：Not necessarily. A straight-through IPO uses an intent-subscription mechanism, and the final allocation result depends on the IPO quota the platform actually secures and the user’s weight ranking. Users may receive all of the allocation, part of it, or none. It is recommended that users carefully read the platform announcements before submitting an intent subscription to understand the specific allocation rules and risk disclosures.
