This year has been undeniably good for Elon Musk. His company SpaceX pulled off a wildly successful IPO, and his net worth has now crossed into the trillions. But is everything as rosy as it seems? And what should crypto investors expect?
On June 12, 2026, SpaceX shares began trading on Nasdaq under the ticker SPCX. The company listed 555.6 million shares at $135 each, raising $75B and hitting a valuation of $1.77T. That makes it the largest IPO in history, beating Saudi Aramco’s 2019 record of $29.4B.
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SpaceX founder Elon Musk controls 6.41B shares, or 84.4% of voting power. Including his stake in Tesla and other assets, his paper wealth has now surpassed $1T—roughly $1.1T by some estimates. That would make him the first trillionaire in history.
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Did Musk Really Get That Rich?
Not everyone agrees on the math. Bloomberg’s more conservative estimates put Musk’s SpaceX stake at around $688B at the $135 share price. Add his Tesla stake, worth about $150B, plus Neuralink, the Boring Company, and other assets, and his total net worth comes to roughly $970B. So the trillion-dollar milestone may not have been crossed just yet—though a small bump in the stock price during the first hours of trading could push him over.
It’s also worth remembering that this is paper wealth. More than half of Musk’s fortune is tied up in SpaceX shares, which are now exposed to public market volatility, investor sentiment swings, and all the risks that come with being a listed company. The IPO made Musk a trillionaire on paper—not in liquid assets.
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Crypto Traders Bet Big on SPCX
The crypto market jumped in. Hyperliquid launched perpetual futures on SPCX, and one trader with the address 0x9cc opened the largest margin position in the platform’s history: $18.5M, with $16.6M in USDC▼$0.9998 leverage.
Backpack Securities and Sunrise also launched a tokenized version of SpaceX stock on Solana, backed by real shares and available for 24/7 trading. Binance let retail investors participate through its wallet, gathering over $100B in applications—a four times oversubscription.
For what it’s worth, SpaceX itself holds 18,712 BTC▲$64,296.00, worth about $1.2B, making it one of the largest corporate holders of bitcoin.
IPO as a Market Top Signal? Experts Warn of Correction
Analyst Doctor Profit compared the SpaceX IPO to Saudi Aramco’s December 2019 listing—which came just two and a half months before markets crashed due to the pandemic. He pointed to retail investor frenzy, with some taking out loans to buy shares. History shows that the biggest IPOs often happen at peak greed.
The Shiller P/E ratio for the S&P 500 is now above 42, well above the historical average of 17.4. A more worrying signal: insiders face only a 30-day lock-up before they can start selling. Full unlock happens in 135 days, which could trigger a wave of profit-taking.
Former US Labor Secretary Robert Reich called the IPO a “show of faith in Musk” and compared the ongoing deal between SpaceX and xAI, Musk’s AI startup, to a “huge Ponzi scheme“—since the businessman was effectively dealing with himself. Senator Elizabeth Warren has called on the SEC to ensure investor protections.
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Meanwhile, SpaceX itself admitted in its prospectus that it cannot guarantee future profitability. Revenue in 2025 was $18.7B, but the company posted a net loss of $4.9B due to xAI-related expenses.
What to Expect: Volatility, Lock-Ups, and Long-Term Risks
Retail demand is high, with a $22.5B allocation out of the $75B total. That guarantees volatility in the first few weeks. Once lock-ups expire, early shareholders could spark a sell-off.
For crypto markets, tokenized SPCX shares on Solana (SOL) and derivatives on Hyperliquid (HYPE) create a new asset class—but they also bring liquidity and regulatory risks.
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