Early Friday morning, the global capital markets held their breath waiting for the Nasdaq bell to ring. SpaceX pulled off the largest IPO in history with a fixed issue price of $135, raising $75 billion. The opening price shot straight to $150, peaking during the day at $176.52, finally closing around $161, marking a single-day gain of 19.22%. The market cap instantly surpassed $2.1 trillion, catapulting Elon Musk into the trillionaire club. This 'rocket-level' debut not only set historical records but also shifted market sentiment from euphoria to a deep reassessment over the weekend.
This article dissects the SpaceX subscription event through six dimensions: pricing and first-day trading data, the xStocks blunder event process, pre-IPO perpetual contract trading volume and Hype platform performance, driving factors and in-depth valuation analysis, market sentiment evolution after the weekend, and investors' multidimensional lessons and long-term outlook.
Pricing and first-day trading review
SpaceX has set a fixed issuance price of $135, directly locking in a fundraising scale of $75 billion, with oversubscription multiples reaching several times. On the first trading day, Friday, the trading volume exceeded 522 million shares, far surpassing typical large-cap stock levels. The stock opened at $150, quickly surged to a high of $176.52, then pulled back but still closed strongly around $160.95.
For platform subscription users, the $135 entry has realized significant unrealized gains. Taking a subscription of 5000 USDC as an example, you can acquire about 37.037 shares, which at the current price of around $180, gives a holding value of about 6667 USDC, with an unrealized gain exceeding 1667 USDC, yielding a 33.33% return. This performance highlights strong market confidence in the long-term growth narrative of SpaceX.
The xStocks blunder just before the opening
On the eve of the opening, the crypto subscription path encountered significant setbacks. Platforms like Binance Wallet, Bybit, and Bitget Wallet launched tokenized SPCXx products based on the xStocks protocol, attracting massive funds. Among them, Binance alone absorbed about $557 million in subscriptions, involving nearly 27,700 wallet addresses.
Event cause: xStocks failed to secure enough underlying SpaceX shares from IPO underwriters. Explosive institutional demand combined with the bargaining power and regulatory constraints of crypto platforms in traditional capital markets led to a complete supply shortage.
Event timeline: The subscription window from June 9-11 was extremely hot. As Friday's opening approached, xStocks confirmed it could not deliver, and the platform immediately released an announcement, causing user sentiment to shift from anticipation to disappointment.
Resolution and compensation: All platforms implemented a 100% full refund, with principal automatically returned. Additional compensation includes Bybit offering a 10% annualized interest × 4 days; Bitget Wallet refunding fees and issuing gas coupons with future whitelist priority; Binance airdropping additional SPCXB tokens worth $1 million. Independent channels like Gate.io successfully completed proportional allocations, allowing users to actually obtain tokens and participate in trading.
Pre-IPO perpetual contract trading volume and Hype platform performance
Before the SpaceX IPO, the crypto market engaged in price discovery through perpetual contracts. Hyperliquid (Hype), as one of the core platforms, saw its SPCX-USDC perpetual contract rapidly scale after its launch in mid-May. Cumulative trading volume reached tens of billions, with peak daily trading easily surpassing hundreds of millions. CEX perpetual products like Binance also contributed significantly, with total market open interest exceeding $385 million in early June, and cumulative trading volume surpassing $2.7 billion.
Hyperliquid showcased strong advantages during this period: its decentralized nature allows retail users to gain leveraged exposure without KYC, with trading volume and open interest leading some CEX products. After the IPO, synthetic contracts continued to maintain high liquidity, with daily trading volumes in some periods remaining in the hundreds of millions. This 'shadow market' not only reflected the 19%+ first-day premium in advance but continued to provide users with price hedging tools after the xStocks fiasco, highlighting the unique value of DeFi perpetuals in the RWA space.
Drivers and valuation analysis
Multiple factors jointly propelled the first-day surge. Musk's personal influence, Starlink's global user expansion, Starship's technological iterations, and AI data center synergies form the core narrative. Retail FOMO sentiment further amplified trading enthusiasm.
In terms of valuation, the $2.1 trillion market cap corresponds to a high price-to-sales ratio. SpaceX's growth premium is significant, but it also faces profit realization pressure, dependence on government contracts, and execution risks. Compared to historical large IPOs, this pricing is relatively conservative, leaving room for future performance.
Market sentiment after the weekend and Monday review
Social media buzz remained high over the weekend, with analysts presenting divided views. Some focused on profit-taking and technical support, while others concentrated on next week's Starship tests and Musk's dynamics. By Monday, the price fluctuated between $170-$180, reflecting a state of both excitement and caution. Trading volume and volatility are expected to remain high, and key support levels are worth close tracking.
Investors' multidimensional lessons and long-term outlook
This event provides multiple insights for retail investors: behind the convenience of platform subscriptions, the ability to acquire underlying assets becomes the decisive factor. The success of Gate.io contrasts sharply with the xStocks blunder, highlighting the importance of compliant independent channels. The explosion of pre-IPO perpetual contracts proves that DeFi tools can provide effective alternatives in scenarios limited by traditional IPOs.
Historical data shows that large IPOs typically face short-term pullbacks after a big first-day surge, and long-term performance depends on the fundamentals. The SpaceX story is far from over, as Starlink scaling, the Mars plan, and ecological synergy will continue to drive growth. For long-term holders, the current price may just be the starting point. The RWA tokenization track also exposed shortcomings during this event while accelerating iteration – the acquisition of underlying assets and settlement links will become core competitive advantages in the future.
The SpaceX IPO is not just a milestone in the capital markets, but also a deep interaction between Musk's business empire and global investors. Whether holding or not, this review emphasizes: stay rational amid the excitement and capture long-term value amidst volatility. How will trading trends unfold next week? Can SpaceX's rockets keep soaring? Every participant deserves continued attention.
Disclaimer: This article is for informational purposes only and does not constitute any investment advice. The crypto market is highly volatile, and investing carries risks; please do your own research and bear the consequences independently.