SpaceX opened on Nasdaq under SPCX after pricing at $135 per share and raising $75 billion pre-greenshoe. The offering implied a $1.77 trillion valuation at open, and Morgan Stanley described the deal as the largest IPO ever brought to market. Asian investors largely excluded from the book turned to tokenized SpaceX equity and perpetual futures, while Hyperliquid pre-IPO SPCX perpetuals had open interest above $200 million.