SpaceX priced its $75 billion IPO on June 11 at $135 per share, valuing the company at $1.75 trillion. The offering drew $150 billion in demand as Wolfe Research flagged a rising Wall Street push for a potential SpaceX-Tesla merger, which some investors now cite as their primary reason for holding Tesla stock.
IPO Mechanics and Demand
SpaceX sold 555.6 million new shares in an all-primary offering starting June 12 on Nasdaq as SPCX. Elon Musk’s shares face a 366-day lock-up period. Institutional bids exceeded $10 billion while total demand neared $150 billion. The lock-up is unusually long but reflects the frenzy.
Merger Catalysts and Hurdles
Wolfe Research identified three forces driving the merger talk: SpaceX’s public listing gives Musk liquid stock currency, an all-stock deal would push his voting control above 50%, and combining Tesla’s driving data with SpaceX’s compute infrastructure promises synergy. But obstacles loom. Potential large Tesla premiums, shareholder pushback, regulatory complications from Tesla’s China operations, and a mid-2027 timeline make completion unlikely soon.
SpaceX Now Holds More Bitcoin Than Tesla
SpaceX’s S-1 filing revealed it bought 18,712 Bitcoin for $661 million in 2021. That stake was worth $1.29 billion as of March 31, 2026. It now edges past Tesla’s 11,509 BTC, making SpaceX the largest corporate Bitcoin holder among public companies. This disclosure came directly in IPO paperwork.
What Traders Are Watching This Week
Pre-IPO perpetual futures for SPCX are already trading on Coinbase, Binance, and Kraken. ProShares plans to launch a 2x leveraged SpaceX ETF on June 12 when Nasdaq trading begins. The real test comes when retail and institutional orders hit the open market later this week.
