SpaceX's first week as a public company has been anything but quiet. The stock, trading under SPCX, rose as much as 13% to $210 in early trading Tuesday, pushing its gain to more than 50% above the $135 IPO price. The initial public offering raised $75 billion from 555.6 million shares, later expanded to $85.7 billion after overallotment — but with roughly 13 billion shares outstanding, only a sliver of equity actually hit the open market. That tight supply, CNBC's Jim Cramer noted, is making SPCX behave like a meme stock. 'No sellers,' he said.
What crypto markets saw
The ripples hit crypto derivatives hard. SPCX perpetual futures volume surged 501.5% to nearly $9 billion, with open interest hitting $813 million. Over $30 million in positions were wiped out in 24 hours: $19 million in short liquidations and $12 million in longs. The imbalance suggests a short squeeze as the stock ran, but the perpetuals market also caught the volatility. Traders who bet against SPCX got burned; those who went long got shaken out on the way up.
A $60 billion all-stock bet
SpaceX also dropped news that it agreed to acquire Anysphere — the maker of AI coding tool Cursor — for $60 billion in an all-stock transaction. The deal is expected to close in Q3 2026. The acquisition complements SpaceX's own software and AI ambitions, though it doesn't directly explain the stock's initial frenzy. The timing, right in the middle of the IPO honeymoon, adds another layer of narrative to the SPCX story.
The stock now trades well above where most institutional allocations were priced. With only a tiny float and the Anysphere deal pending vote, SPCX could stay choppy. The perpetuals market, already showing $813 million in open interest, will be a key gauge of retail and crypto-native demand. The real test comes when insiders can actually sell — lockup periods haven't started yet. For now, the tape says there are no sellers. That can change fast.
