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SpaceX Sets Record IPO as Bitcoin Rises and Dogecoin Holds Steady

SpaceX's record-breaking IPO gave the crypto market a boost, with Bitcoin moving higher and Dogecoin staying surprisingly steady. The first trading day could decide whether that momentum lasts.

By Zenz van der Wielen
• 2 min read
SpaceX Sets Record IPO as Bitcoin Rises and Dogecoin Holds Steady

Key Takeaways

  • SpaceX priced its IPO at $135 per share and raised $75 billion at a valuation of about $1.75 trillion.
  • Bitcoin rose about 1.6% to around $63,550, and Solana, XRP, Dogecoin, and Hyperliquid also posted gains.
  • Dogecoin stayed roughly in line with the broader market, while SpaceX's first trading day on Nasdaq still has to show the full impact.

SpaceX priced its IPO at $135 per share, raising $75 billion and giving the company a valuation of about $1.75 trillion. That makes it the biggest IPO in U.S. history. Demand for the shares topped $250 billion, with more than $100 billion in retail orders. SpaceX's IPO is being seen as a major event in the tech and investing world, with Elon Musk seemingly on track to become the first trillionaire entrepreneur.

Impact on the Crypto Market

The crypto market reacted positively to the news of SpaceX's IPO. Bitcoin rose about 1.6% to around $63,550, partly recovering losses from earlier in June. Other cryptocurrencies also moved higher: Solana gained 3%, XRP and Dogecoin each rose 2.3%, while Hyperliquid jumped 7.6%. Despite Elon Musk's close ties to Dogecoin, the meme coin stayed pretty much in line with the broader market. That stands out given Dogecoin's years of volatility in response to Musk-related news.

Expectations Around the First Trading Day

The real impact of the SpaceX IPO will only become clear when it starts trading under the ticker SPCX on Nasdaq. A strong opening price could boost confidence in risk assets, while a weak debut could raise questions about market sentiment. In addition, about 25 exchange-traded funds (ETFs) tied to SpaceX have already been filed, many of which use leverage to amplify daily price moves. That could create extra volatility and trading activity around SpaceX and related financial products.

Why It Matters for European Crypto Investors

For European investors, it's important to keep an eye on developments around SpaceX and the broader impact on the crypto market. The IPO of one of the biggest tech companies could affect risk appetite and liquidity in the crypto sector. On top of that, the stability of tokens like Dogecoin, despite its close link to Musk and SpaceX, may point to a more mature market where news no longer automatically leads to extreme price swings. That could matter for European investors looking to adjust their portfolios to changing market conditions.

The debate over capital flows around the IPO also ties into the bigger question of how investors fund crypto in a risky market. In that context, it's relevant that Bitcoin ETF Outflows Point Mainly to Arbitrage and Macro Pressure, Not SpaceX IPO shows that recent outflows from bitcoin ETFs are being explained by analysts mainly as a result of arbitrage and macro pressure, not sales to finance a SpaceX listing.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.