SpaceX Just Became the Most Valuable Post-IPO Company Ever

SpaceX began trading publicly on June 12th at an initial share price of $135, reaching a post-IPO valuation of $1.77 trillion and surpassing Saudi Aramco's previous record of $1.7 trillion to become the most valuable post-IPO company in history. SpaceX is on track to raise $75 billion from the offering, dwarfing prior records including Saudi Aramco's $29.4 billion, SoftBank's $21.4 billion, and Alibaba's $21 billion. Retail demand was intense, with $100 billion in orders submitted, and BlackRock alone placed a $5 billion order, nearly matching the entire $5.55 billion raised by Cerebrus in its own IPO. Elon Musk is expected to become the world's first trillionaire once trading closes.

On Hyperliquid's pre-IPO market, SpaceX shares had been trading at $135 before the listing, meaning the pre-IPO price converged exactly with the official list price and eliminated any retail pricing edge. Investors who entered the Hyperliquid pre-IPO market between October and January captured a meaningful price advantage, but that window closed as the price normalized ahead of the listing. SpaceX pre-stock on Hyperliquid reached nearly 12,000 holder addresses, adding roughly 400 in recent days. OpenAI pre-IPO shares fell from approximately $2,000 in early May to $1,200, implying a market cap of $1.24 trillion, and Anthropic fell from $963 two weeks ago to $705, implying a market cap of $1.57 trillion. These declines are attributed to capital rotating into SpaceX rather than any fundamental deterioration in those companies, though only around 4,000 to 5,000 addresses are actively trading those pre-stocks, which limits the signal value of the price moves.

Nakamoto sold approximately 600 Bitcoin and Bitcoin-related derivative positions to retire debt, generating roughly $48 million in net proceeds and repaying a $45 million loan held with Pay World Interactive doing business as Kraken. Nakamoto shares initially jumped about 20% on the debt-reduction news before giving back roughly half those gains, falling 8.5% in pre-market. The move was noted as ironic given the company is named after Satoshi Nakamoto, who never sold Bitcoin.

Bitmine, the Ethereum treasury company associated with Tom Lee, holds over 5.5 million ETH representing approximately 4.59% of the circulating supply, with a total dollar value of roughly $9 billion, compared to MicroStrategy's approximately $52 billion in Bitcoin. Bitmine has already accumulated a higher percentage of circulating ETH supply than MicroStrategy holds of circulating Bitcoin supply. Its pace of accumulation over the past year, deploying approximately $19.3 billion versus MicroStrategy's $21.2 billion over the same period, is described as more aggressive than MicroStrategy's early Bitcoin buying. Bitmine is currently accumulating between 150,000 and 350,000 ETH per month, with a single-month peak of nearly 500,000 ETH in December, and Tom Lee has stated a target of holding 5% of the ETH supply. Despite this scale of accumulation, Bitmine stock is down 47% year to date and the ETH to BTC ratio is down 22% year to date, meaning the heavy buying has not produced a material improvement in ETH price appreciation against Bitcoin.

DraftKings reported $1.3 billion in trading volume on its prediction markets and is likely drawing users away from Polymarket and Kalshi in sports betting. Sports betting accounts for 30% of total trailing volume on Kalshi and 80% of Polymarket volume since July 2024, yet the NBA Finals have not generated a notable spike in open interest on either platform. World Cup open interest is growing faster than NBA Finals open interest on both Polymarket and Kalshi, with Polymarket's World Cup winner market sitting at approximately $25 million in open interest, a figure described as small relative to what the Trump election generated. Polymarket's stronger relative interest in the World Cup compared to the NBA Finals may reflect its availability in more countries where soccer is more popular. Politics remains a stronger draw than sports on both platforms overall, and the entry of DraftKings introduces a well-resourced competitor specifically targeting the sports segment where Polymarket and Kalshi are most active.