SpaceX debut turns tokenized stocks into crypto’s hottest sector

SpaceX has surged as much as 37% after its record-breaking Nasdaq debut, pushing its valuation above $2 trillion and triggering one of the largest waves of tokenized stock activity seen across crypto markets.

After pricing its initial public offering at $135 per share, SpaceX opened at $150 and climbed to as high as $173.22 during early trading. The company raised approximately $75 billion in the largest IPO on record, valuing the aerospace giant at around $1.77 trillion at listing before the market capitalization crossed the $2 trillion mark.

The rally immediately placed SpaceX among the most valuable companies in the United States, ahead of firms including Meta, Tesla, and Broadcom. Investor demand remained exceptionally strong throughout the offering process, with reports indicating orders exceeded $350 billion before trading began.

Crypto markets became a parallel venue for SpaceX trading

While the IPO dominated Wall Street headlines, it also sparked a frenzy across crypto markets as traders sought exposure through tokenized shares, synthetic assets, and derivatives products.

Earlier reporting by crypto.news noted that Backpack Securities and Sunrise launched SPCX, a Solana-based token backed by underlying SpaceX shares that eligible users can convert into actual stock. Binance Wallet also attracted roughly $557 million in subscription funds for its SpaceX-linked campaign, which offered tokens at an indicative price of 135 USDC before fees.

Interest spread beyond tokenized shares into derivatives markets. Hyperliquid’s synthetic SPCX perpetual contract became one of the most actively discussed products tied to the listing, with implied valuations trading above the IPO price before the debut. The activity coincided with HYPE futures open interest climbing to $2.56 billion, allowing Hyperliquid to overtake XRP in futures open interest.

Elsewhere, Velvet became one of the biggest beneficiaries of the SpaceX narrative. The token rallied more than 1,400% over the past week after the platform promoted synthetic SpaceX exposure through its SPCX market.

Prediction markets also joined the speculation. A Polymarket contract tracking SpaceX’s closing valuation showed traders assigning roughly 78% odds that the company would finish its debut session with a market capitalization between $2 trillion and $2.5 trillion.

Analysts warned of crypto outflows but markets moved higher

Some market participants had expected the largest IPO in history to divert capital away from digital assets.

Speaking to Reuters, Spencer Hallarn, global head of over-the-counter trading at GSR, said crypto often serves as a funding source for major investments.

Thomas Puech, chief executive of crypto firm INDIGO, similarly told Reuters that SpaceX could draw money away from digital assets because both markets compete for the same pool of risk capital. According to Puech, artificial intelligence investments currently represent a more attractive trade for many growth-focused investors.

So far, however, little evidence suggests a broad crypto liquidity drain has materialized. The global cryptocurrency market capitalization rose 1.7% to $2.26 trillion during the session. Bitcoin gained roughly 2%, Ethereum added 1.8%, XRP rose 2.2%, and Solana advanced 3.5%.

Stablecoins also showed little sign of stress. USDT maintained a market capitalization of roughly $186.8 billion while USDC remained near $74.8 billion, with both assets holding close to their dollar pegs.

SpaceX’s valuation remains a subject of debate despite the strong debut. Morningstar analysts have estimated a fair value of roughly $63 per share, far below the IPO price, while some bullish forecasts have projected a move toward $190.

Senator Elizabeth Warren also urged the SEC to delay the offering, citing what she described as “unprecedented threats to investor protection and market integrity,” while questioning the company’s valuation, governance structure, and reported multibillion-dollar losses.

For crypto markets, the bigger takeaway may be what happened around the IPO rather than the stock itself. Instead of draining liquidity from digital assets, SpaceX helped create a new trading narrative centered on tokenized equities, synthetic shares, and prediction markets.

With options on SpaceX shares expected to begin trading next week and investors already looking toward potential future listings from companies such as OpenAI and Anthropic, market participants are now watching whether the surge in tokenized stock activity can outlast the excitement surrounding the largest IPO in history.