SpaceX IPO Near $1.8T; SPCX Grey Market Eyes $187.60

SpaceX priced its initial public offering at $135 per share on June 12, 2026, raising $75 billion and valuing the combined business of its launch operations, Starlink satellite service and xAI at about $1.78–1.8 trillion. The offering bundled the company’s main units into a single listing.

Underwriting demand was strong, with the IPO reported to be oversubscribed three to four times and more than $250 billion in orders registered. Nasdaq revised its inclusion rules earlier in May to allow the 40 largest companies by market capitalization to fast-track into the Nasdaq 100 within 15 days, a change that places SpaceX on track to join the benchmark and to become one of its top 10 components by mid-July 2026.

Traders and fund managers are monitoring potential effects on passive flows into exchange-traded funds that track the Nasdaq 100, as well as daily trading volume and price volatility once SpaceX is added to major benchmarks. Market participants say the company’s large market capitalization gives it a substantial weight in those indexes.

A grey-market perpetual contract for SPCX/USDT began trading on Binance on May 21, 2026, ahead of the stock’s official debut. The perpetual spiked to an early high of $224.47 on its first day, dropped about 31% to $154.83 on June 10, and rose to roughly $173.56 by June 12, roughly 28% above the IPO price. Since its launch, price action on the perpetual has traded inside a medium-term descending channel.

Technical analysis from OANDA MarketPulse identifies two key levels for the perpetual contract. A sustained move above $187.60 would change the current bearish pattern and point to upside targets at $205.10 and $212.70. A break below $161.00 would expose lower supports at $147.07 and $138.36. Kelvin Wong, senior market analyst at OANDA Business Information & Services, provided the technical assessment and highlighted the descending channel and those threshold levels.

Market participants will track SPCX price behavior and ETF rebalancing in the coming weeks as the company begins public trading and is integrated into major passive indexes.