Have you ever seen a company that hasn’t stabilized its profitability yet—while its valuation completely crushes the entire crypto industry?

SpaceX, with the code name SPCX, is listed on NASDAQ.
The biggest IPO in history: $1.75 trillion.
At $135 per share, raising $75 billion—oversubscribed by 4 times. Middle Eastern tycoons directly threw down orders worth tens of billions of dollars.
Even the retail allocation was given 30%, three times the usual amount.
Do you think this is Elon Musk sending red envelopes to retail investors? Too naive.
On the night before the listing, Senator Warren wrote to the SEC, requesting a delay of the review.
Why? Passive funds are forced to take delivery at high prices, forming systemic risk.
Put it in plain language: SpaceX is too expensive, index funds have to buy—and once they buy, it’s basically propping up Musk’s stock.
Under the new rules, SPCX can be included in the NASDAQ 100 index within 15 days of listing. By then, $7 billion in passive buying will come in and crush everything like a bulldozer.
Who’s selling? Early investors and Musk’s friends. Who’s buying? 401(k) pension funds and passive funds.
So, is $1.75 trillion really worth it?
Let’s break it down.
SpaceX has two core engines: Starlink + rockets.
Starlink, global low-Earth-orbit satellite internet—currently has more than 5 million subscribers, with estimated annual revenue of $6–7 billion. The upside is huge, but on the ground, 5G and Amazon’s Project Kuiper are fighting for business.
Rockets: Falcon 9 is mature, while Starship is still blowing up. The commercial launch market is only at the hundred-billion level each year, with SpaceX taking the lion’s share—but the ceiling is clearly visible.
The real story is: monopolistic-level low-Earth-orbit infrastructure + the dream of future Mars colonization.
But can dreams really justify $1.75 trillion? At its peak, Tesla was about the same number—except it had nearly 2 million cars delivered per year, with real profits.
Even Musk has said: “The biggest risk for SpaceX is bankruptcy.”
What can crypto players see in all this?
A tokenized stocks track: in half a year, market cap surged 147%, reaching $5.5 billion. After SPCX’s listing, fragmented, on-chain tokenized SpaceX stock will only get even hotter.
Can’t afford 100 shares? No problem—buy 0.1 SPCX token on-chain and feel the illusion of being a Musk shareholder.
If SpaceX’s Starship can’t be commercialized for a long time, if Starlink user growth falls short of expectations, if Warren’s opposition really causes trouble… then this $1.75 trillion might become the next “listing at the peak” textbook example.