SpaceX priced its IPO at $135 per share on June 11, raising $75 billion in what is being called the largest public offering in history. The stock opened on Nasdaq at $150 Friday morning and climbed to $164 by early trade, reflecting intense investor demand for the rocket and satellite company.
Billionaire investor Kevin O'Leary defended the premium valuation in a Saturday post on X, calling it a "bet on vision" tied to what SpaceX could become rather than current earnings. He argued the lofty stock price reflects long-term potential, not near-term financials.
Yet the IPO's scale also exposed the first cracks in tokenized stocks, according to CryptoSlate. Retail investors gained exposure through actual Nasdaq shares, Backpack Securities' redeemable token on Solana, and xStocks tracker certificates — a fragmented landscape that raised questions about ownership clarity and allocation fairness.
Counter-argument: O'Leary's bullish framing ignores the risk that SpaceX's valuation may already be pricing in years of future growth, leaving little margin for execution missteps. Detractors also note that tokenized structures could introduce regulatory and settlement ambiguities that traditional IPOs avoid.