On June 4, 2026, SpaceX officially set its IPO offering price at $135, implying a valuation as high as $1.77 trillion. This scale not only makes it poised to become the largest IPO event in global history, but also sparks in-depth discussions in capital markets around corporate governance, power structures, and cross-industry transmission effects—driven by the fact that founder Elon Musk holds about 82.4% of the voting power. For the crypto industry, this event is also highly observably significant—the listing path of a super unicorn, the founder’s absolute control model, and the massive liquidity “siphon” effect could indirectly affect the capital structure in the digital asset market and risk appetite.
What supports SpaceX’s $1.77 trillion valuation
SpaceX’s valuation breakthrough to $1.77 trillion is not simply driven by launch service revenue. Its business structure has already formed three pillars: Starlink satellite internet, government and commercial launch services, and the Starship deep-space transportation system. Starlink has achieved positive cash flow, with its user base continuing to expand, making it the most certain component in the valuation. On the government contract front, long-term orders from NASA and the Department of Defense provide a stable revenue foundation.
Whether the valuation is reasonable needs to be compared with peers. Traditional aerospace firms such as Lockheed Martin and Raytheon typically trade at P/E ratios of around 15 to 20 times, but their growth momentum and commercial space imagination are far below SpaceX’s. If measured using valuation logic for growth-oriented tech companies, $1.77 trillion corresponds to roughly 20 to 30 times forward revenue multiples—positioned at the higher end in the history of large tech IPOs. The core controversy is whether SpaceX can commercialize Starship and achieve global coverage for Starlink within the next 5 to 7 years. If both are achieved, the current valuation has logical grounding; if either direction is blocked, there will be significant pullback pressure.
How Musk’s 82.4% voting power affects corporate governance
Holding 82.4% of the voting power means Musk can theoretically veto any major shareholder proposal, including board elections, M&A decisions, dividend policies, and even the company’s strategic direction. This “super voting rights” structure is not uncommon among technology companies—Meta’s Zuckerberg and Google’s Page and Brin all use similar arrangements. But SpaceX’s difference is that its business involves national strategic resources (rocket launches, satellite communications, space exploration), and after the IPO, public shareholders will be entering this highly concentrated governance framework for the first time.
From a corporate governance perspective, super voting rights reduce the risk that management gets “captured” by short-term pressure from capital markets, helping Musk execute a long-term, high-investment, high-risk technical roadmap. The trade-off is that external oversight mechanisms are seriously weakened. When the founder believes things have gone off track, there is no effective balancing force. For public investors holding SpaceX stock, what they are essentially investing in is Musk’s personal judgment—not a company’s institutionalized decision-making system. This model performs exceptionally well in bullish industry cycles, but it can amplify volatility and controversy during headwinds.
The $1.77 trillion IPO’s liquidity “siphon” effect on global capital markets
A $1.77 trillion issuance scale implies that a lot of liquidity will be absorbed as SpaceX goes public. Even if it issues only 5% to 10% new shares, the financing amount would reach $88.5 billion to $177 billion. This would make it a rare “super absorber” in global capital markets. In the months before and after the IPO, institutional investors need to rebalance and free up capital, which could involve selling part of their existing holdings, including shares of tech giants, high-growth growth stocks, and a certain proportion of crypto assets.
Historically, there are two typical pathways for how large IPOs affect the crypto market. In 2021, around Coinbase’s direct listing, the Bitcoin price faced short-term pressure before rising later on the back of improved market sentiment. But SpaceX is far larger than Coinbase. If its IPO occurs in a macro environment where liquidity is relatively tight, it could create a more noticeable crowding-out effect on high-risk assets. Conversely, if market liquidity is abundant, the attention and the “Musk effect” brought by the IPO could indirectly boost crypto narratives related to the space economy and DePIN (decentralized physical infrastructure networks).
The boundary of minority shareholders’ rights after a super voting rights setup
When Musk holds 82.4% voting power, minority shareholders’ rights are mainly reflected in economic interests (dividends and share price appreciation), not in decision-making participation. This means public shareholders cannot change the company’s strategy through voting, nor can they push for a CEO replacement when management underperforms. Under this structure, shareholder protection mainly relies on two types of mechanisms: first, the legal framework of fiduciary duties, which requires the board and management not to willfully harm the interests of minority shareholders; second, the market reputation mechanism—if Musk takes actions that damage the company’s long-term value, the share price will fall and his personal wealth would also be affected.
But for crypto asset investors, this logic is not unfamiliar. Users who hold Bitcoin or Ethereum also do not have voting power over the core protocol development team. Their rights are protected by “fork freedom”—if they are dissatisfied, they can fork themselves. In SpaceX’s case, minority shareholders do not have a fork option; they can only choose to sell their shares. Therefore, investing in SpaceX is essentially a vote of confidence in Musk’s long-term decision-making quality, not an investment in SpaceX as an institutionalized company.
Long-cycle impact of the space economy narrative on the crypto industry
There are multiple points of intersection between the space economy and the crypto industry. Starlink provides internet access in remote areas, theoretically enabling the expansion of crypto network node distribution and decentralization levels. SpaceX’s supply-chain finance and launch service settlement scenarios could introduce stablecoins or smart contracts to improve efficiency. In addition, many projects under the DePIN concept—such as distributed satellite networks and shared ground stations—directly mirror the “openness” of space infrastructure.
SpaceX’s IPO will attract a large amount of capital to the space economy sector, which in turn may spawn more early-stage entrepreneurial projects. Some of these projects may choose token financing or economic models that are “crypto-ized.” From this perspective, SpaceX going public is not a direct competitor to the crypto industry; it is a catalyst for broader capitalization of the space economy as a whole. As more funds flow into this domain, the value of crypto technology as underlying financial and collaborative infrastructure may be reassessed.
How the listing path of private conglomerates may evolve, as seen through SpaceX
The timing and valuation level of SpaceX’s choice to list provides an important reference for other private super unicorns (such as Stripe, OpenAI, ByteDance, etc.). Its key lessons include: first, even when founders have absolute voting power, capital markets are still willing to assign high valuations—provided the business has clear technical moats and a growth path. Second, super voting rights are no longer seen as a listing obstacle; instead, they become a tool for maintaining strategic focus. Third, IPOs remain the most mainstream path for private companies to achieve liquidity and pricing. Although the crypto industry explores alternatives like STOs (security token offerings), their scale and liquidity still lag far behind traditional public markets.
Over the next 3 to 5 years, we may see more super unicorns go public using dual-class shares and even triple-class share structures. RWA (real-world asset) tokenization projects within the crypto industry can also seize opportunities from this trend: tokenizing such super-voting-rights stocks could provide fractional trading and global liquidity, helping cover long-tail demand that traditional exchanges cannot reach.
FAQ
Q: What level does SpaceX’s $1.77 trillion valuation place it at among public companies?
A: This valuation is already above the vast majority of current public companies, second only to a tiny number of tech giants such as Apple, Microsoft, and Nvidia. If it successfully lists, SpaceX would directly enter the global top 10, or even top 5, by market value.
Q: Will Musk’s 82.4% voting power affect minority shareholders’ interests?
A: Yes. Minority shareholders’ economic rights (share price increases and dividends) are not affected, but their decision-making participation rights are greatly compressed. In essence, investors are investing in Musk’s personal judgment rather than the company’s institutionalized decision-making.
Q: Will SpaceX’s listing cause capital outflows from the crypto market?
A: It’s possible. A $1.77 trillion issuance size would absorb large amounts of institutional and retail capital. In environments where liquidity is tight, it could create a short-term crowding-out effect on high-risk assets. But the long-term impact depends on market performance after the IPO and overall macro liquidity conditions.
Q: Can crypto projects directly replicate SpaceX’s super voting rights model?
A: You can learn from it, but you can’t directly replicate it. Governance tokens in crypto projects often need to balance a decentralized narrative with a sense of community participation. Fully concentrated voting rights may cause community splits or user loss. A recommended approach is a progressive decentralization model: concentrated early, dispersed later.
Q: Is SpaceX’s listing bullish or bearish for the DePIN track?
A: Overall, it’s bullish. SpaceX will draw substantial capital attention to the space economy and physical infrastructure networks. As a crypto-native expression of this space, DePIN is expected to gain more traffic and funding attention. But the prerequisite is that DePIN projects themselves have real products and revenue.
