SpaceX takes off in the crypto market: SPCX market cap exceeds $2.1 trillion on debut day
The market for crypto-related stocks has a new undisputed leader. The debut of SpaceX (SPCX) shares was triumphant: on the very first day of trading, the price surged by 19.22%, reaching the level of $160.95. The company's market capitalization at the same time stood at a staggering $2.1 trillion.
With this result, SpaceX left all other participants in the ranking far behind. For comparison, Tesla, which came in second, is valued at $1.52 trillion. The trading volume for SPCX on the first day amounted to an impressive $85.32 billion, indicating enormous interest from institutional and retail investors.
Who Ended Up in SpaceX's Shadow?
After Tesla, the list included companies long associated with the cryptocurrency market. Broker Robinhood (HOOD) rose by 1.04% with a market cap of $83.92 billion, while the largest corporate holder of bitcoin, Strategy (MSTR), gained 3.18%, reaching $43.45 billion.
However, not all stocks closed the day in positive territory. Shares of the exchange Coinbase (COIN), with a market cap of $42.1 billion, fell by 0.41%, and the issuer of the USDC stablecoin, Circle (CRCL), dropped the most among the top of the list — by 5.8%, to $19.35 billion.
What This Means for the Market
The debut of SPCX instantly reshuffled the balance of power among crypto-related stocks: one company exceeded the market capitalization of all the others combined. This reflects the enormous interest of investors in the most anticipated listing of the year and solidifies SpaceX as a new benchmark for the entire segment.
At the same time, it is worth considering that this is the first day of trading, when the volume of freely circulating shares is minimal and volatility is at its maximum. How sustainable such a high valuation will prove to be will only be shown by the nearest trading sessions.
My analysis: The SpaceX IPO is not just an event in the stock market, but a powerful signal of the convergence of traditional finance and the crypto industry. A market cap of $2.1 trillion from day one makes SPCX not just a leader, but a new type of "blue chip," which could trigger a capital flow from classic tech giants into crypto-related assets. However, investors should remember: initial hype is not yet long-term value.