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SpaceX today listed on Nasdaq at $135 per share, with a market value of $1.77 trillion, the largest IPO in history. Robinhood allocated SPCX shares to retail users through a random lottery

According to BBX data, the largest IPO in history officially opened yesterday, with retail allocation unprecedentedly conducted in an equitable manner. The core dynamics are as follows:SpaceX, Inc. (NASDAQ: $SPCX) officially began trading on the Nasdaq Global Select Market today, with an offering price of $135 per share (pricing confirmed on June 11), issuing 555,555,555 shares of Class A common stock, raising approximately $75 billion, with a total market capitalization of about $1.77 trillion, breaking the record for the largest IPO in history previously held by Saudi Aramco at $29.4 billion in 2019; underwriters have an additional 30-day over-allotment option to purchase 8.33 million shares, with IPO settlement expected to be completed on June 15. Investor demand exceeded the IPO size by 3.3 to 4 times, with total subscription intentions exceeding $200 billion; 30% of the shares are reserved for retail investors (far higher than the traditional IPO allocation of 5 to 10%), with participating brokers including Charles Schwab, Fidelity (minimum account $2,000), Robinhood, SoFi, and E*TRADE. Key financial data (from the S-1 prospectus): full-year revenue for 2025 is projected at $18.7 billion (with Starlink contributing about 61%, over 9 million users), net loss of $4.9 billion (mainly due to AI capital expenditures of $12.7 billion); Q1 2026 revenue is $4.69 billion, net loss of $4.27 billion (mainly due to xAI merger integration expenses); average analyst target price is $165.Robinhood Markets, Inc. (NASDAQ: $HOOD) is explicitly listed as one of the retail allocation brokers in the SpaceX S-1 prospectus, using a random lottery method to allocate SPCX shares (no minimum account balance requirement, but due to 3 to 4 times oversubscription, the actual allocation probability is very low); differentiated positioning compared to Fidelity (asset threshold stratification) and Schwab (account qualification requirements) ------ Robinhood is the only mainstream broker that unconditionally opens the subscription entry to all accounts, aligning with its "democratization of IPOs" positioning; the 30% retail reservation ratio by SpaceX is viewed by analysts as an important signal in Robinhood's narrative of transforming from "trading platform to capital market entry."

Galaxy Research Director: SEC plans to abolish core rules of Reg NMS, which may clear obstacles for tokenized stocks and on-chain AMMs

Galaxy Research Director Alex Thorn posted that the U.S. Securities and Exchange Commission (SEC) plans to abolish Rule 611 "Order Protection Rule" and Rule 610(e) in the National Market System Regulation (Reg NMS), which could become an important turning point for the development of tokenized stocks.Thorn pointed out that Rule 611 requires trades to adhere to the best quotes across the entire market (NBBO), while AMMs cannot route orders in real-time, access low-latency market data, or pause trading due to better quotes existing on other exchanges. Therefore, it has long been difficult to meet regulatory requirements, becoming one of the main structural obstacles for tokenized U.S. stocks to land in the DeFi scenario. He stated that if the future replaces the regulatory requirements for trade-by-trade supervision with brokers' "best execution obligations," on-chain liquidity pools and AMM mechanisms will be more easily incorporated into the compliance framework.Although tokenized securities still face issues such as trading venue registration and clearing and settlement, the SEC's subsequent plan to introduce an "innovation exemption" mechanism is expected to further promote related developments. Thorn believes this is an important step for the SEC to implement the "Project Crypto" roadmap, paving the way for innovations in tokenized stocks, AMMs, and on-chain securities trading by removing key market structure barriers.
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