SpaceX is officially set for the largest IPO on record.

Elon Musk’s reusable rocket company is raising $75 billion, selling 555.6 million shares for $135 a piece, according to a filing with the Securities and Exchange Commission. The deal values SpaceX at $1.77 trillion, making it the seventh most-valuable U.S. company, ahead of Tesla, Musk’s electric vehicle maker.

SpaceX’s Nasdaq debut will come Friday, when the masses will have their first opportunity to buy into the 24-year-old company. Betting on SpaceX at this price is largely a wager on Musk, as the company is burning cash and is far smaller by revenue than any of its trillion-dollar peers.

SpaceX said in its prospectus that revenue increased 15% to $4.69 billion in the first quarter from $4.07 billion a year earlier. For all of last year, revenue jumped 33% to $18.67 billion. The company recorded a net loss in the latest quarter of $4.28 billion after losing $4.94 billion in 2025.

In addition to its space business, Musk’s company owns the Starlink satellite internet service, which accounts for the bulk of its revenue and is the only profitable unit, and artificial intelligence division xAI, which merged with SpaceX in February.

SpaceX said in its IPO filing that capital expenditures in the first quarter reached $10.1 billion, more than doubling from a year earlier. The vast majority of those costs — $7.7 billion — were for AI, with the rest spent on space and connectivity.

The company has racked up a cumulative deficit of around $41.3 billion since it was founded in 2002. It warned investors in its prospectus that it may not achieve profitability in the future.

Some of the IPO drama was removed last week, when SpaceX set a fixed price of $135 a share. New issuers would typically offer a price range that allows a company and its advisers to gauge demand sensitivity at different levels, but SpaceX took a take-it-or-leave-it approach after a slew of testing-the-waters meetings leading up to the roadshow launch.

Goldman Sachs is the lead banker for the offering, followed by Morgan Stanley, Bank of America, Citigroup and JPMorgan Chase.

With the IPO, Musk is poised to be the world’s first trillionaire. His stake in SpaceX is worth $866.5 billion, adding to his Tesla holdings that are valued at about $320 billion, not including some options. For the 54-year-old Musk, the SpaceX offering comes 16 years after he took Tesla public.

Musk controls over 82% of voting power at SpaceX, giving him virtually complete control over the board.

Two Wall Street firms initiated coverage of SpaceX on Thursday. Oppenheimer opened with an outperform rating and a 12- to 18-month price target of $190, implying a gain of 40% from the IPO price. Analyst Timothy Horan wrote that the company’s diversified portfolio makes it attractive for investors. 

“We see potential for SPCX to leverage terrestrial compute expertise as a bridge (and possible back-up plan) to enable key scale and cost advantages,” he wrote. Horan called it the “only vertically-integrated AI company with the required capital, data, LLMs, hardware, manufacturing and engineering talent,” and said “its space infrastructure appears structurally advantaged.”

Meanwhile, New Street Research initiated coverage with a $165 price target, and said it views xAI as a $575 billion business, “relative to expectations for OpenAI and Anthropic.”

While SpaceX’s IPO is roughly three times the size of the largest U.S. IPO in history, it could be challenged by what’s to come. Anthropic and OpenAI, which are each valued at close to $1 trillion by private investors, have confidentially filed to go public less than four years into the generative AI boom. Those deals could happen this year.

WATCH: SpaceX IPO is emblematic of space economy future

BlackRock has moved its proposed Bitcoin income-focused exchange-traded fund closer to market debut after filing a key registration document with the U.S. Securities and Exchange Commission.

According to a Form 8-A submitted to the SEC on June 11, BlackRock’s iShares Bitcoin Premium Income ETF has been registered for listing on the Nasdaq Stock Market. The filing covers the registration of the trust’s shares under Section 12(b) of the Securities Exchange Act and follows a series of recent amendments tied to the product.

Soon after the filing became public, Bloomberg Senior ETF Analyst Eric Balchunas said on X that BlackRock had filed an 8-A for the Bitcoin Premium Income ETF under the ticker BITA. 

“That typically means launch in one week. So if I had to bet I’d say next Thur $BITA goes live. We’ll see tho.”

The latest registration arrived only days after BlackRock updated the fund’s S-1 filing with the SEC. In that amended prospectus, the asset manager confirmed plans to list the product on Nasdaq under the symbol BITA.

Unlike spot Bitcoin ETFs that primarily track the price of Bitcoin, the proposed fund is designed to combine Bitcoin-linked exposure with income generation.

According to the prospectus, the trust intends to sell call options to collect option premiums while maintaining exposure through holdings tied to BlackRock’s iShares Bitcoin Trust (IBIT) and related spot Bitcoin benchmarks.

Fund structure centers on options income

Details contained in the amended registration statement show that the sponsor fee has been set at 0.65%. According to the filing, the fee will be paid from proceeds generated through the sale of IBIT shares, while certain fee waivers may apply under specific circumstances.

Fund disclosures also provide an early look at the trust’s holdings and capital structure. As of the most recent filing, net assets stood at approximately $9.99 million, representing about $49.97 per share.

According to the registration documents, BlackRock Financial Management provided roughly $9.9 million in seed capital through the purchase of 198,000 shares at $50 each.

Additional disclosures identified Jane Street Capital and Virtu Financial Singapore as Bitcoin trading counterparties for the trust. The filing further stated that, following the capital raise, the fund acquired 109.9630217 BTC and 90,901 shares of IBIT while writing 856 option contracts as part of its initial strategy.

Competition in the Bitcoin income ETF segment has also started to build. As previously reported by crypto.news, Goldman Sachs filed for its own Bitcoin Premium Income ETF in April, setting up a potential rivalry between two of the largest names in asset management.

BlackRock expands thematic ETF lineup

The Bitcoin income product is the latest addition to BlackRock’s growing ETF roster. Earlier this week, the firm launched the iShares Space Technologies UCITS ETF for investors in the United Kingdom and Europe.

BlackRock said the fund trades under the ticker STAR and tracks the STOXX Global Space Satellites and Drones Index. According to the company, eligible firms must generate at least 25% of their revenue from space, satellite, or drone-related activities.

A notable feature of the STAR ETF is a fast-entry rule that allows qualifying newly listed companies to join the index within 10 to 30 days of their market debut.

BlackRock said the mechanism was designed to capture developments in rapidly evolving industries, including growing investor attention around potential space-sector listings such as SpaceX.

Hungary is poised to decriminalize crypto trading, reversing restrictions that could have exposed traders to criminal penalties for certain crypto-to-fiat and crypto-to-crypto conversions, according to government spokesperson Anita Köböl.

Speaking at a Thursday press conference, Köböl noted that rules introduced last year requiring approved validation for crypto conversions and attaching criminal penalties to violations had diminished market activity.

“This was an unnecessary piece of legislation. It made practical operation impossible and frightened the market participants,”

Köböl said, according to a translation by Cointelegraph.

“The criminal consequences also negatively impacted several hundred thousand people.”

The rules also prompted several digital asset platforms, including Revolut, to suspend crypto services in Hungary, Köböl added. Regulation had also prompted a European Union probe into whether Hungary’s restrictions were compatible with bloc rules.

The reversal would mark a policy shift for Hungary after its 2025 crypto framework created a restrictive approval system around crypto, exposing users and service providers to criminal liability.

Hungary’s 2025 crypto rules threatened traders with prison time

The restrictions stemmed from a legislative package passed in 2025 that amended Hungary’s Criminal Code and its Act VII of 2024 on the crypto market, known as the Crypto Act. Under the amendments that took effect on July 1, 2025, exchanging crypto may be carried out only with a compliance certificate issued by an authorized crypto asset conversion validation service provider.

Transactions lacking that certificate were treated as “unauthorized crypto-transactions,” with linked asset transfers deemed invalid and unable to produce legal effect.

The framework also created a new type of entity, a crypto conversion validation service provider, which required authorization from Hungary’s Supervisory Authority of Regulated Activities. These providers were tasked with checking the origin of crypto assets, identifying wallet or device ownership, assessing user profiles and verifying transactions against external databases before issuing compliance certificates.

Individuals or entities exchanging crypto worth between 5 million Hungarian forint and 50 million forint (about $16,000 to $160,000) through an unauthorized exchange service could face up to two years in prison. Penalties increased to five years for transactions between 50 million forint and 500 million forint, and up to eight years for transactions above 500 million forint.

The crypto reversal comes after Hungary’s April 12 parliamentary election, which ended the 16-year rule of nationalist Prime Minister Viktor Orban and brought Peter Magyar’s pro-European Tisza Party into government, with the new administration moving to ease tensions after years of conflict between Hungary and the EU.

With additional reporting from Zoltan Vardai.