Raydium, the highest-volume decentralized exchange on Solana, will list tokenized SpaceX (SPCX) shares for trading within two hours of the company's Nasdaq debut. This listing provides global investors with uninterrupted access to the stock throughout the weekend, circumventing the market hours of traditional brokerages. This development marks one of the largest IPOs in history, targeting a raise of approximately $75 billion at a valuation exceeding $1.75 trillion.

SpaceX's public listing is among the first to go live onchain and in traditional markets concurrently on the same day. The offering allocates roughly 30%, or about $22.5 billion, to retail investors, triple the industry norm. While traditional brokerage networks often limit access based on regional restrictions, Raydium's permissionless liquidity pools are open from day one. The asset is backed 1:1 by underlying shares held in regulated custody, distributed through Backpack, giving investors direct price exposure without needing a brokerage account.

24/7 Trading on Solana

Unlike traditional exchanges bound by market hours, Raydium operates on blockchain infrastructure, allowing SPCX to remain fully tradeable onchain even when traditional markets close for the weekend. "On Raydium, SpaceX keeps trading onchain through the weekend for a global investor base at any hour. This is what it looks like when capital markets move onchain," said Ben Ungvari, Chief Marketing Officer at Raydium.

Market Growth and Volume

Tokenized equity trading volume on Raydium crossed $2 billion this month, a milestone that took nine months to reach the first $1 billion and only two additional months to double. Major US stocks, including Tesla, Nvidia, and the S&P 500, already trade through Raydium pools. The protocol has processed over $1 trillion in cumulative trading volume and generated $370 million in lifetime revenue.

Investors are divided over SpaceX's valuation ahead of its highly anticipated IPO, with prominent venture capitalists arguing that the company's current price may appear expensive in the short term but represents a significant long-term opportunity. Joe Lonsdale, co-founder of Palantir Technologies Inc. and managing partner at 8VC, suggested that while the valuation looks high now, it could appear "really cheap" in 5 to 10 years. Similarly, investor Chamath Palihapitiya, founder of Social Capital, compared SpaceX's potential impact to a historic shift in global trade, asserting that the largest opportunities are still ahead.

Lonsdale positioned SpaceX as "a critical company in the middle of the biggest industrial revolution we’ve ever had," encouraging investors to view the company through the lens of artificial intelligence infrastructure. He highlighted that approximately $5 trillion is expected to be invested in AI infrastructure over the next five years, a spending wave he believes aligns with Elon Musk's strengths. Lonsdale expressed strong confidence in Musk's execution, stating, "It's crazy to think he's not going to win," and noted that Musk "doesn't miss his goals." He emphasized that investors focused on near-term valuation metrics may be missing a generational infrastructure story.

AI Infrastructure Investment

Lonsdale's thesis relies heavily on the projected influx of capital into the AI sector, which he believes will directly benefit SpaceX.

Historic Cost Reductions

Palihapitiya supported the bullish case by focusing on SpaceX's operational achievements, specifically the dramatic reduction in the cost of reaching space. He argued that SpaceX has opened the lowest-cost route into space, unlocking opportunities that were previously impossible. To illustrate the magnitude of this shift, Palihapitiya drew an analogy to 1497, when explorer Vasco da Gama discovered a sea route that bypassed expensive land trade routes, collapsing the cost structure of global trade and creating entities like the Dutch East India Company.

"SpaceX is changing the economics of reaching space the way Vasco da Gama changed the economics of reaching Asia," Palihapitiya said. He noted that in 2025, SpaceX launched 85% of all satellites, more than every other space program on Earth combined, by making rockets reusable and increasing launch cadence.

According to Palihapitiya, SpaceX has reduced the cost of reaching low Earth orbit to $2,720 per kilogram, down from $54,500 years earlier—a 20× reduction.

Future Opportunities

Palihapitiya identified three major opportunities unlocked by cheaper access to space: connectivity, compute, and critical minerals. He suggested that "data centers in orbit" could create entirely new markets, while "space-based critical minerals" could help the United States reduce dependence on resources controlled by China. He stated that SpaceX now sits on the main commercial route to orbit, with Starlink serving as the first proof of what that route can unlock, potentially leading to the next frontier: orbital compute.