Tesla, Inc. shares dropped about 1.5% Tuesday morning, after surging 4.59% on Monday to close at $408.95, as investors attempt to price in the imminent arrival of Elon Musk’s second trillion-dollar public company. SpaceX is set to begin trading on the Nasdaq this Friday, pricing 555.6 million Class A shares at a fixed $135 each. The raise of $75 billion would dwarf Saudi Aramco’s 2019 record and land SpaceX at a roughly $1.75 trillion implied valuation, creating a dynamic of promise and peril for Tesla shareholders.

NYU professor Scott Galloway warned that a wave of upcoming AI IPOs could trigger an 80% collapse for one new market debut, with potential aftershocks hitting already-public AI names like Nvidia Corp and Tesla Inc. "I got to think that in the next 12 to 24 months, one or two of these three companies is off 60 or 80%," Galloway said, comparing the AI buildout to the railroad and dot-com booms. He noted that Cisco Systems Inc lost more than 90% of its value between 1999 and 2001 and never recovered.

Capital Rotation Risks

Co-host Ed Elson estimated the upcoming raises may collectively demand around $400 billion in fresh equity, including anticipated $100 billion debuts from Anthropic and OpenAI, and Alphabet Inc’s $84.75 billion equity offering. BNP Paribas analyst James Piccolo flagged the capital rotation dynamic, warning it could split Tesla’s famously loyal retail base. Multi-strategy growth funds operating under hard "Musk exposure" caps face a forced choice: buy SpaceX or hold Tesla, but not both at full weight.

Bull and Bear Cases for Tesla

In the bull case, a blockbuster SpaceX debut forces the market to reassess the premium attached to Tesla’s AI stack, including Dojo supercomputing and Full Self-Driving. A public SpaceX also gives Musk a liquid equity stake, reducing the risk that he sells Tesla shares to fund other ventures. Tesla disclosed a $2 billion equity investment in SpaceX in its Q1 earnings, and the two companies are jointly building "the largest chip foundry in the U.S." at the Gigafactory Texas campus.

Allianz Global Investors strategist Stefan Rondorf argued the IPO wave will result in reallocation rather than disruption, noting the $400 billion figure represents less than 1% of U.S. equity market capitalization. DataTrek Research estimates institutional reallocation takes roughly three months to register in share prices, meaning the Tesla trade that matters most will be written over the summer. Polymarket traders give SpaceX an 81% chance to be 2026’s largest IPO by market cap.

SpaceX has reportedly attracted roughly $150 billion in investor orders ahead of the close of the order books, making it one of the most sought-after public offerings in market history. The intense demand highlights a scarcity trade, as the company is expected to float less than 5% of its total shares. This dynamic creates a situation where limited supply, rather than just business fundamentals, becomes a major force driving investor behavior. Bitget Wallet has opened a subscription for the SpaceX IPO xStock (SPCXx) token through a partnership with xStocks, providing retail investors access to this listing.

Investment Mechanics and Access

The offering allows users to participate directly from self-custodial wallets using stablecoins, with entry starting at $10 and no account tier requirements. The subscription window runs from June 9 through June 11, 2026, with token distribution scheduled for June 12. Unlike traditional exchange-based IPO products, Bitget Wallet enables participation without transferring funds to a third-party exchange. Users can subscribe using USDT, USDC, or other stablecoins across multiple blockchain networks, including Base, Ethereum, BNB Chain, Solana, and Tron. Individual allocations are capped between $10 and $5,000.

xStocks Framework

xStocks, Payward's tokenized equities framework, issues the tokens to bring publicly listed U.S. stocks onchain. The framework ensures tokens are fully collateralized and not synthetic. The SPCX tokens are backed 1:1 by underlying SpaceX shares held in regulated custody through xStocks. While the tokens provide price exposure to the underlying equity, they do not confer shareholder rights such as voting or dividend rights.