SpaceX just made its Japanese IPO tranche bigger. The company revised its fundraising target for Japan-based investors from $2B to $2.5B, a 25% jump driven by what it describes as strong retail investor demand in the country.
The update came via a Japanese regulatory filing in early June 2026, and it signals something broader: international appetite for SpaceX shares is running hot enough to force the company to revise its plans upward before subscription registration even opens.
What the Japanese tranche looks like
Japanese investors will get access to roughly 14.8 million to 18.5 million Class A shares, priced at an initial reference of about $135 per share. Subscription registration for the Japanese segment was set to begin around June 6, 2026.
The Japan allocation sits inside a much larger offering. SpaceX is targeting a listing on the Nasdaq under the ticker SPCX, and the company’s estimated valuation is approaching $1.75 trillion.
The total IPO raise could exceed $75B, which would make it the largest initial public offering in history by a wide margin. Saudi Aramco’s 2019 IPO raised about $25.6B. SpaceX is aiming to roughly triple that.
The Bitcoin connection
SpaceX’s May 2026 SEC S-1 filing revealed that the company holds 18,712 BTC on its balance sheet as part of its corporate treasury.
Those Bitcoins were acquired for $661 million. At the time of the filing, their fair market value sat at approximately $1.45B. That’s a paper gain of nearly $800 million, or roughly a 120% return on the initial investment.
The risk, of course, is that a Bitcoin price decline could create headline risk for SpaceX post-listing. A 30% drop in BTC would wipe roughly $400 million off the fair value of those holdings. For a company valued at $1.75 trillion, that’s a rounding error. But markets don’t always think in proportions.